New York Online Casino Bill IntroducedProposal Would Allow Online Slots, Table Games, Poker |
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New York kicked off online sports betting this year, and now there’s a proposal on the table to legalize online casinos.
Under the proposal, Senate Bill 8412, from State Sen. Joseph Addabbo, each casino in the state could have two online casino partners or skins. A license to operate would cost $10 million annually, and New York would get 25% of the industry’s winnings.
Neighboring New Jersey is home to the largest online casino gambling market in the nation, with platforms there winning $1,366,891,492 from online gamblers in 2021. New York could see much more thanks to a population of about 19.5 million compared to the Garden State’s roughly 8.9 million. New York operators would likely be well north of $2 billion in winnings off players.
The projections for New York could be lofty, as online sports betting in January saw about $1.6 billion in wagers, with operators holding about $124 million. New York is the largest state sports betting market in the U.S., a feat accomplished in the first month.
“New York quickly became the leading mobile sports betting market in the nation, generating nearly $70 million in tax revenue in a single month,” Addabbo said, according to The Center Square. “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.”
New York’s 2022 legislative session ends in early June.
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