US Senator Proposes Legalizing Online Casinos in New York

Last week, American politician Joseph Addabbo Jr. introduced a bill to legalize online casinos in the state of New York, as reported by iGB North America.

The bill proposes the legalization of online slot and table games, as well as live casinos within the state.

If the bill passes, New York will become the seventh state in the US to legalize online casinos.

The proposed bill outlines the organizations eligible to obtain a license, including state land-based casinos, racetracks, indigenous tribes with gaming compacts, and online betting operators with existing licenses. It’s important to note that a future online casino operator in New York will be required to pay a license fee of $10 million, and the license will be valid for 10 years.

In terms of tax rates, the bill proposes a tax rate of 30.5% of Gross Gaming Revenue (GGR), which will be transferred to the State Lottery Fund for further distribution to educational and treatment programs for problem gamblers.

It’s uncertain whether the bill will gain majority votes. However, it’s worth noting that online casinos are not likely to launch in New York anytime soon. For instance, a law legalizing sports betting in the state was passed in 2013, but the first official bets were not placed until 2019.