As the new legislative session commences in New York, lawmakers will consider gaming expansion in the forms of online gaming and legalization of fixed-odds wagering for horse racing.
State Senator Joseph Addabbo will introduce a bill for the second year in a row to legalize online casino gaming in New York, Addabbo told the news site US Bets.
According to the report, Addabbo will re-file last year’s bill to legalize iGaming, with changes including the introduction of iLottery, protections against the cannibalization of brick-and-mortar casinos, and an additional $11 million earmarked for addiction programs.
Addabbo estimated last year that legalizing iCasino in New York would generate $475 million in annual revenue for the state.
Last year’s bill called for a 30.5 percent tax on gross gaming revenue and covered all manner of iCasino play, including slots, table games and live dealer games.
It also defined at least 19 “qualifying entities” as potential casino licensees, including destination resorts, video lottery parlors that offer live racing, federally recognized tribes that have an agreement with the state, and existing sports betting platforms. Three online casino licenses would be awarded through a bidding process.
Casino operators would pay a $2 million one-time fee while interactive operators would pay a $10 million one-time fee.
Meanwhile Addabbo is joining with state Assemblyman Gary Pretlow to file bills to legalize fixed-odds betting on thoroughbred racing and authorize self-service betting kiosks at various venues, including tracks, stadiums and arenas.
As with iGaming, these are efforts that failed in last year’s session.
New York faces a multibillion-dollar deficit and is seeking new revenue sources without increasing taxes. In an interview with CDC Gaming Reports, Addabbo said the gaming expansion measures can recapture revenue lost to other states and offshore internet gaming.
“You can’t cut yourself out of a deficit,” Addabbo said. “The idea is you look for revenue. I don’t know what governor would allow New Yorkers to do something in an unsafe manner and lose $1 billion in betting revenues.”
Fixed-odds racing wagering would make thoroughbred racing part of the state’s sports wagering program. The New York Racing Association supports the move, with spokesman Patrick McKenna telling the Times-Union last year that “allowing mobile sports wagering platforms to offer premium horse racing content would generate untapped gaming revenue for New York state, attract new fans to horse racing and deepen the sport’s overall economic impact.”
