Bill to legalise igaming in New York introduced in state senate

Bill 8412 sets an igaming tax rate of 25 per cent.

02/28/22

Senator Addabbo has introduced Senate Bill 8412, which has been referred to the New York State Senate Racing, Gambling, and Wagering Committee.

US.- A bill seeking to legalise igaming in New York has been introduced in the New York State Senate. Senator Joe Addabbo’s Senate Bill 8412 has been referred to the New York State Senate Racing, Gambling, and Wagering Committee.

Bill 8412 sets an igaming tax rate of 25 per cent, lower than the current 51 per cent tax rate on online sports betting. Casinos or operators approved for igaming would have to pay a one-time $2m fee. Any independent contractor providing an igaming wagering platform and displaying its brand would have to pay a $10m one-time fee.

The bill estimates that the state would collect yearly tax revenue of $475m along with approximately $150m in the form of unique license fees from operators, casinos, and independent contractors.

Mobile sports betting in New York was launched on January 8. It generated $1.98bn in bets and gross gaming revenue (GGR) of $138.5m in the first 30 days, according to figures released by the New York State Gaming Commission