New York igaming bill reintroduced
Senator Joe Addabbo introduced a new bill to legalise online casinos in New York.
US.- New York senator Joseph Addabbo introduced SB 8185 last week, in a new attempt to legalise online casino gaming in the state. The bill was referred to the state Senate’s Racing, Wagering and Gaming Committee.
Addabbo said on the Lawyers, Lines, and Money podcast: “I truly think that 2024 should be the year for iGaming and iLottery in New York given the fiscal situation of the state.”
Addabbo cited the potential revenue generation from casino apps as a major reason for New York to consider legalisation, especially as the state deals with a budget deficit. He previously estimated New York could generate $475m annually in tax revenue from mobile casinos.
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SB 8185 proposes a 30.5 per cent tax rate on gross gaming revenue and a $2m licence fee. The bill also requires any independent contractor providing an operator’s iGaming platform and displaying its branding to pay a one-time fee of $10m.
Not only would resort casinos have access to licences, but so would federally recognized tribes with relationships with the state, video lottery parlours that offer live racing, and existing sports betting operators.
This year’s bill features the inclusion of iLottery, and it allocates $11m worth of funding to those with gambling addictions. Addabbo has stressed the importance of using tax revenue to aid problem gamblers.
