It seems that New York lawmakers are taking a bold step this year with the filing of bills in both chambers to legalize online casinos across the state of New York. Senator Joseph Addabbo, D-Queens, and Assemblyman Gary Pretlow, D-Mount Vernon, are spearheading the push for these new regulations with SB S4856 and A3634 respectively.
As chairs of the Senate Committee on Racing, Gaming, and Wagering and the Assembly Committee on Racing and Wagering respectively, they will be in prime positions to move these bills through their respective houses. It’ll be interesting to see how quickly these bills can garner support in Albany given their past success last year. With any luck, this piece of legislation could become one of the newest forms of entertainment available in New York State soon!
$475 Million In Tax Revenue
With states such as New Jersey and Pennsylvania benefiting greatly from online casino gaming, cries have been increasing to legalize the industry in other jurisdictions including New York. The lawmaker’s argument for regulating online gambling in the state focus on both the increased taxes that can be generated – estimated at $475 million in the first year alone – as well as one-time licensing fees which could generate an additional $150 million.
“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,” Both legislators have submitted bills that express their rationales for doing so.
They also note that New York quickly became a major player in the world of online sports betting after taking its first bets last year. This serves to demonstrate how popular these activities can become in established markets and encourages lawmakers to consider passing legislation on this matter.
Difference Between The Two Bills
Lawmakers Addabbo and Pretlow have both proposed bills to establish online gaming legislation for New York, however, the two differ in several key regards. For instance, the rate of tax on gross gaming revenue proposed by Addabbo stands at 30.5%, while Pretlow’s bill contains a lower figure of 25%.
Furthermore, while Addabbo’s piece would license state-licensed casinos, video lottery terminal operators, tribal nations, and mobile sports wagering platform providers, Pretlow has opted to just accept state-licensed or tribal casinos as potential casino operators and allow each one to have 2 independent contractors that could act as marketing partners. Despite these few discrepancies between them, both pieces are a step in the right direction for online gaming legislation shortly.