- New York Sen. Joseph Addabbo attempted to get an online casino bill passed in 2022.
- It did not make it, but Addabbo remains committed to the project.
- Look for the bill to make a return in 2023.
NEW YORK – New York’s recently regulated sports betting market has been booming, with January seeing more than $1.6 billion in sports bets placed.
Now, State Senator Joseph Addabbo, one of the architects of sports betting’s increased prominence in New York, is pushing for more.
Unfortunately for Addabbo, none of his bills to expand the franchise of gambling in New York managed to pass in the 2022 legislative session.
SB 8412 would have regulated iGaming in New York, allowing for online casinos to operate.
Taxes And Fees In SB 8412
The bill would have applied a 25% tax rate to online casino gameplay, a number that stands in stark contrast to the 51% tax rate applied to sports betting profits.
It would have legalized casino gameplay by allowing partnerships between online casino operators and local casino operators.
It would have effectively given approved NY casinos the ability to operate two online skins.
Licensing fees would have been set at $2 million for the local casinos, but $10 million for online casinos that previously did not operate within the state.
Future Of Gambling In NYC
Addabbo is the chair of the Racing, Gaming and Wagering Committee in the New York Senate, meaning he has ample ability to shape the future of gambling in New York.
He’s shown serious commitment to expanding gambling in the state, and his position remains unchanged – New Yorkers would benefit from gambling expansion.
“New York quickly became the leading mobile sports betting market in the nation, generating nearly $70 million in tax revenue in a single month,” Addabbo wrote in a memo when he proposed SB 8412. “Similarly, if authorized, New York would quickly become the national leader in online casino gaming, generating hundreds of millions of dollars in tax revenue annually for the state as it continues to recover from the economic downturn caused by the COVID-19 pandemic.”
Addabbo’s failure to get this bill approved and into the recent budget is a setback, to be sure, but it seems like he’s committed to working to increase online gambling access in the future.