Sen. Joe Addabbo and Asm. Gary Pretlow noted "The state comptroller has pegged the deficit at $4.3 billion for next year and $8 billion for 2025. Solving it will require many difficult choices, but a good first step to beat the odds is right in front of us: we can double the substantial revenue we get from mobile sports betting through the legalization of iGaming (online gambling) and iLottery (online state lottery).”

New York lawmakers who head gambling committees in the Senate and Assembly are looking to improve legislation legalizing a new form of online gambling.

Officials say legalizing NY online casinos and an online state lottery could bring in another $1 billion in revenue to the Empire State. It could also help close budget gaps projected over the next few years.

In an op-ed appearing on the City and State New York website, New York Sen. Joe Addabbo and Asm. Gary Pretlow wrote:

"As chairmen of the Senate and Assembly Committees that oversee gaming, we had been long-time advocates for the legalization of mobile sports betting because we believed it would be a much-needed economic boon for New York at a time when we desperately needed it.”

NY online sports betting has positively impacted state revenue

Addabbo and Pretlow said their expectations were proven correct – legal online sports betting, which began in January 2022, was and continues to be a major success in NY.

Online sports betting brought in nearly $1 billion in tax revenue throughout its first year. That’s more than any other state collected. Most funds go to education aid and sports programs for underserved kids.

The state comptroller projected a budget deficit of more than $9 billion for the next fiscal year. The two New York lawmakers believe the legalization of iGaming and iLottery could double the substantial revenue from online sports betting and help the budget deficit.

Their op-ed further reads:

"As we prepare to enter a new legislative session with COVID-era funding from the federal government expiring, we face a looming budget deficit of great proportions. The state comptroller has pegged the deficit at $4.3 billion for next year and $8 billion for 2025.

Solving it will require many difficult choices, but a good first step to beat the odds is right in front of us: we can double the substantial revenue we get from mobile sports betting through the legalization of iGaming (online gambling) and iLottery (online state lottery).”

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