Mobile betting was legalized in New York in 2022, but local lawmakers intend not to stop there and are considering the possibility of legalizing online gambling. This is expected to contribute to an increase in tax revenues to the budget.
In February 2023, Senate Bill S4856 was filed, which provides information on the need to allow licensed casinos, tribal operators, and other market representatives to offer gambling amusements online to customers. Companies that focus on sports betting will probably be able to obtain the same licenses.
As stated by the initiator of the filing Bill S4856, chairman of the Senate Committee on Racing, Gaming, and Wagering, Sen. Joe Addabbo, New York State could get more than $100 million from licensing fees. In addition, gross income from online gambling will be taxed at a rate of 30.5%, which will also bring millions of tax revenues to the state.
Interestingly, not so long ago, Assemblyman Gary Pretlow also put forward a proposal to legalize online gambling in New York. His Assembly Bill A3634 also presents the benefits that this step can bring to the state. However, he suggests other tax rates.