In New York, ongoing efforts are being made to legalize online casino gambling.

After the successful launch of mobile betting in January 2022, New York lawmakers are now looking into the different ways they could legalize online gambling.

The term “online gaming,” often known as “iGaming,” has seen significant growth in popularity over the past ten years.

Although more people are becoming interested in online gambling as a result of the global COVID-19 pandemic, the majority of states in the United States do not yet permit the practice.

Even though the pandemic had a big effect on the state’s economy, the amount of tax money collected went up when New York started mobile sports betting in early January of the year before.

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Still, state lawmakers have also seen the potential of online gaming businesses, and there are a lot of efforts right now to make iGaming legal.

Sen. Joseph Addabbo, who is also the chairman of the Senate Committee on Racing, Gambling, and Wagering, submitted a proposal along these lines one week ago.

The introduction of online gaming by tribal operators, licensed casinos, and video lottery terminal operators through gambling compacts with the state is called for in Senate Bill S4856, which was filed on Wednesday.

According to Addabbo’s plan, in addition to those operators, businesses that specialize in sports betting will also have the opportunity to compete for iGaming licenses.

One of the most important benefits of online gambling is that it is expected to bring in more money for the government.The whole gaming proceeds from online gambling would be subject to a tax of 30.5% under the plan put out by Senator Addabbo.

Although the tax rate is lower than the 51% tax rate that applies to online sports betting, it is still estimated to bring in millions of dollars in additional tax revenue for the state of New York. In addition to the money from taxes, it is anticipated that the state will gain approximately one hundred million dollars from license fees alone.

Senator Addabbo’s “conservative” estimates say that the first year of online gambling will bring in about $475 million in taxes.

New York Mobile Sports Betting Breaks Record Anew

When taking into consideration how prevalent mobile sports betting is in the state, this figure doesn’t appear to be out of line at all. In fact, the mobile betting industry in New York has shattered many records, and only recently, it exceeded $1.79 billion in betting handles for the month of January.

The total amount of money wagered set a brand-new all-time high record during this session.

Yet Addabbo’s plan to legalize online gambling isn’t the only one working its way through New York’s legislative process right now. Assemblyman Gary Pretlow is the most recent person to propose that the activity no longer be illegal in the state legislature.

His position on Assembly Bill A3634 was supportive. The bills proposed by Pretlow and Addabbo are comparable, but they propose various amounts of taxation for internet gaming.

At the same time that these ideas have been brought up, the state of New York is thinking about adding three more casinos. The state agency in charge of gambling has put out a call for applications to open three facilities in the downstate area of the state. 

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