New York Casino: Raising Revenue and Legal Prospects
Category
🥇
SportsTranscript
00:00 (upbeat music)
00:03 - Let's move on here to New York
00:05 and let's talk a little bit about not sports,
00:07 but having iCasino sports wagering.
00:10 Now I know that this is happening in some places
00:13 and it's not as if New York is struggling
00:15 as far as sports wagering.
00:16 We've seen the amount of money that they're making.
00:17 What would an iCasino add to that dynamic?
00:20 - Yeah, I think it's one where it would bring in
00:23 even more revenue.
00:24 I think some estimates I've seen are potentially
00:26 500 million-ish per year in tax revenue for New York.
00:30 So a lot of revenue potential there.
00:33 Operators obviously are very excited about the possibility
00:36 of having iCasino legal in New York.
00:39 I don't know if it'll get across the finish line,
00:41 this bill in 2024.
00:43 I do think it's one that New York will move here
00:47 probably in the next couple of years
00:49 and get online casino legalized.
00:51 The state's dealing with a budget deficit
00:54 over a billion dollars.
00:55 So if you can find a way to bring in some extra revenue
00:57 through this iCasino measure,
00:59 I think it becomes pretty tempting
01:01 and interesting for legislators.
01:03 So I think they'll do it eventually,
01:04 whether it's in 2024 is maybe 50/50 at this point,
01:08 but certainly one I think New York will go with
01:11 in the near future.
01:12 - Yeah, I do too.
01:14 And once that happens, as you said, more revenue comes in.
01:16 And again, if the tax rate remains the same in New York,
01:19 there's like a no-brainer for that to continue.
01:21 Okay, in the South,
01:22 there's been a mixed bag of sports betting.
01:25 I live, I've been in Florida.
01:27 So we have the hard rock now available
01:29 through the Seminole tribe
01:31 and certainly Tennessee and Kentucky.
01:33 We're starting to see a groundswell
01:35 of sports betting being legalized,
01:37 but Georgia is one of those states where it is not.
01:41 Now, there has been some back and forth
01:43 as far as whether or not this ends up getting legalized.
01:46 I feel like this is a target
01:48 for the sports betting operators and lobbyists
01:50 to get this done eventually,
01:51 but do we see this happening anytime soon?
01:54 - They might be the most likely to legalize in 2024
01:57 and still might not get it done
01:59 amongst states that haven't legalized yet.
02:01 So there's just so much back and forth
02:03 between legislators of how to legalize
02:06 and what the bill should look like,
02:08 whether it should require a constitutional amendment,
02:10 which makes it a little bit harder to pass,
02:12 whether it should be considered a lottery game
02:14 and then doesn't need a constitutional amendment,
02:16 some questions there.
02:18 So yeah, it's certainly an interesting bill and conversation.
02:21 They've already introduced one this session.
02:23 I wouldn't be surprised if there's another bill or two.
02:26 Similar to last session,
02:27 a lot of debate of how it's gonna work,
02:29 what the tax rate should be.
02:30 The current proposal has a higher tax rate
02:33 on parlays and live bets
02:35 than it does on like pre-game wagers,
02:37 which I think would be interesting there
02:39 to see how they implement that,
02:41 what that could mean for revenue.
02:43 We'll see.
02:43 Again, with Georgia, there's some people there that want it.
02:47 There's some people there that want it
02:49 and can't agree on how to do it.
02:50 And then there's also a notable contingent
02:53 in the legislature that just has a moral objection
02:55 to gambling in general,
02:56 which makes it even more challenging to pass.
02:59 (upbeat music)
03:01 [MUSIC]