New York’s legislative committee has unanimously endorsed an initiative to expand the local sportsbook segment. SB 2616 will now move to the full Senate and the House before being signed into law by the state’s Governor. The position is currently held by Kathy Hochul.
Details of the Proposed Document
The bill was filed by Senator Joseph Addabbo. If the initiative passes further consideration and a vote, it will allow new types of wagering in the region.
The extended list of discipline categories includes bets on the following:
- coin tosses;
- live events during matches and seasons;
- upcoming squad and individual awards, like the Heisman Trophy.
New York’s brands currently do not accept stakes on sports nominations. Colorado, Massachusetts, and Virginia also practice the same approach.
The debate over expanding the bookmaker market is taking place amid more extensive national discussions. For instance, Charlie Baker, the NCAA’s current President, has insisted on completely banning wagering on college players. He said that such betting threatens competition integrity, leading to harassing student-athletes and professional team/league participants.
Multiple states across the US have already imposed restrictions under the speaker’s influence: Louisiana, Ohio, and Maryland have passed decisions to ban stakes on college players.
New York’s Sportsbook Market: Financial Performance
At the end of 2024, the local segment broke several records:
- $22.6 billion — the total wagers, the highest figure in the country’s history;
- $2 billion — profits of the state’s niche brands;
- $1+ billion — the total amount of tax deductions to the treasury.
The impressive, high-pace dynamics proceeded in 2025. In January, bookmakers processed bets of $2.5 billion. Operators' GGR reached $247 million, the largest monthly result in New York’s track record.
Situation in the iGaming Sector
Along with expanding the sports betting vertical, Mr Addabbo is pushing an initiative to legalise online casinos. The document has been filed in the Senate under number 2614.
Key takeaways from the bill include:
- a mandatory $2 million charge for permitting land-based halls;
- a $10 million fee for independent contractors running digital platforms;
- licensing rights for different gaming portals, including tribal operators' offers.
A similar attempt to officialise the niche failed last year, but Mr Addabbo intends to continue contributing efforts to resolve the issue. The latest initiative is being actively discussed as government representatives access the potential for enlarged profits against the possible rise in regulatory matters.
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