The New York online casino bill is moving forward in the Assembly. Once approved, it would provide additional revenue to the state. Also, legalizing online casinos would increase gross gaming revenue.
The New York sports betting industry has a GGR of $1.4 billion during its first year. Senator Joseph Addabbo Jr estimated that online casino revenue would be more than that. However, state lawmakers need to legalize online casinos first.
State Assemblyman J. Gary Pretlow’s A3634 would allow retail casinos to have a maximum of two online casinos. Thus, New York could have a maximum of 14 online casinos.
New York Online Casino Bill
There are now nine mobile sportsbooks in New York, 4 of which are partnered with casinos in Upstate New York. An NYSGC-appointed panel reviews applications for three retail casino licenses in Downstate New York. In New York, there would be 14 online casinos if all seven casinos formed partnerships with two online gambling companies. Casinos already know how to be a bookie. Thus, it is easier for them to launch online casinos.
According to a bookie pay per head blog, Pretlow is the committee chair where his bill is now being considered. This bill joins the New York online poker bill he submitted on January 17 to the Assembly’s Standing Committee on Racing and Wagering. The tax rates proposed by the bills are 25% and 15%.
Proposed legislation to almost quadruple the number of New York sportsbooks from nine to sixteen is now pending before the committee’s counterpart, the New York State Senate Racing, Gaming, and Wagering Committee. By 2025, the measure will have lowered the current operator tax rate of 51% to 25%.
On January 31, the committees gathered for a public hearing to discuss the first year of sports betting in New York. According to the best sportsbook pay per head, executives from DraftKings Sportsbook and FanDuel Sportsbook spoke at the session, urging New York legislators to reduce the 51% tax rate and introduce iGaming.