New York online sports betting operators reached more than $16 billion in handle during the first year of taking bets. And that’s only with nine operators in the game. If a bill proposed on Jan. 17, 2023, becomes law, there could be 16 online sportsbooks by Jan. 31, 2025.
State Sen. Joseph P. Addabbo Jr., D-Ozone Park, introduced S1962. That bill that the chairman of the New York State Senate Racing, Gaming, and Wagering Committee sponsored now sits in his committee.
The proposed legislation would increase the number of NY online sportsbooks yearly, right before the Super Bowl.
First, nine would grow to 14 by Jan. 31, 2024. Then New York would have 16 online sportsbooks by Jan. 31, 2025.
Addabbo didn’t immediately return NY Sports Day‘s request for comment.
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Addabbo proposes reducing the current 51% tax rate on online sports betting operators. As the number of sportsbooks increases, the tax rate eventually reaches 25% when there are “15 or more operators.”
While that may be welcome news for operators, it may not matter much to bettors. However, they may enjoy having more choices in sports betting.
Still, Addabbo’s proposed gambling law amendments must be approved by the New York State Legislature and signed by Gov. Kathy C. Hochul before they become law. That means the bill may change before it’s approved, or it may not pass at all.
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Ohio Got in the Game on Jan. 1
It’s possible Addabbo’s bill is a reaction to increased regional competition for sports betting dollars.
New York online sportsbooks were the clear US sports betting leader until New Year’s Day. New Yorkers wagered more than $16 billion during the year since the marketplace launched.
Then, on Jan. 1, Ohio’s 16 online sports betting operators launched.
The state that’s about 50 miles away from New York State saw 11.3 million geolocation transactions on Jan. 1 and 2, according to GeoComply. New York was No. 2, at 9.3 million.
Even so, Ohioans are projected to bet a little more than half of what New Yorkers do this year.
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Legislature Busy With Online Gambling Bills on Jan. 17
The New York online sportsbook measure wasn’t the only bill introduced on Jan. 17. State Assemblyman J. Gary Pretlow, D-Mount Vernon, sponsored an online poker measure.
So a busy Jan. 17 may foreshadow what’s to come in New York gambling expansion during 2023.
AP Photo/Doug Murray