Governor Kathy Hochul of New York has opted not to incorporate tax revenues derived from the expansion of the online gambling industry in the 2025 budget. Analysts view this decision by the city's leader as a substantial setback for the potential legalization of online casinos in the state. Senator Joseph Addabbo had previously made multiple attempts to introduce legislation that would permit online gambling.
Senator Addabbo underscored the significance of Governor Hochul's support for the proposed legislation, emphasizing that the absence of potential revenue from online casinos is negatively impacting New York's economic capacity. However, Governor Hochul is prioritizing the growth of horse racing, with intentions to extend existing tax rates for equestrian sports. Additionally, she is actively reviewing three potential licensees seeking to establish land-based casinos to ensure compliance with the law.
The finalization of the 2025 budget by New York City authorities is scheduled for March 31. If taxation for online casinos is not included in the budget, Senator Addabbo's bill will likely be deferred until the following year.
