Posted on: November 6, 2023, 10:27h.
Last updated on: November 6, 2023, 10:27h.
The concept of expanding iGaming in New York has resurfaced, with a lawmaker planning to introduce a comprehensive bill for the upcoming legislative session. Sen. Joseph Addabbo Jr. of Queens aims to expand online gaming, including casino gaming, peer-to-peer poker, and the possibility of multi-jurisdictional agreements. Learn more about the potential impact and revenue possibilities.
Sen. Addabbo Jr. is a key figure in the iGaming industry, serving as the chairman on the Committee on Racing, Gaming, and Wagering. Although a previous attempt to pass an iGaming bill failed, the senator remains committed to exploring various avenues for expansion.
Multi-jurisdictional agreements, such as the Multi-State Internet Gaming Agreement, have garnered attention for their potential in establishing a national online gaming regime. With New York State’s sizable population and neighboring states already allowing iGaming, it could play a significant role in such agreements.
Examining the Impact of iGaming
New York officials believe iGaming could generate over $1 billion in revenue for the state, offering a potential solution to projected budget shortfalls. Furthermore, with neighboring states already benefiting from iGaming, there is a desire to prevent the loss of business across state lines.
The current proposal includes a 30.5% tax on online casinos, providing a substantial source of income for the state.
Mobile Sports Betting in the Mix
In addition to iGaming, mobile sports betting has gained traction in New York state. Sen. Addabbo Jr. has been instrumental in introducing legislation that allows mobile sports wagering. The financial report shows promising results, with $729 million in receipts received in the fiscal year 2022-2023, doubling the previous year’s revenue.
Efforts are underway to increase the number of online sportsbook operators, with potential adjustments to the tax rate imposed on AGR. DraftKings and FanDuel are actively lobbying for a reduced rate.