Online gambling is a rapidly growing industry in the United States, with seven states having already legalized it. Senator Joseph Addabbo has introduced a new bill, S4856, to legalize online gambling in the state of New York. The bill proposes the introduction of online poker, table games, online slots, and live dealer games.
Addabbo, who is the Chairman of the state Senate Committee on Racing, Gaming, and Wagering, knows the market and the appetite for online gambling. He points out that people currently have to cross state lines to find a state where iGaming is legal. Above all, legalizing Online Gambling in the USA (in New York precisely) would bring significant benefits to the state.
For instance, one of the benefits is revenue. According to the bill, setting the tax at 35.5% would generate approximately $475 million annually. In other words, state tax revenue is based on conservative market estimates. In addition, the state would receive approximately $150 million in one-time license fees from casinos. Meanwhile, independent contractors seeking to conduct online interactive casino gaming in the first year of operation.
An annual limit of $2,500 per credit card
Addabbo is also aware of the importance of responsible gambling. Therefore, the bill proposes setting aside $11 million for educational activities and addiction treatments. In other words, players would receive a problem gambling message after depositing a total of $2,500, and there would be an annual limit of $2,500 per credit card.
Meanwhile, New York would be joining seven other states that have already legalized online gambling, including Connecticut, Pennsylvania, and New Jersey. Therefore, according to Addabbo, the revenue exceeded $1 billion in Pennsylvania and New Jersey in 2021, and each state generated $120 million in tax.
Addabbo is confident that New York would become a leader in the field should the bill pass, just as it is in the online betting industry. In addition, it will be generating almost $700 million in tax in the first year of operation.
Regulators have also approved the launch of mobile sports betting sites in Massachusetts.
Similarly, Karen Wells, the Executive Director of the Massachusetts Gaming Commission (MGC), proposed March 10th as a tentative launch date. This date would allow the regulators to handle any potential issues before the NCAA men’s basketball championship, known as March Madness, starts on March 14th.
Legal sports betting in Massachusetts started on January 31st, and players can place their bets at Encore Boston Harbor in Everett, MGM Springfield in Springfield, and Plainridge Park Casino in Plainville. Therefore, with the addition of online sports betting, the industry is expected to see a significant uptick in the number of visitors and members.
In conclusion, legalizing online gambling in the United States is a trend that is likely to continue. Meanwhile, New York is joining other states that have already legalized online gambling, and it could bring significant benefits to the state. After that, the industry grew rapidly, and we can expect to see further expansion in the future.