Legalizing Mobile Gaming Estimated to Generate $1 Billion Per Year in Revenue for New York State Government. Neighboring states New Jersey, Connecticut, & Pennsylvania who already offer iGaming and are collecting the revenue.
Our community’s resilience has been tested these past few years. We face ever-increasing costs across all industries with no sign that things will slow down. In her executive budget, Governor Hochul spoke of all kinds of legislative priorities and initiatives to improve access to housing, provide mental health services to young people and do more to address climate change. All of these ideas sound wonderful, but the reality is, we have no way to pay for them. And now, with a looming $4 billion budget deficit in 2024, we face a real need for revenue in New York State.
Raising taxes or cutting services would be detrimental to Yonkers residents. There are so many who are still recovering from an economy that was effective in a standstill for the better part of a year and half. It’s time for the State to consider more innovative revenue options that won’t harm middle-class families or homeowners. One compelling proposal gaining traction is the legalization of iGaming.
We’ve seen the success legalized mobile sports betting has brought to our state already. $1 billion in revenue in its first year and billions more since. By expanding gaming in New York, we can expect to inject an additional $1 billion annually into our state providing a much-needed pool of funds that can be dedicated toward funding some of the priorities our state elected officials talk so much about.
What sets this proposal apart is its track record in neighboring states. New Jersey, Connecticut, and Pennsylvania have already reaped the benefits of legalized iGaming, reporting increased tax revenue without harming local businesses. Similarly, states like Illinois, Michigan, and New Hampshire have successfully integrated iLottery into their revenue streams.
Critically, this proposed legislation also places consumer protection at its core. Legalizing iGaming and iLottery allows us to implement robust safeguards against underage participation and extend support to those grappling with problem gaming. This commitment to responsible gaming distinguishes the legal market from its unregulated, potentially harmful counterpart.
Moreover, legalizing iGaming ensures that funds stay within New York, bolstering our local economy rather than flowing into neighboring states or questionable entities. In times of fiscal distress, seizing opportunities for economic growth and resource allocation becomes paramount.
Public opinion echoes the potential of this proposal, with a recent statewide poll revealing that 53% of voters support increasing gaming revenue. More than 60% agree that legislators should explore options like iGaming to address the budget deficit.
As we step into a new legislative session with the expiration of federal COVID-era funding, the urgency to tackle our budget deficit is evident. Legalizing iGaming and iLottery transcends a short-term fix; it’s an investment in Yonkers’ economic future. The time has come for a strategic move that not only eases our immediate financial challenges but also sets the stage for sustained economic growth in our community.
Let’s bet on a brighter future for Yonkers.
Dan Murphy, Editor in Chief-Publisher Westchester Rising Yonkers Rising Yonkerstimes.com
