The push for online gaming in New York has continued as it has been touted as a potentially fruitful avenue for the economic recovery of the state.
According to Bet on NY, which is a group backed by Sports Betting Alliance, the formalisation of a regulatory framework supporting igaming in the Big Apple could bring up to $1bn in additional tax revenue annually.
Any potential decision, which would be subject to a rigorous regulatory journey, would build on the success of sports betting engagement in the region.
Earlier this month, the New York State Gaming Commission revealed that sports betting operators in the Empire State had a total handle of $2.04bn for December 2023 — the second-highest handle in state history.
Furthermore, the bill would also lead to new employment opportunities and ensure consumer protections while also driving revenue.
Progress for the state hinges upon Senate Bill 8412 (SB 8412), brought forward by Democrat Senator Joseph Addabbo will continue to be discussed this year and is likely to conclude in June.
New York regulators will likely be eyeing the progress and growth of the sector in nearby states such as Connecticut, Pennsylvania, and New Jersey, as examples of successful efforts it can mirror in order to grow its economic output through a thriving igaming framework.
The state is well-positioned for the establishment of a regulated online casino sector – with a myriad of sportsbooks already pitched up in the area, including FanDuel and DraftKings — which both hold online casino offerings.
FanDuel posted a $834.5m handle in December, while DraftKings took $773.4m in bets. Caesars, which also offers igaming, rounded out the top three at $201.9m.
A further driver to the legislation of the online gaming market is halting any potential black market that derives from the absence of regulatory framework. Eradicating an unregulated market has been touted as being potentially key in uniting both parties and garnering votes for the opening of the sector.
