New York Senator Joseph Addabbo has reintroduced a bill aiming to legalize online gaming in the state, potentially positioning it as the largest online gaming market in the U.S. The legislation allows existing sports betting operators and select casinos to provide online gaming services, imposing a 33.5% tax on gross gaming revenue. This is notably lower than the tax for mobile sports betting, and it follows record revenue in sports betting taxes. The bill also seeks to ban unregulated sweepstakes casinos for a period of three years, emphasizing regulated gaming's potential to ensure public safety and generate revenue.
By addressing the sweepstakes casinos issue and allowing a regulated iGaming casino option, we are demonstrating our commitment to creating a safe and legal gaming environment in New York.
The Empire State could be the largest online gaming market in the country, adding a population of 19.6 million to the shared liquidity agreement for online poker.
The bill calls for a 33.5% tax on gross gaming revenue, significantly lower than the 51% tax rate applied to mobile sports betting.
In 2024, New York set a record by collecting more than $1 billion in sports betting tax revenue, showcasing the lucrative potential of online gaming.
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