With the allowance of three casinos in the downstate region to operate with full licences, New York is hoping to see the creation of thousands of jobs through the construction and post-construction stages of development.
It will also lead to the addition of tax revenue for the state which is estimated at $1.5bn, as a starting figure, from the three licence fees. This money will in turn be used to fund educational and gaming addiction programmes.
Following the budget, the legislature will be required to monitor the bidding process for the licences, ensuring fairness and transparency. This whole process will be completed in collaboration with the Gaming Commission and the Hochul Administration.
New York has been in the news a great deal this year, due to the opening of its online gambling market. For example, at the beginning of the year, four companies were approved for a licence, which included Caesars Sportsbooks, DraftKings, FanDuel and Rush Street Interactive (RSI, via the BetRivers brand).
Prior to this in November 2021, nine other operators were given conditional licences on the basis of meeting state requirements.
January was also the month in which New York claimed the record for the largest betting volume in a single month, totalling $1.6bn in sports bets placed from 8 January until the end of the month.
Within the final week of January, $449m was wagered on sports betting. This stood as the first time in 12 months that a state other than New Jersey topped the charts in terms of sports betting handles.
