With New York failing to cash in on revenues relating to online casinos, hundreds upon hundreds of millions of dollars are just being left sitting on the table, and Senator Joe Addabbo knows it. With states such as New Jersey, Pennsylvania, and Michigan reaping billions in iGaming dollars, New York sits on the outside looking in.
Addabbo has been fighting hard to change that, salivating at the huge financial possibility for his state. The figures are pretty clear: online casinos would bring in serious cash into New York’s vaults. Because of its geographically unique position and a population base of over 20 million people, its potential for revenue generation towers over other states in the Northeast.
The Success Story Next Door
Look at New Jersey. They did it years ago by jumping into online gambling, and it has paid off way better than sports betting ever did. It’s a win-win situation for both players and operators. For instance, an instant casino gives you cashback on play, attracting users and keeping them coming back for a steady stream of tax money. New crypto casinos allow players to use a variety of payment methods, plus, they are being opened on the go, generating more profits for the state and the local economy, as well.
Simply put, since they legalized online gaming in 2013, New Jersey has been showing everyone else how it’s done. They have developed a solid market that keeps getting larger and stronger every year, proving a dependable state funding stream can be opened up through online casinos.
Let the Numbers Talk
The cash emanating from other states is highly explanatory. At the present time, the Keystone State leads the way – they are estimating $2.53 billion in revenue for 2024, with $891.6 million going directly to taxes.
Michigan is not far behind, anticipating $2.31 billion in revenue with $581 million in taxes. New Jersey rounds out the top three with $2.28 billion in projected revenue, kicking back $397.7 million to the state.
Addabbo’s Continuing Effort
Addabbo doesn’t easily give up, even though there have been one or two setbacks. He threw a bill into the ring back in January of 2024 to legalize online casinos, but it clearly met a wall of opposition and never made it through.
In any case, he continues to point to the success of New Jersey since they legalized, which was back in 2013. The Garden State’s killing it, and there’s no reason New York couldn’t do the same. That’s billions in new money with similar tax structures that could plug budget holes and fund vital programs around the state.
Cost of Waiting
Every day, New York waits and it loses out on serious money. Meanwhile, the online casino market keeps on growing, and New York is just watching as billions slip away each year.
Sports betting has already pulled in over a billion dollars since its legalization in 2022. Tacking online casinos onto that number could rocket it right through the roof.
Meanwhile, New Yorkers are literally driving across state borders to adjacent states like New Jersey just to gamble online. That’s cash sailing right out of New York, and Addabbo’s pretty peeved to see tax dollars essentially funding neighboring states’ programs instead of their own.
Looking Ahead to 2025
The 2025 legislative session may bring that proper beginning. Addabbo’s persistence continues, and Governor Kathy Hochul seems ready to consider gaming expansion in the state.
If they are able to push this and get online casinos legal in 2026, New York could easily dominate the market almost overnight. The impact could hit fast, too: keeping gambling money in-state wouldn’t just mean more tax revenue – it could mean the creation of jobs, the boosting of social programs, and more cash pumped into mental health services that desperately need funding.
The Bigger Picture
This is not all about making money, though that’s a big part of it. Revenue brought in from online casinos could help fund all sorts of public services.
Mental health programs could benefit and new jobs could be created around the state. People will gamble online whether New York legalizes it or not – that’s just a stark, cold fact.
Either New York wants some of that money, or it wants to keep losing it across its borders. Addabbo has been fairly transparent about his position: New York must join the party.
New York Can and Should Lead the Market
With everything from a massive population to a solidly developed tech infrastructure to clearly identifiable demand for the product, New York has all the ingredients to stake a claim to leadership in this space.
Timing is somewhat crucial because online gambling is not going anywhere anytime soon – it is only getting bigger. The states that dove in head-first are well rewarded, while New York is still on the fence.
Addabbo says this isn’t just about keeping pace with other states but also amplifying New York’s natural advantages into something bigger and better than what currently exists. And with the state always in search of new revenue, online casinos seem an obvious next move.
