Lawmakers in New York Pushing for Online Casinos

By Jerry Smith Staff Writer Updated: 03/01/2023

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Two Online Casino Bills Filed

It has been reported that two lawmakers in New York are continuing to push for online casinos in the state. The two involved are Senator Joseph Addabbo and Assemblyman Gary Pretlow, both of whom were involved in filing similar bills last year.

According to reports, Senate Bill S4856 was filed last week by Addabbo, who chairs the Senate Committee on Racing, Gaming, and Wagering. Around a fortnight ago, Assembly Bill A3634 was filed by Pretlow, who chairs the Assembly Committee on Racing and Wagering. The two hope that New York will be able to join some neighboring states by offering online casino gaming.

New York Could Reap the Rewards

According to the two lawmakers, New York could reap the financial rewards of launching online casino gaming, which has been proven by some of the neighboring states that are already doing it. Pennsylvania, Connecticut, and New Jersey already offer online casino gaming. What’s more, online sports betting has proven to be a hit in New York, and online casinos could be equally as popular.

The two lawmakers said that between New Jersey and Pennsylvania, around $120 million was coming in by way of taxes. They added that New York has already become the leading sports betting market after it launched last January.

In their bills, the lawmakers stated:

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.

They added that the state could benefit from tax revenues of $475 million in the first year of online casino gaming, adding that this was a conservative figure. The two also went on to point out that the state would make a huge amount from licensing fees for online casino gaming. This could come to an additional $150 million for the state.

Bills Differ in Some Respects

Both lawmakers are keen to see New York legalize online casino gaming because of the benefits it will bring to the state. It means huge financial benefits and that the state can compete effectively with neighboring states that already offer iGaming facilities.

One of the key differences between the two bills, however, is the tax rate that the lawmakers are proposing for online casino gaming. The tax rate on sports betting in New York is very high, standing at 51 percent. Addabbo wants to see online casino gambling taxed at 30.5 percent, while Pretlow proposes a tax rate of 25 percent.

Another difference is that the bill from Addabbo would allow licenses for mobile sports betting platforms, state-licensed casinos, tribal nations with valid compacts, and video lottery terminal operators.

Pretlow’s bill would mean online casino gaming could be offered by either state-licensed casinos or tribal casinos. Also, operators would be able to forge partnerships with two independent providers for brand marketing.

With online casino gaming gaining huge popularity elsewhere in the country, this move could prove hugely beneficial for the state in terms of boosting finances.