Legal online poker might become a reality soon in New York, and state lawmakers have included it in revenue projections.
The state’s lawmakers are looking for ways to covers a projected $150 billion state budget, and online poker could become legal in a matter of months.
New York Assemblyman Gary Pretlow chairs the Assembly Racing and Wagering Committee and says the committee likely would move an online poker bill that involves the state’s brick-and-mortar casinos in the online poker games.
Gaming analysts estimate online poker could generate more than $120 million in the state during its first year, and could generate about five times the $2 million in monthly revenues generated in neighboring New Jersey.
A bill that would make online poker legal in New York shows promise, and state lawmakers are moving fast on enabling legislation that would legalize and regulate daily fantasy sports in time for the fall football season.
Any movement on daily fantasy sports could lead to a similar push to get online poker up and running in New York.
The Senate Racing, Gaming, and Wagering Committee recently passed S5302B, which would legalize online poker in New York. No prior online poker bill made it out of committee.
The measure awaits scrutiny before the Senate Finance Committee, but stands a good chance of seeing a full floor debate and possible passage, along with daily fantasy sports regulation.
In addition to looking for ways to pay for the state’s budget, lawmakers also would like to tap into some of the about $1 billion New Yorkers spend in Atlantic City and other regional gaming areas.
New Jersey also is looking to expand its gaming operations and revenues, and that would mean greater competition and more lost revenue for New York if state lawmakers don’t give New Yorkers a reason to stay in the state when they want to play poker.
