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The Grueling Truth - Where Legends Speak / iGaming can bring in $400million tax revenue to New York, report shows

iGaming can bring in $400million tax revenue to New York, report shows

Publish Date: 08/03/2022
Fact checked by: Mike Goodpaster

The refusal to legalize internet casino games is estimated to cost New York State $400 million in annual tax revenue. According to a new report released Tuesday by VIXIO GamblingCompliance, if the state legislature and Gov. Kathy Hochul approved a bill allowing “iGaming” casino-style games, the Empire State could earn $428 million per year.

iGaming refers to the operation of casino-style games such as slots and table games via digital platforms via players’ own devices. While sports betting is done in retail locations or on mobile devices, iGaming is done entirely online.

However, the analysis contends that once legalized, tax profits from internet gaming could exceed the state’s already thriving mobile sports wagering industry, which earned more than $300 million in the first six months of operation.

New York Senator Joseph Addabbo, Chair of the NY State Senate Racing, Gaming, and Wagering Committee, New York introduced legislation in February to legalize online gaming in the state.

He said the state is already surrounded by iGaming states like New Jersey, Pennsylvania, and Connecticut, which generate hundreds of millions of dollars in annual revenue from iGaming. And he thought the current system worked.

“Those states have proven the model works and that iGaming can complement land-based casinos and ensure protections for players.” Addabbo said.

Addabbo recently told the press in an interview that the state is dropping the ball by not operating iGaming during such times. He believes that its implementation will prevent money from flowing offshore and provide more revenue to New York.

“When implemented safely and credibly, New York will also witness significant increases in revenue and educational funds from iGaming, while improving programs addressing gambling addiction.” he added

The push comes as New York prepares to open bidding for three valuable downstate commercial casino licenses.

Legalized iGaming, according to Addabbo, increases the value of commercial casino licenses because would-be online slot players would be required to cast their luck within the confines of the brick-and-mortar gambling parlor.

“It’s more of an incentive. It makes it more valuable to have these licenses,” he told The New York Post.

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