How online gambling legalization could benefit NY’s economy

More often than not, people tend to tie the very idea of the USA with that of freedom. After all, countless songs, movies and works of art have enshrined this concept into the minds of both Americans and other citizens of the world.

However, it should be noted that whilst America may be free in many ways, it is not quite the totally free market economy that many believe it to be. For example, gambling legislation is one area in which most US states and indeed the federal government retain outdated and restrictive laws.

In the US, online gambling remains legal in Delaware, Iowa, Pennsylvania, New Jersey and Nevada. This means that 45 states outlaw gambling, including supposedly progressive ones such as New York, Massachusetts and California!

In the past few years, however, New York, in particular, has been considering the possibility of winding down restrictions of gambling statewide. With the US gambling industry thought to be worth around $160 billion per year, it only makes sense that states will want to access some serious tax revenue, with New York a center for illegal gambling.

That’s right, illegal gambling is a multibillion-dollar industry in New York and some politicians have floated the idea of full legalization of all types of gambling in order to reap the tax rewards as well as battle organized crime, which currently controls most gambling activity in the state.

Luckily for gambling lovers in the UK, online gambling is fully legal. Indeed, mobile slots site fruityking.co.uk is just one of the many popular sites that Brits love to play at.

In this article, we will take a look at how online gambling legalization could benefit NY’s economy.

What is the legal situation around NY gambling right now?

All over the United States, the federal wire act stops the majority of types of online gambling. Yet, in 2018, the Supreme Court struck off a 1992 ruling that basically rendered all betting against the law.

For many, this raised hopes that regulations on both the federal and state playing fields will would begin to see a relaxation. The gambling industry is worth billions each year to the US economy and, at present, federal and state institutions are missing out on some serious tax income. On top of this, slot sites can pay out some serious winnings and you can read more about slots like Starburst online.

Although across New York state there have been plenty of words about legalizing online gambling and other forms of betting, little concrete action has thus far been taken to ensure that this dream becomes a reality.

What does the future look like for online gambling legalization?

Many are hoping that the coming years will bring some real alterations to the legal status of online gambling in NY.

One thing is for sure, the city’s economy would experience a real upsurge if the move were to go ahead, with New York state also sure to experience an increase in wealth. Tax revenue would go through the roof for new companies starting across the state, whilst the opportunity that would come with such a move would be unprecedented.

With New York City already well known as the capital of illegal gambling across the US, it only makes sense for the state to legalize the activity in all forms, allowing for the industry to flourish and billions of dollars to flood in.

Whether this will happen any time soon remains to be seen, yet many are extremely hopeful of a change sooner rather than later.