Unless a miracle occurs, iGaming hopes for 2024 are likely dead.
The New York Senate released its one-house budget proposal late Monday evening and did not include iGaming language in its legislation. Sen. Joseph P. Addabbo Jr. (D-15) introduced iGaming legislation earlier this year and told Sports Betting Dime it would not move forward unless included in the budget.
However, the proposed budget did include language to allow for sports betting on league awards and earmarks 1% of online sports betting revenue for problem gambling addiction services.
A vote on the Senate s budget proposal will take place this Thursday.
No iGaming Yet Again
While this likely ends hope for legalized iGaming in the state for 2024, Addabbo Jr. did tell Sports Betting Dime he would be open to discussing legislation again after the budget process is completed.
This is the second straight year Addabbo Jr. introduced an iGaming bill in the state. His newest bill, , attempted to legalize iGaming and iLottery in the state. His iGaming bill included online slots, table games, live dealer games, and a 30.5% tax rate. Most states average between 15% to 18% for their iGaming tax rates.
Addabbo Jr. has trumpeted iGaming s potential revenue stream as a way to help bridge New York s looming budget deficit. There is a predicted $9 billion shortfall in the upcoming budget, and with no federal help on the way, iGaming could go a long way for the state, Addabbo Jr. previously told Sports Betting Dime.
He estimated New York could see upwards of $1 billion in iGaming revenue if legalized. New Jersey, Pennsylvania, and Connecticut currently have robust and successful iGaming programs, Addabbo said, and New York is losing revenue over its borders as people flock to those states to participate.
However, the bill was again not included in the Senate one-house budget and will likely not move forward this year.
Props Bets on League Awards?
However, the Senate one-house budget proposal did include gaming language. The document proposes that New York sports betting be expanded to allow prop bets on award futures, such as an MVP or rookie of the year award. The state currently prohibits these types of bets for sports betting customers.
Additionally, the budget proposal earmarks additional funding to help combat New York problem gaming. The proposal earmarks 1% of New York online sports betting revenue to fund problem gaming addiction services.
For the 2022/2023 fiscal year, New York reported $743,983,359 in online sports betting revenue. This would translate to $7.43 million to fund problem gaming addiction services if the proposal is approved.
