New York lawmakers are once again considering the legalization of online poker, but Governor Kathy Hochul has excluded projected iGaming revenues from the state's 2024 budget. Despite this setback, a coalition of iGaming operators is advocating for the legalization of online gambling, citing the potential for over $1 billion in annual revenue. This article explores the history of online poker legislation in New York, the current bill introduced by Senator Joseph Addabbo Jr., and the governor's stance on online gambling. Additionally, it highlights the benefits of legalizing online poker and the possibility of New York joining the Multi-State Internet Gaming Agreement.
The History of Online Poker Legislation in New York
New York has a long history of considering and rejecting legislation that would legalize online poker. In 2016, a bill that aimed to grant online poker licenses and expand poker licenses beyond land-based casinos was shot down by the Assembly. Similar bills in 2017 and last year also failed to pass.
However, on January 11, 2024, Democratic state senator Joseph Addabbo Jr. introduced a new bill to regulate interactive gaming in New York, including online poker. The bill outlines licensing requirements and proposes issuing 10-year licenses to operators for a fee of $2 million per license. This bill offers renewed hope for the legalization of online poker in the state.
The Potential Revenue of Online Poker in New York
A coalition of iGaming operators has projected that legalizing online poker in New York could generate over $1 billion in annual revenue for the state. This revenue would provide much-needed funds to address dangerous deficits and help alleviate the affordability crisis across the state.
Neighboring states that have already authorized online gambling have seen significant taxable revenue, and New York has the opportunity to follow suit. By allowing people to play casino games online, the state can decrease deficits and provide support to families and schools.
Governor Hochul's Stance on Online Poker
In a recent development, Governor Kathy Hochul excluded projected iGaming revenues from the state's 2024 budget, signaling that she does not currently support the legalization of online poker and casino gaming in New York. However, there is still a chance for the bill to pass through the legislature and reach the governor's desk.
If online poker is legalized in New York, the state could join the Multi-State Internet Gaming Agreement (MSIGA), which includes Nevada, Michigan, New Jersey, Delaware, and West Virginia. This would open up opportunities for interstate online poker and further boost revenue potential.
