Efforts to legalize and regulate online casino gambling in New York State will have to wait until next year.
The 2022 legislative session is winding to a close, with the legislature set to adjourn on June 2. With the end of the session will come the last hopes for S8412 this year, a piece of legislation aiming to bring online slots and table games to the state’s cyberspace.
The measure was introduced early this year by Sen. Joseph Addabbo Jr., a Democrat. Addabbo spearheaded efforts to legalize online sports betting in the Empire State. Online sportsbooks launched in January 2022.
The online casino bill didn’t advance very far this year.
The bill received five aye votes and two ayes votes with reservations on April 25. Unfortunately for the bill, it didn’t continue advancing through the legislature after clearing the Senate Racing, Gaming and Wagering Committee. The bill’s sponsor is the chair of that committee.
The rationale behind the legislation is simple. “Currently, seven states have authorized online interactive casino gaming, including the neighboring States of New Jersey, Connecticut. and Pennsylvania,” the bill reads. “In 2021, online casino gaming revenue exceeded $1 billion in both New Jersey and Pennsylvania, generating approximately $120 million in tax revenue for each of those states.”
Furthermore, the bill says, “[t]his year, in its first month of operation, New York quickly became the leading mobile sports betting market in the nation, generating nearly $70 million in tax revenue in a single month. Similarly, if authorized, New York would quickly become the national leader in online casino gaming, generating hundreds of millions of dollars in tax revenue annually for the State as it continues to recover from the economic downturn caused by the COVID-19 pandemic.”
It’s estimated that New York State would receive about $475 million annually “based upon conservative market estimates.” Under the proposal, New York would also receive about $150 million in onetime license fees from casinos, operators, and independent contractors seeking to conduct online casino gambling.
According to reports, Addabbo plans to push the bill again next year.