New York State Assembly Introduces Online Poker Bill

0

New-York-State-Gaming-CommissionNew York State is the latest state to table a bill that would allow for regulated online poker. Bill A9509 specifies that the only gambling that would be allowed would be Texas Hold’em and Omaha variations of poker. A maximum of 10 online poker licenses would likely be awarded by the New York State Gaming Commission, each at a cost of $10 million and lasting 10 years.

The proposed legislation also carries a “bad actor” clause, prohibiting operators that offered online gambling to US residents after December 31, 2006 to apply for a license.

New York is one of the most sought after states to offer online gambling to due to its large population and sheer wealth. It has faced the pressure from neighbouring New Jersey, which has served the gambling needs of many New Yorkers. The laws would allow for the pooling of player liquidity with other states.

Proposed taxes would be calculated at 15% of the gross gaming revenues.

The bill also calls for strict protection of player funds which are to be segregated from operating funds.

The bill, introduced by Assemblyman J Gary Pretlow, mandates 180 days for the New York Gaming Commission to prepare online poker regulations. The first licenses may be issued as soon as possible following the regulations.

The State of Pennsylvania is also expressing an interest in pursuing online gambling after a study was just released estimating  that iGaming could generate $184 million ($77m of that from poker) in revenue its first year and $307 million ($129m from poker) in subsequent years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here