Asia Casino News │ ACN东方博彩新闻

Asia Casino News outlet for Online Gaming and Gambling Industry in Asia.

Image Source

Senator: Reducing New York’s 51% Gambling Tax is a “Hard Argument.”

March 9, 2023 World Crime & Legal

Any attempt to lower the 51% tax rate on mobile gambling would require a “serious” explanation, according to a state lawmaker, given the hundreds of millions of dollars in tax revenue earned from New York online sports betting.

Sen. Joseph Addabbo, a Democrat from Queens, said that the online betting sector needed to persuade lawmakers that a lower tax rate wouldn’t result in less money going to public services.

The state Senate’s Committee on racing, gambling, and wagering is chaired by Addabbo.

He stated, “We can’t go back to our constituents and say we cut education funding.”

Expected Attempt To Lower Tax Rate
New York has benefited from the tax money in a number of ways since mobile sports betting went live last year, according to Governor Kathy Hochul.

“In only one year, New York has established itself as a national leader in providing wholesome entertainment for millions of people while generating record-breaking funds for youth sports, education, and problem gambling prevention,” the official said.

With this kind of achievement, Adddabbo predicted that it could be tough for the mobile betting sector to persuade lawmakers to drop the 51% tax rate this year. Albany’s 2023 legislative session started on January 4 and is expected to end on June 16.

A plan was proposed last year to reduce the 51% tax rate in exchange for the licensing of more mobile sportsbooks.

The idea was that adding more online bookies would increase income sufficiently to make up for the taxes that would otherwise be lost by decreasing the 51% rate. The bill didn’t pass.

It is still unclear whether lawmakers will support that proposal, but Addabbo recently told that some in the mobile wagering business might try to make a “serious fiscal argument” for it again this year.

It will be a challenging discussion, he predicted. “With just nine operators, we’re already number one in the country.”

Casinos in The Empire State City, as well as iGaming, are Included
Since July 2019, sports betting has been permitted in land-based casinos.
Four upstate commercial casinos as well as a number of tribal casinos are located there. To license three commercial casinos in New York City in the Las Vegas model, an approval process is now under way.

According to Addabbo, he is hoping that the downstate licenses will be given this year so that more employees may begin receiving compensation as soon as feasible.

In regards to other gaming-related issues, Addabbo declared he would make another attempt during this session to pass legislation legalizing iGaming in the state.

This would make it possible for New Yorkers to play online slots and casino table games like craps and blackjack for real money using their mobile devices.

Leave a Reply

Your email address will not be published. Required fields are marked *