New York iGaming Bill Reintroduced

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In a promising development for online gambling, State Senator Joseph Addabbo Jr. has reintroduced legislation that could bring iGaming to New York. This move aims to legalize online casinos, including slots and table games, and provide valuable insights into the iGaming landscape. Continue reading below to learn more about the iGaming bill and details of the exciting proposition.

Understanding the Bill

Senator Joseph P. Addabbo Jr

Under the new Senate Bill S4856, various entities, including gaming tribes, destination casinos, racinos, and licensed sports betting operators, would be allowed to offer online casino games in New York.

This encompasses a wide range of experiences, from thrilling slots to classic table games. These entities would need to pay a one-time license fee of $2 million.

Additionally, operators interested in a tethered license would have an extra charge of $10 million.

The revenue generated from iGaming would be subject to a 30.5% tax rate, contributing to the State Lottery Fund for Educational Aid.

Moreover, Senator Addabbo has been a loyal advocate for iGaming, highlighting its potential to address New York‘s growing budget deficit.

The Bigger Picture

This legislative push is not an isolated event. It’s part of a broader trend in the United States, where various states have already legalized online gambling. New York’s neighboring states have been leading the way, setting a precedent for responsible iGaming regulation.

  Senator Joseph Addabbo Jr.:

We have unspoken-for money here with iGaming and iLottery because it’s a new product,” he said. “We have the flexibility now of talking about using this iGaming money for health care, transportation, education.

In a joint op-ed with Gary Pretlow, a counterpart in the House of Representatives, Senator Addabbo stressed the importance of retaining funds within New York. They argued that these funds could be channeled into public schools and other essential services instead of benefiting neighboring states or disreputable companies.

Also, New York currently boasts one of the country’s largest markets for online sports betting, with a record-breaking $2.0 billion in handle for October. However, operators have grappled with the state’s hefty 51% tax on sports betting revenue. Thus making iGaming legalization an enticing prospect for boosting profitability.

The Road Ahead

Joseph P. Addabbo JrWhile we eagerly await the outcome of this legislation, it’s essential to stay informed about its progress.

The potential benefits include additional tax revenue for New York and increased support for educational initiatives.

The state’s budget deficit, projected to reach $4.3 billion in 2024 and $8 billion in 2025, could be mitigated significantly if this bill becomes law.

The reintroduction of the New York iGaming bill by Senator Joseph Addabbo Jr. offers hope for iGaming enthusiasts.

Furthermore, it promises to reshape the online gambling landscape in the Empire State. It’s clear that responsible iGaming regulation can bring about positive change, benefiting the state’s economy and educational programs. Stay tuned for more updates on this exciting development in New York’s iGaming scene.

 

The bill aims to legalize online casinos, including slots and table games, in New York.

Gaming tribes, destination casinos, racinos, and licensed sports betting operators would be permitted to offer online casino games under the proposed legislation.

Entities would need to pay a one-time license fee of $2 million.

Yes, operators interested in a tethered license would face an extra charge of $10 million.

The proposed tax rate on iGaming revenue is 30.5%.

He believes it can help address New York’s growing budget deficit.

It could provide additional tax revenue and support educational initiatives, addressing the state’s budget deficit.

The deficit is projected to be $4.3 billion in 2024 and $8 billion in 2025.

Catie Di Stefano has worked in the gambling industry since 2011 for major brands like Hard Rock Hotel & Casino, Gaming Innovation Group and Betsson Group. She started in customer support at age 19 and has since worked her way through VIP, CRM and Marketing. Today, Catie is passionate about educating players on consumer rights and the best approaches for legal play in the United States as the Director of Community Marketing at OnlineGamblers.com. Catie was born in Indonesia but grew up in Sweden. Currently, she resides in Spain with her two daughters.

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