New York Governor's Initiatives Praised by Senator; Proposal for $1 Billion iGaming Legalization to Finance Them Floated
Rewritten Article:
New York State Senator Joseph P. Addabbo, Jr. has thrown his support behind Governor Kathy Hochul's 2025 vision, remarking that she could potentially rake in a staggering $1 billion to meet her ambitious initiatives—all thanks to the legalization of iGaming.
During her 2025 State of the State address on Wednesday, Hochul unveiled over 200 initiatives for New Yorkers this year, boasting proposals such as axing middle-class taxes for 8.3 million individuals, doling out $500 to 8.6 million households, and providing up to $1,000 per child benefits to 1.6 million families.
But Sports Betting Dime is questioning how Hochul plans to foot the bill for these initiatives. Addabbo, with a twinkle in his eye, offers a couple of intriguing ideas.
"Every year, I enter a budget with a hint of optimism, thinking to myself that if I was the governor, would I want to let about a billion dollars slip away every year to other states? To an illegal market?" Addabbo poses.
Recalling the triumph of online sports betting, he hypothesizes that legalizing iGaming—particularly online casinos—could be the catalyst for a similar windfall for state coffers. If New York can legalize a market for iGaming, Addabbo asserts that Hochul would be at the wheel, driving consensus among all parties to push legislation through to victory.
When it comes to securing a piece of the booming online casino market, aligning with neighboring states that have already reaped benefits from legalized iGaming seems like the logicalplay. A robust regulatory framework and an enthusiastic consumer base suggest that legalizing and taxing iGaming could provide a consistent revenue stream while clamping down on unregulated offshore gambling and supporting responsible gaming programs.
- Senator Joseph P. Addabbo, Jr. suggests that the legalization of iGaming, including online casinos, could generate a significant sum of around $1 billion annually, potentially funding Governor Kathy Hochul's initiatives as she seeks to address middle-class taxes, provide household payments, and offer family benefits.
- In light of the successful implementation of online sports betting, Addabbo proposes that iGaming legalization could become a trend in policy and legislation, driving a win for all parties involved and likely creating a consistent revenue stream for the state.
- To secure a share of the prosperous online casino market, Addabbo advocates for New York to collaborate with neighboring states that have already profited from legalized iGaming. By establishing strong regulations, addressing unregulated offshore gambling, and supporting responsible gaming programs, the state could manage its iGaming market effectively and stay updated on gambling trends.
