Online Casino Gaming Bill in New York Passes Through Racing, Gaming, and Wagering Committee
At the start of New Yorks'most recent legislative session, the New York State Senate made it clear that they will finance an effort to expand New York sports betting’s bounds. Right now, sports betting in New York is pretty basic–you have your handful of sportsbooks that can be used online or in-person, and the only real wagering restriction lays on colleges in the state.
In its first eight weeks, sports betting in the Empire State generated over $104.3 million in tax revenue for New York. That equates to a $3.1 billion handle and $204.6 million in gross gaming revenues in total.
While the handle seems to have gradually decreased over that time span, there’s no doubting that the online gambling market in New York is a giant. Senator Joe Addabbo has obviously recognized this and will look to grow the New York online gaming giant into a behemoth.
The Future of Online Casino Gaming in New York
Under current New York legislation, online casino gaming is not legal in New York. However, Senator Addabbo has made his intentions of getting online casino gaming clear: “We’re laying the foundation really for next year’s budget,” Addabbo said. “We’ll have constant conversation about it this year, just to work out the kinks and figure out a roadmap to getting it into the budget next year.”
Abbado had recently introduced Senate Bill 8412 for consideration, and it has since made it past the Racing, Gaming, and Wagering Committee. SB 8412 would bring regulated interactive gaming to the state of New York–which is just fancy talk for online casino gaming.
The bill would permit for up to two mobile skins per land-based casino. The land-based casinos currently in New York are:
- Seneca Niagara Casino
- Turning Stone Resort and Casino
- Seneca Allegany Resort and Casino
- Del Lago Resort and Casino
- Saratoga Casino Hotel
- Batavia Downs Gaming and Hotel
- Empire City Casino
- Akwesasne Mohawk Casino Resort
- Resorts World Catskills
- Rivers Casino and Resort Schenectady
Each land-based casino operator would be required to pay a one-time fee of $2 million for a license to operate. Third-party operators interested in pairing their online brand with a casino partner are looking at an additional $10 million in fees.
SB 8412 would enforce a 25% tax rate on online casino revenue, which compared to the rest of the country is about the middle of the pack. It is low when you compare it to the state's sports betting revenue tax, which floats around 51%.
Which Online Casinos Could We Expect To See In New York?
My crystal ball is in the shop right now, so I can’t tell you for certain. However, context clues grant evidence that the following brands may eventually break ground in the New York online casino gaming market:
- Bet365 Casino NY
- Caesars Casino NY
- FanDuel Casino NY
- Golden Nugget Casino NY
- Stars Casino NY
- BetMGM Casino NY
- BetRivers Casino NY
- DraftKings Casino NY
- FanDuel Casino NY