New Yorkers have had access to legal sports betting since 2022. The Empire State permits both retail and mobile betting, meaning you can wager on the Bills, Knicks, or Yankees in the comfort of your home.
Sports bettors in New York have wagered $40 billion in the past two years. That’s more than New Jersey ($22.9b) and Nevada ($16.1), the two perennial giants in the sector.
With such a huge level of success, it shouldn’t come as a surprise that some legislators are fighting to legalize Internet gambling. What effect would such a move have on NY? Would it inspire countrywide legalization of online casinos?
Proposed Online Casino Legalization Bill
Senator Joseph Addabbo proposed a bill to legalize iGaming earlier this year. But after weeks of opposition from casino workers across the state, Governor Kathy Hochul decided not to include the bill in New York’s 2025 budget.
What’s now? New Yorkers who love casino games like slots and poker have several options. They can play at local brick-and-mortar casinos. Or, they can use real money online casino New York sites located overseas.
Offshore casinos are neither legal nor illegal in NY. They exist in a legal grey area. Sen. Addabbo hopes to fight these casinos by legalizing iGaming in the Empire State. But until his bill becomes law, offshore casinos will continue to thrive in the state.
Experts believe New York can become one of the biggest online gambling markets in the country. It has already overtaken New Jersey to become the leading market for sports betting.
What’s the Next Step for Legislation Efforts?
Sen. Addabbo hasn’t given up on his dream to legalize online gambling. He believes the governor could add the iGaming bill to the budget after legislatures add more proposals to her budget in the coming days.
New York’s revenue has been declining for some time. Legalizing online gambling could certainly help increase income sources for the state. But first, legislatures will need to convince unionized casino workers that iGaming won’t hurt their jobs.
As we mentioned earlier, labor unions are against the idea of legal Internet gambling. Earlier this year, 700 retail casino workers signed a petition urging Sen. Addabbo not to legalize online casinos.
Effects of Legalizing Online Gambling in New York
Legal online gambling in NY is in the works. Some people believe it will be a massive boon for the state economy. Here is how legal gambling will benefit New Yorkers.
Safe and Trustworthy Online Casinos
Perhaps the biggest benefit of legalizing online gambling is that it will introduce New Yorkers to safe and trustworthy online casinos. Legalization comes with a regulatory body that licenses and oversees the operation of new casino sites.
In New Jersey, the Division of Gaming Enforcement licenses and regulates new casino sites. In Pennsylvania, the Gaming and Control Board has so far licensed 13 gambling sites.
Licensing helps eliminate bad players from the market. It also helps create standards for operators. For example, new casinos must secure their websites to protect users’ data. They have to reveal their general terms and conditions. And they must provide contact and ownership details.
Accessible Mobile Gaming
Mobile gaming is the future of the casino industry according to research firm Statista. More than 70% of people who play slots and card games online use their smartphones.
Mobile casinos come in two types: web and native apps. Web apps allow casinos to offer their games through mobile-friendly websites. Native casino apps require that you download them from an App Store like Google or Apple Play Store.
There’s no wrong way to play casino games on your iPhone. All you need is to ensure that your preferred casino is safe and trustworthy. It should feature your favorite games and award you bonuses occasionally.
Safe Deposits and Withdrawals
The average casino player appreciates a site that processes deposits and withdrawals fast. Yet, some of the fastest payment apps in the country don’t support iGaming deposits.
Legalizing online casinos in New York will give financial service providers the confidence to support online casinos. Presently, cards like Visa and MasterCard are the best payment options for casino players in New York.
Mobile wallets like GPay, Apple Pay, PayPal, and Skrill can also help you deposit money at a gambling site. However, some of these payment apps don’t provide deposits to offshore casinos.
Mobile wallets and cryptocurrencies offer the fastest way to withdraw your casino winnings. However, payout speed also depends on the casino. Fast payout websites process withdrawals within 24 or 48 hours.
A Wide Range of Games
The main reason New Yorkers use offshore casinos is that these operators have hundreds of unique games. You can play slots, roulette, baccarat, blackjack, and poker games from countless software providers on the same platform.
These days, you can also play table games like poker and blackjack through a live dealer setting. Live gaming connects you to croupiers and dealers through video technology. You can see and interact with your opponents, which makes gaming more entertaining.
Legalizing iGaming will also increase the number of software providers whose games you can play in NY. Presently, only IGT, Scientific Games, and a few more developers supply games to NY casinos.
Developers like NetEnt, Microgaming, Playtech, Betsoft, Evolution, and Big Time Gaming might soon offer their games in the Empire State once iGaming is legalized.
Huge Revenues for the State
Sen. Addabbo is gunning for legal iGaming primarily because it can boost the state economy. Online gambling is a multi-billion-dollar industry. New Jersey, Pennsylvania, and Nevada all generate billions of industry from casino gambling.
New York has already benefited from the gambling industry through legal sports betting. Authorizing iGaming could increase its revenue kitty significantly. This is especially true if NY chooses to commercialize the sector.
Lawmakers will also need to draft taxation rates that attract top-tier casino providers in the country. Presently, the state taxes sportsbooks at a 51% rate, one of the highest rates in the nation.
