As New York legislators consider the inclusion of casino table games in iGaming, State Senate Gaming Committee Chair Joe Addabbo proposes a solution to generate revenue and tackle future deficits. With a projected annual revenue of $1 billion, iGaming can prevent neighboring states from benefiting from New York residents' participation. The bill also prioritizes safety measures for problem gambling and allocates $11 million annually towards addiction services. By safeguarding existing union casino employees and creating more job opportunities, iGaming aims to grow the industry without cannibalizing brick-and-mortar establishments. Join us as we explore the potential of iGaming and its impact on New York's financial future.
The Potential of iGaming in New York
With neighboring states like New Jersey and Pennsylvania already legalizing iGaming, New York legislators are considering its inclusion to tap into the potential revenue stream. State Senate Gaming Committee Chair Joe Addabbo believes that iGaming, including casino table games like poker, blackjack, and roulette, could generate approximately $1 billion annually.
By legalizing iGaming, New York can prevent the outflow of money to neighboring states and instead boost its own economy. This additional revenue can address projected deficits and provide a sustainable solution for the state's financial future.
Addressing Problem Gambling and Addiction
While embracing iGaming, it is crucial to prioritize the well-being of individuals and address problem gambling. Joe Addabbo's proposal includes safety measures and protocols to ensure responsible gambling practices within the iGaming industry.
Furthermore, the bill allocates $11 million annually towards addiction services and supports. This funding will help provide necessary resources for those struggling with gambling addiction and promote responsible gaming practices.
Protecting Existing Jobs and Creating New Opportunities
One concern with the introduction of iGaming is the potential threat it poses to existing union casino employees. However, Joe Addabbo's bill aims to protect these jobs by establishing a fund of at least $25 million annually for their training and support.
Moreover, iGaming has the potential to create more union jobs by allowing for live dealers in iGames. This expansion of the industry can lead to additional employment opportunities and contribute to the growth of the overall workforce.
