New York is Set to Expand Its Sports Betting Sector

Key Highlights of the Initiative

The bill, presented by Senator Joseph Addabbo, will significantly broaden wagering options in the region if it undergoes further deliberations and a vote.

The expanded list of betting categories covers the following:

• coin toss outcomes;
• live events occurring during matches and seasons;
• forthcoming team and individual awards, such as the Heisman Trophy.

Sports nominations are not currently available for wagering in New York. The same restriction applies in Colorado, Massachusetts, and Virginia.

The discussion regarding bookmaker market expansion is unfolding alongside broader national debates. For example, the NCAA’s President Charlie Baker has called for a total ban on betting on college players, contending that it undermines the integrity of competition and exposes student-athletes and professional participants to harassment.

Several states across the US have already enacted restrictions under Mr Baker’s influence. Louisiana, Ohio, and Maryland have introduced bans on betting on college players.

New York’s Sports Wagering Vertical: Financial Performance

By the end of 2024, the local market set multiple records:

• $22.6 billion — the total wagers, marking the highest figure in US history;
• $2 billion — revenue of the state’s niche operators;
• over $1 billion — the overall amount of tax contributions to the treasury.

The strong momentum continued into 2025. In January, bookmakers handled $2.5 billion in wagers, while operators’ GGR hit $247 million, marking New York’s highest monthly result to date.

Current State of the iGaming Segment

In addition to advocating for the expansion of the sportsbook niche, Mr Addabbo is also promoting an initiative to permit online casinos. The proposal has been submitted to the Senate under number 2614.

Fundamental aspects of the draft law include:

• a $2 million fee for granting permission to brick-and-mortar venues;
• a $10 million charge for independent contractors operating online portals;
• licensing rights for various entertainment platforms, including offers from tribal operators.

A nearly identical endeavour to legalise the segment faltered last year, yet Mr Addabbo remains dedicated to addressing the issue. The current initiative is now under active debate, with government representatives considering the possibility of increased revenues against the potential rise in regulatory challenges.

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