The US's online gambling gold rush shows no signs of abating, with New York state preparing to launch an online casino following the launch of digital sports betting last month.
Lawmakers Disclose Online Casino Push
Senator Joseph Addabbo responded by introducing Bill S8412, which seeks to change the horse racing, pari-mutuel wagering, and breeding laws to authorize interactive gaming.
If approved, this will allow commercial casinos and tribal nations to run online slots and table games within state borders. Each casino or operator must pay a $2 million fee to undertake mobile interactive gaming wagering.
The summary notes that this would "stay in force for ten years," with the New York State Gaming Commission later "establishing and implementing a process for renewal."
Additionally, operators may partner with up to two mobile interactive gaming wagering platforms, with each brand receiving a $10 million payment.
Tax Talks
According to reports, New York, which has seen neighbouring states New Jersey, Pennsylvania, and Connecticut launch online casino services, may generate $475 million in tax income and approximately $150 million in licensing fees.
Additionally, the proposed amendment establishes a slew of "required safeguards," including limiting each individual to one "active and continuously used account on their platform." The amendment would further ensure participants are located within state borders, prohibiting minors from playing, implementing privacy policies, ensuring advertising accuracy, and enabling swift account closure or exclusion if necessary.
The tax would be set at 25% of gross revenue from interactive gaming, which would be "separately maintained and returned to the state for deposit into the state lottery education fund."
Milestone After Milestone
This move follows the Empire State's much-publicized big sports betting launch last month, during which New York was suddenly elevated to the status of the US' flagship market after only 24 days of operation.
In January, the region's online and retail sportsbooks collected $1.69 billion in wagers, including $1.67 billion online, after averaging $69.6 million in wagers per day following their launch on January 8.
A total of £124.1 million, the most monthly income in the US's history, was earned by mobile companies during the month, generating $60.8 million in revenue for operators.
