Online casino bill introduced in New York
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Senator Joseph Addabbo Introduces Online Casino Bill in New York
Following the successful launch of NY mobile sports betting, the Empire State is now pushing to legalize NY online casino gambling. Senator Joseph Addabbo has introduced Senate Bill 8412, a motion that seeks to authorize interactive gaming in the Empire State. The bill will now be put forward for consideration in the Senate Racing, Gambling, and Wagering Committee.
What does SB 8412 Entail?
Senator Addaboo’s bills provide some insight into how New York online gambling would look and argues why legalization is a good idea. The bill states that legalization would be a good idea and points to the success of online casinos in other states nearby, such as Pennsylvania and New Jersey, and the massive success of New York online sports betting so far.
Both are solid arguments and aim to help the legislation to gather enough support to progress. The bill estimates that New York would receive $475 million in annual state tax payments from online gaming revenues. Additionally, before online gambling even begins, New York stands to earn up to $150 million from fees paid by casinos, operators, and independent contractors linked to the industry.
SB 8412 sets a tax rate of 25% for online casinos, which is significantly lower than the online sports wagering rate of 51%. The bill also places a $2 million licensing fee on casinos and other operators who want to operate in New York. Third-party service providers (such as Draftkings and FanDuel) would be required to pay a much higher licensing fee of $10 million.
Using Online Sports betting success to push for NY iGaming
Senator Addabbo has used the success of the online sports betting market as an example of how successful legal online iGaming could be. Mobile betting launched on January 8, and in under a month, NY residents placed over $1.6 billion worth of wagers. That total surpassed the previous single-month betting handle record set by New Jersey in October 2021, when players bet $1.3 billion.
Operators paid just over $55 million in taxes from over $112 million in earnings from the January numbers. Six operators were accepting bets online for the month, with Caesars, DraftKings, and FanDuel ranking in the top three in terms of revenue generated.
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