New York State Senator Sure iGaming Will Not Affect Land-Based Casinos
Joe Addabbo, New York State Senator, just announced the legislature’s intentions of bringing regulated online gambling to the Empire State. At the same time, according to the Senate Racing, Gaming and Wagering chair, the introduction of iGaming will not cannibalize the land-based casino sector in the state.
This ambition builds on the success of the mobile online betting market, which was introduced in the Empire State back in January. Addabbo sees even more potential for tax revenue in the regulated online casino market than in the case of online betting. According to estimates, the potential income from online games could be more than twice that from mobile sports betting.
It is important that, once introduced, online casinos will be tied to the state’s commercial casinos, in a similar way that online sportsbooks are connected to land-based properties.
The senator proposed introducing up to 14 online casinos or 2 apps for each of the 7 commercial casinos that are regulated by state law in the 2022 budget. It is likely that Addabbo will make a similar proposal for next year’s budget.
In addition to the online gambling sector, the Empire State is also moving forward with the issue of licensing three commercial casinos for downstate New York. Currently, NYC-based Resorts World NYC and Empire City Casino are among the favorites to gain two of the licenses with the third one most likely going to one of the other existing candidates.
In other news, Bragg Gaming Group has rebranded Spin Games and will open a US office.