The introduction of Senate Bill S4856 by Senator Joseph Addabbo Jr. represents a significant step forward in New York's ambition to legalize online casinos as a means to boost state revenue.
Addabbo and Assembly Member Pretlow emphasize that projected revenues from iGaming could total $3 billion annually, providing a financial boost amid losses to illicit gambling and out-of-state markets.
The substantial difference in tax rates proposed—30.5 percent for online casinos compared to 51 percent for sports betting—could potentially encourage more operators to enter the regulated market, allowing New York to reap benefits.
New York's record-breaking sports betting figures demonstrate its tremendous market potential, suggesting that the exclusion of online casinos from legalization discussions is increasingly difficult to justify in light of this success.
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