New York: Sen Addabbo Releases Draft iGaming Bill

Highlights on the following notable provisions within Senator Addabbo’s iGaming bill:

• Eligible entities include, casinos, VLT racinos, state licensed sports betting operators and tribes. Also, 3 licenses available for a competitive bid.
• 1 skin/brand per license
• 30.5% tax rate on GGR
• 10-year license term
• Rules must be promulgated within 180 days of enactment.
• $2m one-time licensing fee for existing state licensed casinos and sportsbooks
• $10m one-time licensing fee for an operator’s contractor to display their own brand
• Directs the Commission to investigate where applicants currently offer real-money online gaming and instructs them to deny license to any entity that has generated revenue directly or indirectly from FATF black list countries.
• Extensive requirements around live dealer; designed to promote job creation in state
• Gaming servers must be located within a licensed gaming facility
• Shared wallet between sports and iGaming permitted
• 2,500 annual player deposit limit via credit card
• $11m of tax rev dedicated to problem gambling treatment and education
• Creates a fund managed by the Commission for RG training and education ($25m minimum annually)
• Permits iLottery including multi-state, draw games and instant win.

Note: the Governor and hotel worker trade unions will be critical to the future success of this bill. It is not expected that the Governor will include iGaming in her state budget. The unions are not yet supportive.