Governor Hochul’s budget proposal makes no mention of revenue from online gaming
New York Governor Kathy Hochul failed to acknowledge iGaming in her 2024 executive budget release on Tuesday despite the push to legalize online casinos in the state this year. Hochul only mentioned pari-mutuels as gaming initiatives, meaning it will be an uphill battle in the push for legalizing online casinos.
Senator Joseph Addabbo recently introduced SB 8185, which proposes legalizing “any internet-based version or substantial equivalent of a table game, slot machine … or any other game as set forth and approved by the commission.”
It’s the second consecutive year he’s proposed online casino legislation, but Gov. Hochul has maintained no interest in authorizing online casino operators entry to New York’s big population that has produced a booming online sports betting market.
Addabbo’s bill looks to amend sports betting law permitting online sportsbooks, commercial and tribal casinos based in New York, and video lottery terminal operators to offer online casino games and poker.
Revenue from online casino gaming would be taxed at a 30.5% rate, with a $2 million fee for a 10-year operator license.
Addabbo’s previous bill in 2023 didn’t gain much traction from lawmakers of the governor, despite his assertion that the additional tax revenue would help the Empire State’s increasing budget deficit and put New York at the top of the US online casino market.
Hochul’s 2024 budget includes two horse racing initiatives. The first would extend pari-mutuel tax rates and simulcast requirements for one more year. The second initiative would allow Capital Off-Track Betting Corporation to spend $1 million of its capital acquisition fund for operating costs for another year, pending they meet certain conditions.
