The state of New York is considering lifting the ban on online gambling. The bill has been introduced by Senator John Bonacic in hopes that it will be passed this year. If successful, other states may follow suit and legalize iGaming as well, reviving an industry which was deemed ‘dead’ a decade ago but now faces increased competition from traditional casinos.

The “ny online sports betting update” is a recent article that discusses the legalization of the iGaming sector in New York. The article also mentions how this will affect other states and countries around the world.

NY Senator Proposes Legalization of iGaming Sector

Senator Joseph P. Addabbo Jr. of New York wants to take advantage of the Empire State’s newly regulated mobile sports betting market’s recent success. The senator submitted S8412 (Bill) to the New York Senate on Thursday, which would allow iGaming in the state and therefore grow the local gambling sector to new heights.


The state’s online sports betting system went live at the start of January 2022, and the market is already breaking all sorts of records. According to estimates, the market earned more than US$2 billion in total transaction in its first month of operation, and the senator feels that an iGaming market would be beneficial to the state as well.

S8412 (Bill)


After being a major advocate of mobile sports betting, Mr. Addabbo has big plans for the New York State’s gaming industry and its iGaming sector in particular. His S8412 (Bill) would allow for licensed casinos and gaming operators to offer certain iGaming products online on their platforms for the local population. According to the bill, it would include online slots and table games.

In contrast to the 51 percent tax rate for operators on online sports wagering, the senator’s suggested iGaming tax rate is 25 percent. This makes it considerably more profitable for operators that want to participate. Promotional gaming credit will not be taxed for the purposes of calculating interactive gaming gross income, according to the law.

According to the bill’s description, legalization would produce roughly US$475 million in annual state tax income for the Empire State. Casinos, operators, and independent contractors wishing to engage in the iGaming industry would pay the state roughly US$150 million in one-time licensing fees in the first year.

Furthermore, each casino and gambling operator would be compelled to pay a one-time charge of US$2 million, according to the measure. Independent contractors, on the other hand, will be required to utilize the operators’ iGaming systems and pay a one-time charge of $10 million. Following the success of mobile sports betting, the government hopes it will be able to dominate in iGaming as well.

Sports Betting Records are being broken on a regular basis.

The total handle for mobile sports betting has now reached an astonishing US$2.4 billion, according to the latest figures from the New York State Gaming Commission. This is for the week of January 8, 2022, through the week of February 13, 2022, which also happened to be Super Bowl weekend. According to estimates, the state has received more than US$78.5 million in revenue in the first five weeks.

Downstate Permits

New York is aiming to develop and strengthen its land-based gaming sector in addition to its online gambling industry. The New York State Senate modified a measure last week that lays out the selection criteria for the three downstate full-casino licenses. The New York State Gaming Commission would be entrusted with setting a reasonable tax rate for operators, according to the senate.

“Bill To Legalize Interactive Gaming Introduced In New York Senate,” EliteSportsNY, February 25, 2022.

The “mobile sports betting new york” is a proposal made by New York senator to legalize the iGaming sector. The bill would allow for mobile sports betting, which has been prohibited in New York since 2009.

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