iDEA Speaks with NY Senator Addabbo on iGaming /Sports Wagering.
He is less optimistic that iGaming will be included in the budget. However, he will likely push his bill through committee after in April/May. See full update here.
On sports betting, Addabbo and Rep. Pretlow are pushing a proposal that would reduce the tax rate, but also increase competition. The bills would increase OSB from 9 to no fewer than 14 by Jan. 31, 2023 (which would lower the tax rate from 51% to 35%) and no fewer than 16 by Jan. 31, 2024 (which would lower the tax rate from 35% to 25%).
It also provides preferential licensing to applicants that are “minority controlled.”
A copy of the Senate bill can be found on the Member Portal.
Senator Addabbo was very complimentary of iDEA and our efforts thus far. He wants us to be his ally moving forward on this issue. We hope to have an opportunity to testify on the bill in the Senate later this year. While we may not get far this session, the discussion is at least underway in NY and we can continue to build from this.