New York Can’t Afford To Ban iGaming – Huge Annual Tax Revenue

A few years after New York broke world records for sports betting right after registration. And New York can’t afford to ban iGaming already! Is this a bad thing? Not! They are receiving a significant amount of tax revenue from the industry. As long as it is kept safe and regulated, this is a great contribution to the quality of life for New York citizens.

Today we are going to talk about the fact that New York can’t afford to ban iGaming, according to financial professionals. Even the government of New York agrees that iGaming, sports betting, and gambling have become some of the most important sources of tax returns in the past years. This is why New York highly encourages everyone to feel free to browse our collection of online casino sites in the US.

Today, we are going to explain how iGaming became one of the greatest contributors to the federal wealth of New York. This has happened to Las Vegas, and it seems that Sin City is now not the only US State which heavily depends on its gambling market.

Seems Like New York Can’t Afford To Ban iGaming

As stated above, New York lawmakers claim that New York simply couldn’t miss out on allowing sports betting. They estimate a roughly $1 billion annual income in tax revenue. The key reason why this is great is because this money does not have to be reinvested into gambling. Therefore, the government can decide to fund education, road repairs, law enforcement, and anything with this $1 billion.

The tricky thing is, that this 1 billion dollars wouldn’t otherwise come back in tax revenue. Because those who gamble will just go to play illegally, or in a different state where tax is no longer concerning the citizens of New York. Ever since the US federal ban on gambling was lifted, all of the states have been racing to be the most fruitful states from gambling taxes. Register at VAVE Casino to play too!

How Did This All Begin?

So we all know and understand that New York can’t afford to ban iGaming. But how did this all begin? Why New York? – If you have been our reader for a while now, then you probably remember the 2022 betting market records in New York. During this event, New York has decided to make sports betting legal, to celebrate the Super Bowl. Well, the results were unbelievable. On that day, almost an hour after sports betting became legal in New York, it broke a world record for the most amount of bets and money put on a sports game.

This shows the intense power of sports events, and the fact that to this day, New York has made more money in tax revenues than most family businesses would generate to the government in 10 years. In conclusion, numbers and time have dictated: that iGaming will be legal in the state.

Biggest Revenue – New York Can’t Afford To Ban iGaming

By today, we have reached the point where this industry is generating the biggest revenue for New York. According to Forbes, the market keeps growing. It is estimated that every year, the number of tax venues would increase. The reason why gambling has such great success is because this activity is one of a kind. Most of the time, those who can afford these activities, are otherwise spending it on exclusive things.

Such as purchasing online valuables, or going on trips to somewhere else. However, spending time in the local casino is an activity they enjoy the same, without having to leave the tax return borders. In conclusion, this is one way to ethically take from the rich, and re-invest in the youth in the form of education.

Cutting It Would Decrease the Quality Of Living

The reason why New York can’t afford to ban iGaming is because, at this point, it would decrease quality of life. The tax revenue rate in New York became the highest in the US. You would be surprised to learn that Nevada is not making as much money from iGaming as New York. But this is probably because Las Vegas’s casinos are also grandiose hotels, restaurants and other tourist luxury services. According to the LSR, the tax revenue is the following for the top 5 states:

• New York: $1.01 billion
• Pennsylvania: $427.6 million
• New Jersey: $368.4 million
• Illinois: $289 million
• Tennessee: $141.6 million

It roughly takes $500,000 to start a small private school. Just calculate how much that $1.01 billion is worth for the public in one year. Even loosely counted, it highly elevates the quality of living for everyone.

Now New York Can’t Afford To Ban iGaming

We have reached the point where the citizens no longer debate the ethical side of gambling. It seems that most online communities have stopped. The vocal minority in the community will always voice their opinion against gambling. But when it comes to the general feedback? People believe that as long as it is regulated, it is a legitimate way to make the rich give more than just simple charity.

According to Reddit, people are also helping each other with the tax returns for gambling. In conclusion, we also believe that gambling can be done ethically. All we have to do is not allow those who can’t afford it to play. Once we make a system for this, gambling will be a great way to entertain the rich who can contribute to the local society’s wealth.

Where To Play Slots And Bet On Sports?

Now that you understand why New York can’t afford to ban iGaming, let us move on to more interesting topics. If you want to learn more about the current legislative process, please take a look at our United States betting legislation megathread. And if you want to just try online gambling? Our top recommendation for 2023 and 2024 is VAVE Casino.

On their website, you can try both slots, live casino and sports betting in different sections using the same registration. But this is not all! VAVE’s ambassador is a former Olympic sports icon. Which means that they have a sense of professional validation. An Olympic icon wouldn’t destroy their reputation with bad business. This is why VAVE Casino is the best place to play!

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