States Leaving Tax Revenue on the Table By Not Legalizing iGaming, Report Says
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States are losing out on an additional $5 billion a year in tax revenues by not legalizing internet casino gambling. In 2021, 30 jurisdictions permitted online sports wagering and just six states allowed full iCasino. icasino generated $3.71 billion in 2021 in the six States that allowed it. Sports betting generated more than $4.29 billion. New York state legalized online betting in January 2022. In the first seven months of 2022, New Yorkers will get more $347 million in state tax money.
Report says states are leaving tax revenue on the table by not legalizing iGaming. Arizona, Illinois, New York and Ohio have legalized sports betting, but not i gaming.
'Billions of dollars in tax revenue could be collected from online casinos. Online casinos are illegal off-shore. iCasino report claims that online casino revenues would reach $30.37 billion a year and annual taxes would amount to $6.35 billion annually if legalized in all 42 states.
There are concerns that the accessibility of online casino play will exacerbate dysfunctional gambling. There are also concerns within the casino industry that more online gambling will cannibalize patronage at bricks-and-mortar casinos. In Nevada, some casino companies have fought hard against online casinos beyond poker.
Online gambling leads to bigger gambling spends when customers gamble in live casinos. New York is surrounded by iGaming states, which are witnessing hundreds of millions in annual revenue from i gaming. New Jersey, Pennsylvania and Connecticut are thriving despite the launch of New Yorkers online sports betting. Some state legislators are uneasy with online casino gaming, but others see it as an inevitable evolution.
