Two NY lawmakers documented legislation on Thursday to legalize virtual sports betting. However, they are offering a totally different format than the one Governor Andrew Cuomo presented this week. There is a provision to grant all the tribal casinos in the state of NY participate through the join in the clause.
Those who are approved to provide virtual sports betting in NY might have to pay a $12 million license fee, and net revenues from virtual wagers might be taxed at 12%. Bets made at a land-based sportsbook would pay at 8.5% lower than the 10% current rate.
Gary Pretlow, the State Assemblyman, filed a complementary bill in that Assembly. Addabbo has tried many times in the past to bring virtual sports betting to NY. He has tried before with the same looking legislation. A 2019 bill was approved by the Senate, but the bill never got taken up by the Assembly.
Cuomo Differ from Lawmakers’ Approach to Sports Betting
The Assembly did not act even only two years ago because, at that time, Cuomo had some kinds of prohibitions about online stating it is required a constitutional edition.
The viewpoint of the Assembly has transformed as NY state has fallen into a terrific budget deficit due to the impact of Covid-19. Cuomo has signaled repeatedly that the NY should fill a $30 billion hole over the upcoming years. When an economy is in the deficits at the regional government levels, and some institutions like the Metropolitan Transportation Authority where the figure nearly doubles.
And that is the point where Addabbo and Cuomo, and Pretlow now differ. Other officials of Cuomo said that the governor longs for New York to run sports betting in the same way it runs the lottery.
The bill of Addabbo and Pretlow bill estimates that the state would receive about 84% million in single time licensing fees and around $79 million in tax revenue annually.
