Sports betting in New York has been a huge asset as it has generated a plethora of revenue since it began on January 8th. Bettors may be able to play casino games on mobile devices in the near future.
iGaming Could Be the Next Target for the Empire State?
The New York Legislature adjourned last week without approving a bill to legalize iGaming in the Empire State. If an initiative was approved, bettors across the state would have another option to place money on other than sporting events. Players could have downloaded apps and fund accounts and played games that would have been found in gaming facilities.
New York has some casinos throughout the state, but mobile devices prove that convenience will play a huge role. State Sen. Joseph P. Addabbo believes that a measure for online gaming will be approved sometime in the future when the regular session takes place in 2023.
Senator Addabbo is chairman of the Senate Racing, Gaming, and Wagering Committee and believes that iGaming will be a reality in the Empire State.
iGaming Could Bring in More Revenue Than Sports Betting
Of the few states that offer iGaming to its residents, New York shares borders with three of those states, which include Connecticut, New Jersey, and Pennsylvania. Connecticut offers casino players 500 different casino games to choose from, which generates more revenue than its sports betting operation.
Despite the fact that the iGaming market continues to expand to new jurisdictions, it’s important to note that the iGaming market has a market value that exceeds $59 billion. With the advancements in technology and the global pandemic, there is clear evidence showing that people are moving away from going to brick-and-mortar casinos.
It’s estimated that the iGaming market will be worth approximately $93 billion by 2023. New York’s neighboring states will continue to play a big role in the iGaming space as more people sign up for these platforms. Sen. Addabado also believes that iGaming will bring more revenue than sports betting in the Empire State.
Sports Betting is Still Top in New York
As the eight mobile sportsbooks in the state continue to take wagers in the state, the bookmakers have combined to pay a combined total of $270.5 million in taxes. Only New York and New Hampshire have a tax rate of 51 percent, which is the highest in the country.
Some bookmakers hoped for a lower tax rate during the legislative session as some sportsbooks stated that it’s hard to make a profit due to the high tax rate. Operators like BetMGM scaled out their business in the state because it has been expensive to acquire new customers to join the platform.
Sen. Addabbo has stated that he is open to tax discussion in the future of the possibility of lowering the rate. For now, the New York sports betting market has outpaced states like New Jersey, Pennsylvania, and Nevada. Sports betting has certainly become second nature in the Empire State and will continue to grow.
