The New York State Senate has committed to expanding the state’s iGaming options. This comes as good news to those in the online gaming industry, as New York has been one of the most difficult markets.
The state currently has a limited selection of iGaming products available, with only poker and daily fantasy sports approved. However, this week, New York’s Senate has begun its post-budget legislative session, and it has promised to back legislation that would expand the state’s licensed gambling industry.
Local lawmakers Approval
Local lawmakers approved a final spending plan for the new fiscal year at the start of April, and one component was to speed up the creation of downstate casino licenses. Unfortunately, the government’s plans to legalize online gambling in the United States were abandoned at the last minute. So it is now up to lawmakers to make it a reality.
In Discussions Now
Sen. Joe Addabbo, co-sponsoring a bill that would legalize mobile sports betting in New York, would also like to see fixed-odds betting on horse races legalized. In addition, he believes that, by the end of the current legislative session, which closes on June 2, 2022, all mobile sportsbooks should have a vertical.
Mr. Addabbo has declared that online casino gaming will be his top focus for the fiscal 2023-2024 budget. In December, lawmakers will begin discussing the issue, and it might be included in the governor’s Executive Budget in January. The mayor stated that he and other lawmakers are now laying the groundwork for the vertical in next year’s budget.
The Racing, Gaming and Wagering Committee has passed Bills S8471 and S8412, which legalize iGaming in the state and grant additional online sports betting licenses. However, state racinos are concerned that limiting the state’s online casino gaming to fully-licensed operators may cause cannibalization. Mr. Addabbo assures us that this is not the goal, and it will be further discussed in the future.
The Traveler has also suggested that the Senator should provide self-service machines at stadiums, arenas, and racetracks all around the state. “You’re talking about a bill that I would propose in the current session rather than waiting to take it up next year,” he said. “The legislation will be a big lift, but legislators will undoubtedly debate whether they should be included or removed.”
The Three Downstate Licenses
New York State lawmakers introduced the long-anticipated acceleration of downstate casino licenses for its current budget. As a result, commercial licenses for the three casinos are now available. The New York State Gaming Commission is the governing body for lotteries and casinos in New York. To acquire a lottery ticket, you must apply to the commission. If they are granted regulatory Approval, it will cost them roughly $500 million in licensing fees.