New York's igaming Future: Hopes and Hurdles
Date: 2024-02-14 Author: Dima Zakharov Categories: EVENTS
The Rollercoaster Ride for New York's Igaming Supporters
New York's igaming enthusiasts have been on a rollercoaster ride of hope and disappointment. Just a short while ago, state senator Joseph Addabbo introduced Senate Bill S8185, a proposal to legalize igaming in New York, including ilottery. This move marked Addabbo's latest effort to bring igaming into the spotlight after last year's S4856 bill fizzled out.
Governor Hochul Throws Cold Water on Igaming
However, the excitement was short-lived as New York Governor Kathy Hochul excluded igaming from the state's budget for 2025, amounting to $232.7 billion. This unexpected turn of events has left igaming proponents in a state of uncertainty and disappointment.
New York's Potential as a Gaming Hub
New York's potential as an igaming powerhouse cannot be underestimated. According to Howard Glaser, head of government affairs at Light & Wonder, the state could become one of the world's largest gaming markets. With its 20 million residents, including 14 million adults, New York offers a robust environment for gaming.
Success Stories in Other States
Furthermore, success stories in states like New Jersey, Pennsylvania, and Michigan, which have embraced igaming, showcase the revenue-generating potential. These states have collectively generated billions in revenue, making a strong case for New York to follow suit.
Political Challenges Loom Large
Despite the promise, political challenges hinder progress. Glaser highlights the need to navigate the complex politics surrounding igaming in the US, both within the industry and externally. Addabbo's Senate Bill S8185 is seen as a starting point for negotiations and maintaining momentum to bring igaming to another significant US state.
What Senate Bill S8185 Offers
Senate Bill S8185 sets the stage for discussions during the budget process in New York. It proposes a 30.5% tax rate and allocates funds to protect existing casino jobs and address problem gaming. Crucially, it includes ilottery, aiming to coexist with brick-and-mortar casinos rather than cannibalize their jobs.
Addabbo remains optimistic about the bill's reception, addressing concerns constructively. As New York's igaming future hangs in the balance, it remains a hot topic of debate among lawmakers and gaming enthusiasts alike.
