Earlier this year, on January 8, sports betting was legalized in one of the most popular states in the U.S. – New York.
Given the high turnout of players, the Empire State is considering legalizing another form of entertainment. Namely, Senator Joseph P. Addabbo Jr, has unveiled Bill S8412 that would allow the legalization of iGaming in this popular state.
Senator Addabbo has long fought and argued that online sports betting should be legalized.
So far, as many as 7 states have legalized this form of entertainment (iGaming) including New Jersey, Connecticut, and Pennsylvania.
Why Should iGaming be Legalized?
First, we believe that many punters are eager to try out this type of entertainment, which is noticed by the response of players in New Jersey or Pennsylvania. On the other hand, both the state and the operators would reap many benefits. Namely, according to the proposed bill, New York as well as Pennsylvania reached more than $1bn during 2021 regarding online casino gaming income. Both states announced that they had reached $120m in tax income.
The proposed bill stated: “This year, in its first month of operation, New York quickly became the leading mobile sports betting market in the nation, generating nearly $ 70m in tax revenue in a single month. Similarly, if authorized, New York would quickly become the national leader in online casino gaming, generating hundreds of millions of dollars in tax revenue annually for the State as it continues to recover from the economic downturn caused by the Covid-19 pandemic.”
Possible Great Benefits
If all goes according to plan, authorized operators and online casinos could add slots to their offer as well as table games. Estimates of certain experts say New York could benefit around $475m per year in state tax income. Also, the state could take about $150m in license fees from operators.
Although we believe that this would be a great milestone for the Empire State, we can only wait and see how the situation unfolds.
Source:
“New York State Senate receives bill to legalize iGaming’’, gamingamerica.com, February 28, 2022.
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