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Why New York Needs Online Casinos Sooner Rather Than Later

Why New York Needs Online Casinos Sooner Rather Than Later

Although it is one of the most modern cities in the world, famed for cutting-edge technology, New York still bans online casinos and has kept them illegal. The USA changed legislation a few years ago and devolved power for sports betting regulation to the individual state. New York has been incredibly slow on the uptake and only finally got its act together to legalise sports betting on the 8th of January 2022. Ironically, brick-and-mortar casinos are plentiful in New York City, and it does seem strange that they still won’t allow citizens to use online casinos.

Always One Step Behind

The USA has always had a strange relationship with gambling. It is home to the Las Vegas strip in Nevada, one of the world’s most famous gambling capitals. Professional gamblers and first-time holidaymakers alike flock to the area to get their picture taken in one of the most famous casinos in the world, brush up on their baccarat strategy, or take part in one of the many world-class professional talk poker tournaments that take place. Some people head to Vegas to be married in a chapel by an Elvis impersonator, but even they will likely frequent the high rolling table.

A Breakdown in Society

Yet many states have a massive problem with legalising gambling. The authorities simply would not do it. They seem to have been some archaic hangover that this would cause brawling in the streets, citizens, and rest and generally an increase in crime. But, of course, nothing could be further from the truth. Although gambling may be considered addictive, the threat to local areas from an online casino is virtually nil, and the benefits are substantial.

New Jersey Has Kept Up

Close neighbor New Jersey has taken a completely different approach and does allow online gambling provided the sites are licensed and regulated by their gambling authority. What this means is that a large percentage of players from New York simply head over to New Jersey to be able to gamble in online casinos legally.

The Economic Win

For a state that quite frankly struggles with financial issues, it seems lax for them to not have joined the dots. There is an economic win on offer if they get on and legalise online gambling. Having Sportsbook licenses has given them a lucrative income which is pumped directly into the state budget. Of course, the brick-and-mortar casinos have created a revenue well into the millions. So, it seems a little remiss for those in power to not realise that adding online casinos will bolster that money further. There will be many residents who embrace the ability to have legal online gambling. Still, more than this, the tourist industry has been shown to significantly boost incomes from legalised gambling in whatever area they visit, even online. 

Revenue Streams

The revenue from online gambling comes from multiple sources, with the most obvious one being the license fees paid by the operators. Estimates have shown that legalising online gambling could increase the revenue from anywhere between $170 million to $590 million each year. There is also a revenue potential from the creation of additional jobs to support the online portals in the area, and this has been estimated to be upwards of 3200 to 12,000 jobs. Rather than creating a nanny state that drives gambling underground, by legalising online casinos, the government is protecting the population more, offering them a safe and regulated place to play. This should also end many illegal gambling venues. There certainly seems to be a case for New York to get on and legalise online casinos as seen as practically possible.

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