Senator Joseph Addabbo has put forward a new bill for discussion in a bid to authorize online casino in the state of New York.
The bill, S8185, was put forward for discussion on January 11 2024. The new bill is similar to the one put forward in 2022, with some minor amendments.
The bill will allow all casinos within state lines, including Tribal casinos and online sportsbooks, to apply for iGaming operator licenses.
The bill imposes a 30.5% tax on any operator that wants to launch in the state of New York. Furthermore, brand promotion will require a license fee of $2m.
The bill also states businesses promoting brands they don’t own will be required to pay a $10m license fee.
Furthermore, measures against problem gambling are outlined, such as $11m of the revenue from online casino games set to be allocated for gambling harm prevention programs.
Last year, the bill failed to make it into the state’s budget in a legislative setback.
Addabbo has previously shared his hopes for the bill, speaking of the benefits of regulating online gaming in 2022: “Because neighboring states are doing it and doing it very well, and that’s possibly our residents going there, so in an effort to keep the money here, and in an effort to regulate it for the safety of others, I think iGaming is the natural progression for New York to take in terms of the gaming industry.”
Lobbyists claim the iGaming market could generate $1bn in state funding if the bill is approved.
Mobile sports betting, by contrast, is legal in New York, having launched in the state on 8 January 2022.
Just two years on, the state's progress is clear to see; financial reports from its most recent three months each showed over $2bn in handle for mobile sports wagering.
That said, an inordinately high 51% tax rate considerably curtails operator revenue within New York once all is said and done.
