January 8, 2024, marked the second year of legalized online sports betting for the market in New York. The activity broke all records for that period, with billions of wagers and significant proceeds to the state and the operators who hold a license. While sports betting surpassed even the brightest predictions, online gambling may not see the light of day, at least this year.

On Tuesday, Gov. Kathy Hochul announced the state’s FY 2025 Budget. Surprisingly, the $233 billion budget did not mention online gambling, a move that may doom the legalization of the activity this year. Upon releasing the budget, the Governor explained: “This budget makes it clear that fiscal discipline can co-exist with progressive, people-driven policies.”

Moreover, Hochul said: “I am committed to fight the right fights on behalf of New Yorkers, and to pursue the common good with common sense – by seeking common ground.” Interestingly enough, iGaming didn’t get much traction during 2023 and it wasn’t included in the 2024 state budget as well.

Now, despite the predictions that the state can benefit from tax revenue by legalizing online gambling, the activity isn’t included in the recently released budget. Still, this doesn’t guarantee that iGaming won’t be up for debate or lawmakers won’t consider it.

Proposal Calls for the Legalization of iLottery, iGaming

The FY 2025 Budget was announced days after Sen. Joseph Addabbo, a supporter of the legalization of iGaming activities, officially filed an online gambling and lottery bill in New York. Continuing his efforts toward legalizing iGaming, the Senator introduced Senate Bill 8185. The proposal called for the legalization of online lottery and iGaming activities across the state.

Senate Bill 8185 follows another proposal introduced by Sen. Addabbo last year, S4856. Yet, a significant difference between the two bills is that the new one includes online lotteries. While S4856 never really lifted off, Senate Bill 8185 reaffirms the Senator’s dedication toward the legalization of the activity.

The proposal calls for the implementation of a 30.5% tax on gross gaming revenue, applicable to online gambling operators. This high tax rate reminds of online sports wagering in the state, which is subject to a 51% tax.

Not unexpectedly, under the new proposal, players need to be age 21 or older to engage in online gambling activities. To secure a license in the state, independent contractors would be subject to a $10 million one-time licensee fee. On the other hand, existing operators would pay a one-time $2 million fee to secure a license.

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Steve Wynn, the former CEO of Wynn Resorts, has agreed to pay a fine of $10 million to settle his outstanding trouble in Nevada. In addition, the mogul will leave Nevada gaming for good.

Mr Wynn has been in hot water in the state after he was accused of sexual abuse and misconduct against female employees in 2019. At the time, Wynn served as chairman of the company.

As a result of the allegations, Wynn was deemed unsuitable to hold a gaming license in the state. In his new settlement, he agrees to never be involved in Nevada’s gaming industry. This means that he will never serve as an officer or executive with a Nevada gaming company. However, he will not be disallowed to have passive ownership of less than 5% of any licensed gaming company.

Wynn signed the agreement this Monday. If the Nevada Gaming Control Board signs off the settlement, this would mark the end of the four-year conflict. The authority is expected to make its decision next week.

Representatives of the two parties declined to comment on the matter before the commission makes its final decision. Despite that, Kirk Hendrick, chair of the Nevada Gaming Control Board signed the settlement.

Wynn’s Alleged Misconduct Caused His Company a Lot of Trouble

In 2018, Steve Wynn sold his Wynn Resorts stock, resigned from his position as CEO and gave up on his gambling license. Because of that, he claimed that gaming authorities should not have power over him. In addition, the real-estate developer continues to deny the allegations.

In 2020, a judge agreed that Wynn should be outside of the control board’s jurisdiction. However, the regulator succeeded in appealing the decision in 2022.

Now, despite his denial of the accusations, Wynn has agreed to forfeit his right to a public hearing and pay a $10 million settlement. However, even if the Gaming Control Board agrees to sign the settlement, he will still be subject to disciplinary action, should he breach the terms.

In addition to the action against Steve Wynn, the Nevada regulator previously reprimanded Wynn Resorts over its failure to report, investigate or prevent Wynn’s misconduct. As a result, the company was forced to pay a $20 million fine. The allegations also led to the company paying a $35 million fine in Massachusetts.

Following Wynn’s leave, the company introduced changes to its policies in the hope of weeding out harassment from its corporate culture.

In other news, the US government appealed a decision that exonerated Wynn from foreign agent allegations.

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