New Bill Proposed in New York – iGaming to Join Sports Betting in the State?
It seems that online mobile betting could carve the way for more changes in online gambling regulations.
The chairman of the Senate Racing, Gaming, and Wagering Committee, Joseph Addabbo, is proposing a new bill that would allow online casinos to operate in New York.
If the bill passes, gambling operators in the state could offer iGaming apps to their customers. The State would issue licenses to casinos and independent operators.
The licenses for online casino operators would cost $2 million, which means they would be five times cheaper than the other operators. Paying this amount would give them the right to offer iGaming in the state for a ten-year period.
The estimate is that the licenses alone will bring the State around $150 million immediately after the legalization of online gambling apps and three times that amount each year.
The Support from Casino Operators
It should come as no surprise that the Senator and his Bill have the full support of casino operators in New York.
The leading proponents for online gambling regulation are more than pleased with what Addabbo is trying to do with his bill. They think it makes perfect sense and that he has put to paper something that they have been suggesting for years.
It seems only logical that online casinos are next in line when it comes to the legalization of their operations. This would give the State a big influx of tax dollars as well as protect the consumers of gambling content.
Sports Betting not Slowing Down
As it was expected, Addabbo is using the sports betting numbers as his main argument for the legislation changes, and the numbers are giving him a pretty firm position.
Last Friday, the New York State Gaming Commission published the latest sport betting numbers. In the first month and a half of mobile sports betting, State's residents have wagered over $2.8 million.
This has resulted in operators booking around $180 million of profit.
New York has a 51% tax rate for online betting. This means that the State has pocketed over $91.5 during this six-week period.
These numbers have surpassed all of the forecasts that were made before the legalization of online betting.
The senator also believes that if online casinos become legal in New York, it won't take long for them to become the national leader in casino tax revenue.
If we take into consideration the lowest weekly handle since online betting started in New York and make monthly assumptions based on it, it would give the State around $1.4 in the monthly handle.
This amount would still be higher than the best 30 day period that New Jersey has had up to this day.
The amount of money wagered on sporting events should grow even more in the next period, as March Madness will be upon us.