Although it is not yet two months since New York welcomed mobile sports betting, its outstanding financial success has prompted Joseph Addabbo, Chairman of the State Senate’s Racing, Gaming & Wagering Committee, to file a draft Bill that would allow the state’s commercial and tribal casinos to offer iGaming apps on up to two platforms, independent of the associated brick-and-mortar brand.
Under Addabbo’s proposals, land-based casinos authorised to offer iGaming would pay a $2m fee for a 10-year license, with independent operators paying $10m. In addition, GGR would be taxed at 25%, compared to the 51% paid by mobile sports betting operators.
Senator Addabbo estimates that licensing fees could generate $150m in up-front revenue, with taxation bringing in $475m annually. He also noted that the strong start made by mobile sports betting has provided the impetus for filing an iGaming Bill, with New York quickly establishing itself as the market leading state for mobile sports betting in the US.
