Online casino gambling may be coming to the Empire State, as New York State Senator Joe Abbado has introduced a bill that would legalize the activity in the state as a whole.
The bill, which is formally known as Senate Bill 8412, would legalize and regulate the activity within state borders. Casinos would be taxed at 25% of gross revenues, which comes in lower than the 51% that's charged for sportsbetting products. Operators would have to pay a one time fee of $2 million for a license, while platform groups would pay a $10 million fee.
Mobile sportsbetting just launched in New York in January and generated $1.98 billion in handle and revenues of $138.5 million in its first 30 days. Neighboring states Pennsylvania and New Jersey already have iGaming available, and generate loads of revenue for casinos as well as for tax coffers. It's estimated that yearly tax revenues for New York would come in at $475 million, as well as $150 million from fees paid for online licenses.
Casino Listings News is following this story and will update readers as we learn more.