NY could net over $400M if pols legalized internet casino gaming – Agora Poker

NY could net over $400M if pols legalized internet casino gaming

NY could net over $400M if pols legalized internet casino gaming

New York State is losing an estimated $400 million in annual tax revenue by refusing to legalize gambling for internet casino games like roulette and Blackjack.

The Empire State could be raking in $428 million annually if the state legislature and Gov. Kathy Hochul approved a bill permitting “iGaming” casino-style games, according to a new report released Tuesday by VIXIO GamblingCompliance.

Like mobile sports betting , iGaming allows individuals to play slot and table games on their phones.

But the analysis argues once legal, tax profits from internet gaming could exceed the state’s already booming mobile sports wagering industry, which netted over $300 million as of July within its first six months of operation.

The report was commissioned by Light and Wonder, a Las Vegas-based digital gaming company where Howard Glaser – a former aide to ex-Gov. Andrew Cuomo – serves as the head of government affairs and legislative counsel.

A bill introduced by State Sen. Joe Addabbo (D-Queens) and Assemblyman Gary Pretlow (D-Mount Vernon) in February would legalize the practice. If Gov. Kathy Hochul and the state legislature approved “iGaming” casino-style games, New York could benefit to the tune of $428 million annually. “We are missing the ball here. By not doing iGaming at this point. It would stop the flow of money into other states and into the illegal market,” he said during a phone interview

“And, we’re looking for more revenue for education and the opportunity to help those with an addiction.”

He said he hasn’t yet taken the issue up with Hochul. Like mobile sports betting, iGaming allows individuals to play slot and table games on their phones. Right now, just five states – Connecticut, Delaware, Michigan, New Jersey, Pennsylvania and West Virginia – have legalized “iGaming.”

Nevada also allows a limited option, by permitting online poker.In 2021, combined tax revenue from those six states amounted to an industry worth a total of $970 million. New York Mets owner Steve Cohen is hoping to build a casino in a New York City tourist spot. The push comes as New York is on the cusp of opening up the bidding process for three, valuable, […]

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