It seems that New York is getting closer to legalizing online casinos. At the East Coast Gaming Congress (ECGC), panelists stated that he believes it will happen soon and be included in the 2023-24 budget.
This could make New York the seventh state to legalize online casinos. There are many benefits to legalizing these casinos, including increased tax revenue and more jobs for New Yorkers. We will keep you updated on the latest news regarding NY online casinos!
The US online casino industry is growing rapidly as more and more states are moving towards legalizing online casinos. This is good news for both casino operators and players, as it provides a wider range of options for people to choose from when it comes to gambling.
Online casinos currently live in six states, namely, New Jersey, Connecticut, Delaware, Michigan, Pennsylvania, and West Virginia. In addition, New York could be one of the states in the next batch to regulate online casino gambling due to the success brought by the recent legalization of online sports betting.
CEO of Rush Street Interactive, Richard Schwartz said “They already have regulators in place.”
Schwartz added that it will be a lot easier and faster to execute the launch of NY online casinos since the servers are already in place.
Experts at ECGC also list Indiana, Illinois, and Iowa.
Jeffrey Millar, Commercial Director of North American operations of Evolution Gaming stated that there’s “plenty of room for growth” in the industry which is supported by David Rebuck, New Jersey Division of Gaming Enforcement Director who said that the online gambling industry is still in “infancy stages in the U.S”.
The Racing and Gaming Conference in Saratoga Springs last month revealed that a 20% rate for online casinos would result in $5 billion in revenue for the state. The increased tax revenue could be used to fund public services or infrastructure projects. At the same time, there would also be new jobs created in the casino industry.
Sen. Joe Addabbo said in an April interview:
“We’re laying the foundation really for next year’s budget. We’ll have constant conversation about it this year, just to work out the kinks and figure out a roadmap to getting it into the budget next year.”
It looks like New York’s attempts to legalize online casino apps are on a slow pace. But hope remains that discussions could ramp up towards the end of 2022.
However, there are also concerns about potential negative impacts, such as online casinos making the traditional brick-and-mortar casinos. However, several operators support the idea of mobile-based gambling being a complementary destination for land-based casinos.
Delaware North VP, Luisa Woods explained:
“My first job was selling the company that I am not here to compete with your business; I’m here to help it grow. We integrated the brand, we created loyalty accounts for every single remote customer.”
She added that these efforts resulted in several players voting for the physical locations of casinos for the first time.