Senator Joseph Addabbo has once again put his support behind a major legislative initiative, this time aimed at reducing New York’s budget deficit and building on the success of legal sports betting. On the heels of his failed effort in 2023, Addabbo has filed SB 8185, a comprehensive measure that aims to bring iGaming to New York State.
Senate Bill 8185 is an ambitious proposal to expand the current sports betting legislation to include internet casinos. Video lottery terminal providers, commercial and tribal casinos, and preexisting mobile sportsbooks are all considered potential operators under the law. And naturally, there is something for the state to gain.
These operations would be subject to a tax rate of 30.5% on their gross gaming income from iGaming, which is the same as the one proposed from the previous year. Each licensee is permitted one skin, and operators are obligated to pay $2 million for a 10-year license.
The Gaming Options Players Can Expect
The scope of SB 8185 is quite broad, as it expands the legal protections to include “any internet-based version or substantial equivalent of a table game, slot machine constituting spinning reels, poker tournament, or any other game as set forth… and approved by the commission.”
With that, it is intended to foster innovation. This will be by allowing for the development of live dealer studios and facilities that are equipped with cutting-edge technology and provide a wide variety of popular casino games. To broaden the state’s income base, Senate Bill 8185 further establishes an online lottery for the state of New York. Additionally, the measure proposes to set aside 0.02% of iGaming tax revenues for staff training.
The online casinos would be subject to the same oversight and regulation as sports betting by the New York Gaming Commission.
Will 2024 Be the Year for iGaming Expansion in New York?
Senator Addabbo had been undeterred by obstacles he encountered in 2023 with a measure that was almost similar to this one, S4856. Considering the fact that New York’s budget deficit would balloon to over $10 billion by 2024, Addabbo views iGaming as a promising source of income similar to the $862 million in tax revenue that the Empire State received from sports betting in 2023.
In the coming months, the New York assembly is likely to get into a great deal of conversation about SB 8185, notwithstanding the ambitious objectives it outlines. In case Addabbo is successful in securing early support, the fate of this legislative proposal is likely to take a positive trajectory. If sufficient support is obtained, there is a possibility that it will be passed by the summer.
