New York Lawmaker Says State Can't Give Up on iGaming
In an editorial published earlier this week, two powerful New York lawmakers wrote that the state cannot afford to bet on legal Internet gambling and online lottery games. They estimate the outlets could provide the government more than $1 billion in new tax revenue annually.
State Sen. Joseph Addabbo (D-Queens) and Rep. J. Gary Pretlow (D-Westchester) published an editorial in New York City & State, a media outlet that focuses on state politics and policy, highlighting the need to legalize online slot machines. Importance Slots, table games and lottery products. They noted that online sports betting started successfully launching in January 2022.
In its first year, mobile sports betting generated nearly $1 billion in tax revenue—more than any other state—almost all of which was earmarked for educational assistance and athletic programs for underserved children,” Addabbo and Pretlow wrote road.
Two lawmakers say the state needs to develop new tax revenue sources to fill funding gaps as it begins its first legislative session with federal funding during the coronavirus era. The state comptroller projects the state's budget deficit will be $4.3 billion in 2024 and $8 billion in 2025.
“As we prepare to begin a new legislative session, COVID-era federal funding is about to expire and we face a looming and large budget deficit,” the lawmakers said. “The solutions will require many hard decisions, but overcoming the odds A good first step is right in front of us: We can double down on the huge revenue generated by mobile sports betting by legalizing iGaming (online gambling) and iLottery (online gambling)."
iGaming, lottery coming soon
Addabbo and Pretlow were staunch supporters of gaming and gaming expansion measures during their time in Albany. They lead their respective gaming committees - Addabbo heads the Senate Racing, Betting and Betting Committee and Pretlow heads the Parliamentary Racing and Betting Committee.
Both men advocate for the state to legalize sports betting and online gambling. Now they want to expand online slots and table games, allowing the New York Lottery to run games and sell tickets online for popular products like Mega Millions and Powerball.
Gambling industry leaders say they are working on legislation to allow iGaming and iLottery and will introduce the measures in January when the Legislature convenes for its 2024 session, which will last until June. Six states currently allow iGaming, including three neighboring New York states - New Jersey, Pennsylvania, and Connecticut.
Addabbo and Pretlow concluded: “All reports indicate that these states experience a net increase in tax revenue from these activities, with no negative impact on brick-and-mortar businesses such as casinos and convenience stores that sell lottery tickets. ".
iGaming beats online sports betting
Sports betting gets most of the headlines, but online casino platforms make far more money from iGaming than from online sports betting. This means more tax revenue.
In New Jersey, the richest online casino state, iGaming operators generated $1.66 billion in gross gaming revenue (GGR) in 2022. Sports betting revenue was nearly $763 million, with about $717 million of that coming from online gambling.
New Jersey imposes a 15% tax on iGaming GGR and a 13% tax on online sports revenue. In 2022, iGaming taxes hit nearly $2.5 billion. Sports betting generated $92.9 million in tax revenue.
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Source: www.casino.org
