New York's Casino Licenses Potentially Delayed Until 2025, According to Addabbo
In the heart of the United States, New York is gearing up for a significant shift in its gambling industry. The upcoming legislative session in January will be crucial in shaping the future of this dynamic sector.
Senator Joseph P. Addabbo Jr., who represents the 15th State Senate district in Queens, is at the forefront of this change. He emphasises the importance of keeping up with other states in the industry, particularly in light of the potential tax dollars at stake in the upcoming year, which could run into billions.
Currently, New York is losing an estimated $1 billion per year due to the lack of proposition (prop) bets, a popular form of gambling that allows wagers on a wide variety of events within a single game. neighbouring New Jersey offers prop bets, but New Yorkers are going out of state for these wagers.
The New York State Gaming Commission announced that the approvals for issuing Downstate casino licenses in New York City could begin in the spring of next year. However, Senator Addabbo believes that it's not just about revenue generation. He wants to ensure that New York is viewed nationally as an expanding U.S. market for gambling.
The senator is advocating for the codification of prop bets, rather than relying on the gaming commission's potential to implement them unilaterally. He brought in $2.6 million in revenue from prop bets this year, but he believes it's not enough.
The legislature's decision will be closely watched by casino operators, sports betting companies, and community groups. The stakes are high, and the eyes of the nation are on New York as it prepares to take a significant step forward in its gambling industry.
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