New York Lawmakers Introduce New iGaming Bill
(Photo by Sina Schuldt/picture alliance via Getty Images)
New York state lawmakers introduced a new online casino gaming bill (S8412) on Thursday, potentially paving the way for the nation’s top iGaming platform.
Due to the huge market and growing popularity in online sports betting and gaming, New York would be set up to rake.
The bill is unlikely to pass on its first go-around, however, as it took lawmakers years to agree on online sports betting. Bill-sponsor Sen. Joe Addabbo previously told The Action Network he wanted to get the conversation started on online casino gaming during the current legislative session.
Betting has already been a hot commodity in the state throughout the early parts of 2022 – and that’s putting it lightly.
New York recently set a record for monthly sports betting handle, after the state’s gaming commission disclosed $1.62 billion was wagered in January. A whopping $572.5 million alone was put into play in the final week of the month.
That figure trumped New Jersey’s $1.3 billion bet in November 2021 during the thick of football season and an array of other professional markets.
Seven states are currently authorized to provide regulated, online interactive gaming, including surrounding states like New Jersey and Pennsylvania.
Those two both pulled in north of $1 billion in online casino gaming revenue in 2021, plus another $120 million in tax revenue over the calendar year.
Addabbo’s bill would tax gross revenue from iGaming at 25%, with operators paying a one-time $2 million fee to the state. A bill summary projects that could yield New York $475 million annually in tax revenue on top of $150 million in licensing fees.
Up north, iGaming Ontario (iGO) also recently announced its plans to launch a new online gaming market on April 4, marking the first regulated and licensed iGaming market in Ontario.
New York, meanwhile, yielded roughly $70 million in tax revenue in January in online sports betting.
Should the latest bill pass, the state would be poised to generate hundreds of millions dollars annually in tax revenue in its new sector.
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