Albany, NY – A new bill has been introduced in the New York State Senate that could significantly expand the state’s gambling industry. Senator Joe Addabbo’s SB 2614 proposes to legalize iLottery and online casino gambling, opening the door for a new wave of gaming options for residents.
The bill outlines a framework for licensure, including eligibility requirements for casinos, VLT facilities, Indian tribes, and existing online sports betting operators. Notably, any company offering unlicensed games within the past three years would be ineligible for an iGaming license.
Key Provisions of the Bill:
- Limited Licenses: Only one online brand (skin) per licensee is permitted.
- Taxation: A 30.5% tax rate is proposed, along with a $2 million to $10 million license fee.
- Live Dealer Requirements: Live dealer games are included, but studios must be physically located within New York State.
- Player Protections:
- $2,500 annual limit on credit card funding.
- Daily, weekly, and monthly self-exclusion limits.
- Mandatory disclosures and acknowledgments regarding problem gambling resources for high-depositing players.
- $11 million annually for problem gambling education and treatment.
- $25 million+ fund for employee training and responsible gaming initiatives.
- Labor Peace Agreement: A requirement for labor peace agreements as a condition of licensure.
Potential Impact and Considerations:
The legalization of iLottery and online casino gambling in New York has the potential to generate significant revenue for the state. However, it’s crucial to consider the potential social and economic impacts.
- Opportunity for Revenue Growth: With a large adult population and a relatively high average GDP, New York could become a lucrative market for online gaming operators. The potential tax revenue could fund crucial public services and programs.
- Concerns Regarding Problem Gambling: Increased accessibility to gambling can exacerbate problem gambling issues. The bill includes provisions for responsible gaming measures, but their effectiveness will be crucial to monitor.
- Competition: The existing land-based casino industry may face increased competition from online operators.
Next Steps:
The bill now moves through the legislative process. Public hearings and debates will likely follow, allowing for further discussion and potential amendments. The ultimate fate of SB 2614 remains to be seen.
