Senator Addabbo Introduces Fresh New York iGaming Bill
Joseph Addabbo is taking another swing at legalizing online gaming in New York. The senator has introduced a new bill, SB 2614, that aims to legalize iGaming for casinos, video lottery facilities, and online sports betting operators and Tribes within the state.
LISTEN TO THIS ARTICLE:Under the proposed legislation, iGaming operators would face a 30.5% tax rate on gross gaming revenues, plus a $2 million license fee for eligible casinos, video lottery terminal facilities, and operators.
Independent contractors seeking to host an operator's iGaming platform and showcase its brand would need to obtain a $10 million license.
According to Senator Addabbo, tax revenues generated from authorized iGaming operators will provide crucial funding for the new initiatives Governor Kathy Hochul plans to implement in 2025.
Should it pass, the bill will rank New York as one of the states with the highest iGaming taxes in the US. The state currently holds this position in the sports betting industry with its 51% tax rate.
Furthermore, SB 2614 would permit licensed iGaming operators to offer various games, including table games, slots, poker, and live dealer games, with the condition that live dealer games must be hosted in a New York-based studio.
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Addabo’s Vision for NY iGaming
If iGaming becomes a reality in New York, Senator Addabbo would undoubtedly be the champion of the effort. As a strong advocate for online gaming, he has consistently pushed for legislation to bring it to life in the Empire State.
The new bill marks the third consecutive year he has introduced legislation to regulate online gaming in New York. Last January, he proposed Senate Bill S8185, a bill that would have allowed online casino gaming and internet lottery in the jurisdiction.
In May, he introduced Senate Bill S9226 to legalize internet poker games like online Texas Hold’em and Omaha Hold’em.
However, Senator Addabbo’s New York online gaming aspirations have been met with resistance from groups like the Hotel and Trades Council. The Union fears that online gaming will cannibalize brick-and-mortar casino businesses and jeopardize jobs.
To address Union concerns, Senator Addabbo’s latest bill allocates $25 million annually for employee training, responsible gaming education, and other initiatives.
Senator Addabbo has also expressed his willingness to engage in negotiations with opposing groups to push iGaming legalization forward in New York. To the senator, online gaming legislation in New York is a matter of “when” and not “if” it gets approved.
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