The legalization of online casinos in New York could generate up to $1 billion in annual tax revenues for the state, according to calculations by the lobbying group Bet on NY, supported by the Sports Betting Alliance, which includes leading U.S. bookmakers BetMGM, DraftKings, FanDuel, and Fanatics. This initiative aims to help alleviate New York’s budget deficit, expected to reach $4.3 billion by 2024.
Furthermore, the new gambling format could create employment opportunities and ensure consumer protection from illegal operators. Last week, State Senator Joseph Addabbo introduced Senate Bill S8185 for the legalization of online casinos.
According to the document, each casino would pay a one-time license fee of $2 million, while platforms or software groups would need to pay $10 million. Operators would be subject to a 31.5% tax on gross gaming revenues (GGR).
Last updated on 18 Jan 2024 - 19:46
