/ casinositesafe11's Library/ Notes/ This week's gambling news focuses on the growth of online betting expected in the U.S.,
This week's gambling news focuses on the growth of online betting expected in the U.S.,
from web site
Especially the expansion of regulated Internet casino games.
Why are online betting and casinos exploding right now? And what brought us to this point?
A new bill is being proposed to expand online betting through casino games just two months after mobile sports betting began. Well, it didn't take long, did it?
State Senator Joseph Adabbo, a political force who introduced legislation to regulate mobile sports betting, is currently pushing the same bill for online betting in casinos, but unlike the rather outrageous 51% tax rate levied on mobile sports books, web-based casinos will be taxed only at 25%.
Addabbo's Senate Bill 8412 specifically seeks to "license online interactive games" and collect $150 million in one-time licensing fees. Estimates suggest that the proposed tax rate for New York online gambling would generate $475 million in revenue and additional revenue for the state each year.
After the success of online sports betting in New York State, many in the industry (including us) suspected that if states tasted gambling revenue (as well as New York), such measures would follow. In addition, New York has watched its neighbors in Pennsylvania and New Jersey add about $120 million in annual taxes by betting online at casinos.
If New York online gambling is granted, they could be the most profitable state overnight, as they have been in mobile sports betting. Members are also eager to help the economic recovery from the pandemic, which could help speed up the process.
