New York's Gamble: Online Casino Legalization Looms in 2024

Amidst the world of gambling, there's a persistent fallacy that often creeps in when players are facing a string of losses. It's the false belief that a big win is just around the corner as if the universe owes them a reversal of fortune. The efforts to legalize NY online casinos have faced a similar streak of bad luck, resembling a gambler's losing streak that refuses to break. With each attempt, hope for victory grows, only to be met with disappointment.

However, against all odds, it appears that the tide may be turning for online players in the Empire State.

NY Online Casinos Eyeing 2024

Senator Joseph Addabbo Jr., New York State Senator, has been tirelessly advocating for internet gambling legislation in New York. As the chair of the Senate Committee on Racing, Gaming, and Wagering, he's tried to persuade his fellow lawmakers in Albany to pass online casino gambling legislation for several years.

In the most recent legislative session, which concluded in June, Addabbo's bill to legalize online casinos in New York faced a setback, stalling in his own committee. A similar Assembly version sponsored by Assemblyman Gary Pretlow of Mount Vernon met the same fate.

Despite these hurdles, Addabbo remains undeterred and has already set his sights on 2024 for the legalization of online casinos in New York. He also expressed his desire to see internet lottery legislation receive a vote in Albany next year, suggesting that such initiatives could generate substantial revenue for the state.

"Going forward, this is something I think the state should consider," Addabbo said. "If you combine iLottery with iGaming, (we are) sitting on top of a billion dollars in revenue."

New York's Competitive Advantage

In reality, New York could easily surpass Addabbo's revenue projections, especially when compared to neighboring states and their online gambling markets. States like New Jersey, Pennsylvania, and Michigan have emerged as the top three online casino markets in the country, collectively generating over $1 billion in revenue last year. Monthly revenue in these states is now consistently surpassing $100 million.

New York, with its population of just under 20 million, outpaces both Michigan (10.1 million) and New Jersey (9.3 million). Pennsylvania, the fifth-most populous state, with 12.9 million residents, falls behind New York in terms of population.

Supporters of legalizing online casino gambling in New York argue that the momentum and economic rationale are firmly on their side. New York's online sports betting industry has already outperformed other legal jurisdictions, including Las Vegas, in terms of total wagers and tax revenue generated, achieving this milestone in a relatively short timeframe.

For Addabbo, legalizing online casinos represents the "next natural step." He envisions the tax revenue generated from legal internet gambling going towards education, transportation, senior care, veteran support, social service programs, and public health initiatives.

Overcoming Obstacles

One of Addabbo's biggest challenges lies in educating and persuading his fellow politicians. Opposition to online casinos has ranged from concerns about addiction to fears of job displacement and the potential impact on brick-and-mortar establishments.

"I thought we addressed it all," Addabbo remarked. "But, I'll have to elaborate further on my explanations to ensure that we cover all the bases."

As lawmakers gather in the state capital in the coming fall, Addabbo plans to leave no stone unturned. He intends to connect the dots, engage with industry stakeholders, study the experiences of other states, and build momentum for next year's budget.

In the offseason, it seems that the Senator is determined to play his cards right in the quest to finally legalize online casinos in New York.