What's Happening?
New York State Senator Joseph P. Addabbo Jr. has reintroduced Senate Bill 2164, aiming to legalize iGaming in New York. The bill proposes a 30.5% tax on iGaming revenue and sets licensing fees ranging
from $2 million to $10 million for operators. This legislation seeks to regulate online casinos, poker, slots, and live dealer games. The bill is currently under review in the Assembly Racing and Wagering Committee. This marks the fourth consecutive year that Addabbo has pursued iGaming legislation, reflecting ongoing interest despite previous setbacks. The bill's introduction follows the recent allocation of downstate casino licenses, which has cleared a significant hurdle for digital gaming expansion.
Why It's Important?
The legalization of iGaming in New York could significantly impact the state's economy by generating approximately $1 billion annually in new tax revenue, similar to the revenue from online sports betting. This move could also position New York as a leader in the digital gaming industry, attracting investments and creating jobs. However, the proposal faces opposition from groups concerned about the potential impact on physical casinos and related employment. The bill includes provisions to address these concerns, such as funding for employee training and responsible gaming initiatives.
What's Next?
If the bill is enacted, the rollout of iGaming in New York would likely follow a timeline similar to the state's mobile sports betting launch, with a potential start date in 2027. Stakeholders, including casino operators and gaming enthusiasts, will be closely monitoring the legislative process. The outcome could influence similar efforts in other states, as New York's approach to iGaming could serve as a model for balancing economic benefits with social responsibilities.
