Senator Addabbo Seeks to Add New Legal Markets to NY Betting

New York Senator Joseph Addabbo has submitted yet another gaming bill, this time proposing the expansion of the legal sports betting options available to customers. If the measure is signed into law, players will be able to place wagers on entire sports seasons and other high-demand markets.

The Measure Would Expand the Markets Available to Players

Addabbo’s Senate Bill 2616’s main objective is to legalize additional types of bets, allowing the Empire State to capitalize on the growing demand for such products.

Under the measure, New York would legalize additional types of prop bets and wagers on future award winners. Experts predict that the Super Bowl coin toss could become a high-volume market. Additionally, punters would be able to place bets on a variety of awards handed to top athletes and promising players.

The measure would also set certain restrictions for such products, defining the exact rules sportsbooks will have to obey.

The bill was submitted to the Racing, Gaming and Wagering Committee on January 21, 2025. After receiving unanimous approval by the committee on February 11, it was reported and committed to the Senate’s Finance Committee. Although the former committee approved the changes to New York’s current Racing, Pari-Mutuel Wagering, and Breeding Law, SB 2616 will now have to advance through the Senate.

After that, the measure will go to the New York State Assembly and, if greenlit, will appear on Governor Kathy Hochul’s desk for final approval.

Senator Addabbo Is Bullish on NY Gaming

As mentioned, SB 2616 is the brainchild of Senator Addabbo Jr. who is known for its fervent championing of gambling in New York. Addabbo has been bullish on growing the state’s gambling industry for a while, submitting a variety of proposals to grow the local gaming industry.

Addabbo, for example, was the mastermind behind the historic launch of mobile sports betting in New York. Thanks to the high tax rate on such products, New York has been able to capitalize on the high demand for betting, generating significant funds for education.

Addabbo is also the principal promoter of the legalization of online casinos – a measure he has supported for several years now. The senator’s latest effort to add iGaming to New York’s gambling portfolio is SB 2614, which was referred to the Senate Committee on Racing, Gaming, and Wagering in January.

Under his proposal VLT companies, sportsbooks and tribal operators would be able to apply for licenses. However, that would exclude any party that has previously offered unlicensed gambling in New York.

Existing land-based operators interested in operating iGaming in The Empire State would have to pay a one-time fee of $2 million for a license. Independent contractors seeking to host an operator’s online casino platform, on the other hand, will have to pay a $10 million fee.

Addabbo, however, is also aware of the risks involved in expanding gambling. As a result, he recently proposed raising the minimum age for VLT gaming.