New York's Online Casino Prospects: An Uphill Battle Amid Budget Setback
Governor Kathy Hochul’s recently unveiled executive budget for 2025 has cast a significant shadow over the potential legalization of online casino sites in New York. Notably, the exclusion of potential tax revenue from online casino expansion, akin to last year’s budget, has dealt a substantial blow to the aspirations of Senator Joseph Addabbo’s Senate Bill S8185.
Hochul's Stance and Its Implications for S8185
Despite Senator Addabbo’s persistent efforts and emphasis on securing Governor Hochul’s support for the bill, the absence of online casino revenue in the budget paints a challenging picture for the progression of S8185 through the legislative process. The lack of endorsement from the governor is a clear hurdle for Addabbo’s proposed online casino expansion.
Budget Focus: Horse Racing Takes Center Stage
Governor Hochul’s budget has honed in on elements related to horse racing, emphasizing the extension of existing parimutuel tax rates and simulcast revisions into Fiscal Year 2025. This strategic focus underscores a prioritization of certain gaming aspects over the expansion of online casinos. Additionally, the budget affords certain off-track betting facilities flexibility in capital fund spending.
Notable Omissions: Fixed-Odds Racing Proposal Overlooked
A notable absence from the budget is Addabbo’s additional bill proposing fixed-odds racing at tracks alongside parimutuel betting. The lack of inclusion raises questions about the prioritization of specific gaming elements within the legislative agenda and further complicates the landscape for comprehensive gaming expansion.
Governor's Priorities: Downstate Casino Licenses and Tribal Agreements
Governor Hochul’s attention is currently divided among various gaming matters, including the meticulous vetting of potential licensees for the three downstate casino licenses. Simultaneously, negotiations for a renewed long-term agreement between the state and the Seneca Nation are ongoing. With a temporary extension of the existing compact until March 31, critical decisions regarding tribal agreements align with the finalization of the budget.
March 31 Deadline: An Uncertain Future for iGaming
The looming March 31 deadline serves as a critical juncture for the final budget agreement between the legislature and Governor Hochul. The exclusion of online casino provisions amplifies uncertainties surrounding the future of iGaming in New York. As this pivotal date approaches, the fate of online casinos remains entwined with broader gaming negotiations and budgetary decisions.
Tax Rates and Revenue Potential: A Balancing Act
For proponents of online gaming, the absence of online gaming provisions in the budget poses a formidable challenge. Advocates have consistently highlighted the potential revenue benefits of online gaming, drawing parallels with the success of the state’s sports betting program. While sports betting thrives with a 51% tax rate, Addabbo’s proposed 31.5% tax on gross gaming revenue from online gaming, though lower, still holds the promise of cultivating a lucrative online casino market, given New York’s status as one of the most populous states.
The exclusion of online casino provisions from Governor Hochul’s executive budget underscores the complexities and challenges faced by proponents of online gaming in New York. As legislative deadlines approach, the landscape remains dynamic, with the fate of online casinos intricately tied to broader gaming negotiations and budgetary considerations.
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