New York Senator introduces bill to legalize online poker with each license priced at $10 million – Yogonet International
In a groundbreaking move that could potentially revolutionize the gambling industry in the state of New York, Senator Joseph Addabbo Jr. has introduced a bill to legalize online poker. The proposed legislation would allow for the issuance of licenses for online poker operators, with each license priced at a staggering $10 million.
This move comes after years of debate and speculation about the potential legalization of online gambling in the state. Senator Addabbo, who has long been a proponent of expanding gambling options to generate revenue for the state, believes that legalizing online poker could bring in much-needed funds to support various public initiatives.
According to the bill, online poker operators would be required to pay an initial fee of $10 million for a license, as well as an additional annual fee of $500,000. The license would be valid for five years, after which operators would have the option to renew it for an additional five years at the same price.
In addition to the hefty licensing fees, operators would also be required to pay a tax rate of 15% on their gross gaming revenue. This tax revenue would go towards funding various programs, including education, healthcare, and public safety initiatives.
While some critics have raised concerns about the high cost of the licenses, Senator Addabbo believes that the potential revenue from legalized online poker would more than make up for the initial investment. He also argues that legalizing online poker would provide much-needed consumer protections for New York residents who currently use offshore gambling sites.
If the bill is passed, New York would join a growing number of states that have legalized online gambling in recent years. Several states, including New Jersey, Pennsylvania, and Delaware, have already launched online gambling platforms, and have seen significant revenue growth as a result.
The New York Senate is expected to debate the bill in the coming weeks, and if passed, it could pave the way for a new era of online gambling in the state. With the potential for millions of dollars in revenue and consumer protections for residents, the legalization of online poker in New York could have far-reaching implications for the future of the industry. Overall, this bill could be a game-changer for the gambling industry in New York and beyond.
