Published on: January 10, 2024, 08:09h.
Last updated on: January 10, 2024, 08:09h.
A new advertising campaign has kicked off in New York, promoting the positive economic impact of legal iGaming in the state. The campaign highlights the potential benefits of regulating online casino gaming and says it has the potential to help alleviate New York’s budget deficits.
The ad, funded by the Sports Betting Alliance (SBA), encourages New York lawmakers to support regulated online casino gaming. It emphasizes the economic challenges of the state and argues that legal iGaming could alleviate those pressures.
The ad also points to other states with legal iGaming having generated $6 billion in taxable revenue. Currently six states allow legal gambling online, including New Jersey, Michigan, Pennsylvania, Connecticut, West Virginia, and Delaware. This advertising campaign in New York aims to move the state in the same direction.
$1B Annual Windfall
The SBA’s campaign comes as New York Sen. Joseph Addabbo (D-Queens) reintroduces legislation seeking to establish a legal framework for online casinos to operate in the state through Senate Bill 856 which would allow brick-and-mortar commercial and tribal casinos and racinos to partner with iGaming platforms, and permit three companies to seek online casino licenses.
According to New York Comptroller Thomas DiNapoli, the state’s budget shortfall could grow to $8 billion by next year. Meanwhile, the SBA claims that iGaming could generate up to $1 billion annually in tax revenue, create jobs, and ensure consumer protections.
Online sports betting has already emerged as a success in New York, with online sportsbooks winning nearly $1.3 billion in revenue from remote bettors. This has resulted in over $647.3 million in tax revenue dedicated to state education.
Advocating for additional gaming adoption in the state may prove to be a difficult task, considering opposition from local communities and uncertainties about Gov. Kathy Hochul (D) supporting such a statute. With so many factors in play, the future of legalized iGaming in New York remains uncertain.