iGaming legislation reintroduced in New York

New York State Senator reintroduces iGaming legislation

In an ambitious move to boost the state’s economy, New York State Senator Joseph Addabbo has reintroduced legislation to legalize iGaming in New York. The bill aims to expand the scope of legal gambling to include online lotteries – including games such as Mega Millions and Powerball – as well as online table games and slot machines. A strong supporter of online gambling, Addabbo argues that the proposed legalization has the potential for significant financial benefits to the state, particularly in the form of education funding.

Fill the treasury

The proposed iGaming bill sets a 30.5% tax rate for operators and a $2 million royalty fee. The passage and subsequent approval of this bill by Governor Kathy Hochul could result in an estimated $1 billion in additional revenue for New York per year. This significant increase in revenue is seen by Addabbo as a viable solution to alleviate some of the state’s projected budget deficit, which is expected to reach $4.3 billion in 2024 and rise to $8 billion by 2025.

Increasing education funding

Most of the revenue from the regulated iGaming market is expected to benefit the state lottery fund, an important source of support for educational initiatives throughout New York. Addabbo emphasizes that current illegal gambling operators are siphoning off hundreds of millions of dollars. Legalizing iGaming will effectively put these funds back into the state, benefiting public education even more.

Address concerns

While the majority of the public appears to be in favor of legalizing iGaming in New York, there are concerns about possible problem gambling issues, particularly among the younger demographic. It is critical that these concerns are addressed through comprehensive problem gambling programs, which have been addressed in the bill. This legislation ushers in a new era of responsible gambling, balancing entertainment with social responsibility.

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