The iGaming industry in the United States has really taken off over the last few years, but a large portion of that has been online sports betting. There are still just a handful of states with legal online casino gambling, but there is a chance that number could grow in 2024.
Lawmakers in the state of New York have made a few attempts to get online casino gambling up and running in their state, but that hasn’t happened yet. There was a recent bill introduced to try to get this industry legalized in the state, but it’s starting to look like it’s going to be another failed attempt.
New York is easily the largest online sports betting market in the country, having gone over $2 billion in betting handle in one single month. That has generated a ton of revenue for the state, and online casino gambling would do the same.
Unfortunately, it looks as if Governor Kathy Hochul is not on board with legalizing online casinos, and that virtually eliminates any chance of moving forward.
Not in the Budget
Governor Huchul just announced her annual budget for the state of New York, and she didn’t include any potential revenue from online casino gambling. It was estimated that the state could bring in nearly $475 billion per year in tax revenue, but Hochul was not interested in that number.
That doesn’t mean that a bill can’t still be passed by lawmakers in the state, but Hochul does not appear as if she is ready to sign this piece of legislation. The current budget is set at $233 billion, and it shows that there is still plenty of money to go around in the state.
The current bill that is still on the table would place a 30.5% tax on online casino revenue, and that’s much less than the 51% that is taxed on sports betting revenue. That number was set as a way to entice online casinos to enter the state, should New York allow this industry to launch.
Hochul has not really pointed out why she is against online casino gambling, but the state is not hurting for money anymore. Lawmakers in the state will likely push forward with this bill in hopes that it could be considered in 2025.
New Jersey Will Benefit
This news is going to make lawmakers in the state of New Jersey happy as it is a state that already has online casino gambling available. New York and New Jersey have been battling it out when it comes to sports betting, but it doesn’t look as if that will be the case in this industry.
Residents of New York aren’t going to have to travel far to get in on some online casino action as crossing into New Jersey will unlock many opportunities. New Jersey has actually seen iGaming revenue increase over the last few years, and that trend will continue with this news.
Other states are expected to introduce online casino legislation as well, but it’s unclear if any state will be able to get anything done.
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