New York is widely recognized as a gambling Mecca, so if New York can successfully launch online casino gambling it should lead to increased revenues for the state and help filter out illicit gambling activity and support problem gamblers struggling with addiction issues. One estimate claims legal online gambling could generate anywhere between $170.4 million to $591.3 million annually while also creating between 3,200-12,000 jobs in New York alone.
New York residents appear to support legalizing online gambling in a recent poll, marking an important step forward given all of the obstacles that have thwarted its launch in previous attempts.
New York currently features four commercial casinos located upstate from its city limits and out of reach of most residents, but expect three new downstate casinos by 2022 as it has such a vast population. New York should therefore be an attractive market for online casino offerings.
Companies seeking a license to run online casinos must agree to certain terms and conditions in order to receive approval, including the use of union workers and restricting player access to their websites. They will also need geolocation technology in place that verifies that players are indeed within their states when using these casinos.
While New York doesn’t currently boast an online casino, social gaming and sweepstakes games such as Chumba provide some social casino-like gaming and sweepstakes experiences that provide similar table and slot machine experiences as if playing physically at a casino – often featuring virtual prizes but some even offering real cash awards or live dealer game streams that players can access!
Note that any online gambling activity will be subject to taxation, just as it would if conducted at a land-based casino. This will likely be seen as a small cost associated with creating an industry with significant potential profits as well as curbing illegal gambling activity within a state.
New York will impose an income tax rate of 15% and require operators of online casino games to maintain detailed records of wagering activity, an essential step in monitoring how the industry grows and will help regulators decide how best to regulate and govern it. It is anticipated that tax revenue from online gambling games will go toward treating gambling addiction issues among people here and abroad – this should prove crucial as online casino gambling continues its rise across nations around the globe.