How will Gambling Benefit New York’s Economy?
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New York has legalized online and offline sports betting. The state has been slow to embrace the concept. The potential of the new law is exciting.
New York has legalized all forms of gambling. Online sports betting will be legal from the start of 2022. Trackside sports bets are also allowed. State run lotteries, pari-mutuel games and charitable lotters are permissible. It is illegal to gamble with an unlicensed operator and mobile play is also outlawed.
New York state taxes will be collected and added to the state coffers. Billions of dollars are wagered worldwide and, even at a federal tax rate of 0.25%, revenue is substantial. US bettors are also taxed on their winnings at the higher rate, 24%.
The introduction of physical betting halls and bricks and mortar casinos means that people are needed to staff them. The creation of new jobs in a burgeoning sector offers huge benefits to the economy as a whole.
Nevada is the biggest source of income from gambling in the United States. New York has potential to emulate this figure. Pennsylvania is third in terms of revenue, but its population is smaller than New Yorkers. The population of Pennsylvania in 2019 is 12.8 million, compared to 19.45 million in New Yorks.
New York has passed the legislation to allow sports betting. New York needs to make a bigger change if it wants to open a physical premises. There are already reports that a new casino in Newburgh Mall is expected to be opened in early 2022. In other states, betting facilities are added to existing casinos or sports stadiums.
