February 28, 2022 Legal, Online, iGaming

New York State Senate receives bill to legalize iGaming

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Once approved, both the Empire State and authorized retailers would benefit from the change.

With the recent boom of sports betting throughout New York since going live on January 8, the Empire State now will consider additional legislation that will further open the market. Senator Joseph P. Addabbo Jr. has introduced Bill S8412, which would legalize iGaming in New York.

Addabbo has long been an advocate of legalizing online sports betting in the Empire State.

Seven states have authorized online interactive casino gaming, including neighboring New Jersey, Connecticut and Pennsylvania.

According to the proposed bill, online casino gaming revenue exceeded $1bn during 2021 in both New Jersey and Pennsylvania, generating close to $120m in tax revenue for each of those states.

The proposed bill stated: “This year, in its first month of operation, New York quickly became the leading mobile sports betting market in the nation, generating nearly $70m in tax revenue in a single month. Similarly, if authorized, New York would quickly become the national leader in online casino gaming, generating hundreds of millions of dollars in tax revenue annually for the State as it continues to recover from the economic downturn caused by the Covid-19 pandemic.” 

If passed, authorized casinos and online operators would be allowed to make certain iGaming slot and table games available to players on their platforms. According to conservative market estimates, New York State could bring in approximately $475m annually in state tax revenue and take in $150m in one-time license fees from casinos, operators and independent contractors once iGaming gets the green light statewide.

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