Industry bosom friend introduces iGaming bill in New York

The Empire State has been one of the most fiercely assaulted states when it comes to gambling legislation. Assemblyman Gary Pretlow and Democratic Senator Joseph Addabbo have been tilting at that particular windmill for more than a decade now, looking to expand online gambling in New York State and introduce it in all of its forms.

The arrival of the COVID-19 pandemic prompted some lawmakers to search for additional funds to bootstrap ailing public finances, agreeing to introduce sports gambling under an onerous taxation regime that all but dissuaded some of the biggest names in the market from taking part in the sports gambling industry.

Now, Sen. Addabbo is hoping to do what he has always done best – argue the case for an expanded online gambling industry. His draft law, Senate Bill 856, wants to introduce online casinos to the state and also push forward with internet lottery sales, which would allow residents to buy Powerball and Mega Million tickets remotely and not have to visit a physical shop.

He seems to be doing so at the right time as combative attitudes towards the idea of legalized online casinos have subsided a little, mostly citing the success of other states, although not everyone agrees. New Jersey’s iGaming economy has been targeted in a new report that argues that not that much good may be coming out of iGaming after all.

Yet, for Sen. Addabbo, there is no doubt that moving forward with this legislative effort is indeed the right course of action. SB856 wants to offer a fair and level playing field to everyone, and tribal and commercial casinos would both be eligible to apply for the coveted licenses. However, they would have to brace for some heavy tax burden as has become the state’s want.

Sen. Addabbo proposes a 30.5% tax on gaming revenue and is realistic about the licensing fees, setting the askance price at $2m, and perhaps making sure that opposed legislators would think twice before giving regulated iGaming a cold shoulder on principle when the financial consideration is so strong.

Addabbo has been sounding the alarm over gaping public deficit and strained purse that needs to be addressed. Gambling is one way to do this he believes, as New Yorkers are already engaging in online gambling, they only do so either in New Jersey or on the black market.

Image credit: Unsplash.com