New York State Senator, Joseph Addabbo, has put forward a new Bill, following his similar 2023 Bill, as he attempts to accelerate the legalisation of online casinos in his home state.
It is reasonable to suggest that the impetus for what is effectively a ‘revised’ Bill has come from the mobile sports betting numbers generated across New York.
Mobile sports wagering figures for last month, December 2023, hit $2.04bn, passing the $2bn mark for the third consecutive month. It is estimated that New York could generate at least $1bn a year in tax revenue from online casinos, in addition to one-time license fees from individual operators, which it is thought will be set at $150m each.
Senator Addabbo is aware that online casinos deliver far higher margins than sports betting, but he also knows that only seven US states have so far approved the gaming genre. He will no doubt be hoping that New York can follow Connecticut, Delaware, Michigan, Nevada, New Jersey, Pennsylvania and West Virginia, and welcome what he sees as the tax-dollar revenue stream.
NEXT: NYC 2024 – sponsored by Soft2Bet
Addabbo has also been confirmed as a keynote speaker at the upcoming online gaming and sports betting summit, NEXT: NYC 2024, taking place at The Convene, on Liberty Street in the heart of Manhattan, over March 6th and 7th.
As a pivotal figure in the transformation of New York’s betting landscape, Senator Addabbo will share invaluable insights from his journey, as he aims to stride towards an all-encompassing, regulated gambling environment.
NEXT: NYC 2024 expects to welcome 1,000 industry leaders, innovators and enthusiasts, and Pierre Lindh, Managing Director of NEXT.io, says: “We are honoured to welcome Senator Addabbo as our keynote speaker. His unparalleled expertise and visionary leadership are assets to our discourse on the future of online sports betting and gambling.
“Attendees can look forward to an engaging, enlightening session that underscores the event’s commitment to pioneering discussions in the industry.”
NEXT: NYC 2024 promises a dynamic lineup of speakers, interactive sessions and unparalleled opportunities for collaboration, shaping the next chapter of online sports betting and gambling in the US.
For more information and to register, visit www.next.io/summits/newyork