Online Poker Regulation Hearing to be Held in September
Advocates for regulated online Poker will be happy to know the New York Senate for Racing, Gaming and Wagering Committee will be holding a hearing with regards to ipoker regulation in September.
The hearing is to be held at the bidding of Senator John Bonacic. He proposed the online poker legislation (S 5302) during May however that still has to gain any traction. This bill will be presented to the committee, and Sen. Bonacic will be chairing it. The date is still to be confirmed most likely after Labour Day
According to Gambling Compliance committee the September hearing will just be an information gathering and exploratory meeting, this is because the New York State legislature has to still take the first steps, towards the long and winding path, before the bill eventually becomes law. Observers in the industry are almost all in agreement that the Empire State's possibility of passing the ipoker legislation during 2015 are practically nil, however, there is a possibility that it could happen in 2016.
Who is invited?
It is expected that those who will attend the hearing together with lawmakers will be various stakeholders involved in the gambling industry.
Mr. Binacic said that he intends to bringing in MGM and Caesars, all of his casinos, OTB's and Racinos. What will happen is they will discuss the pros and cons of moving the legislation.
The legislation hasn't been moving due mainly to New York who has been concentrating on the land-based gambling expansion. The Gaming Facility Location Board recommended the licenses for three of the new upstate casinos last December. When that project is moving forward, then it is likely that the New York legislators will begin to take a more serious approach to the regulation of online poker.
In a study conducted by MGM resorts during 2014, indications showed that New Yorkers love online poker and it was found to be more than $100 million annually However any predictions with regards to ipoker revenues need to be
But projections regarding possible ipoker revenue must be considered carefully, especially after neighboring state of New Jersey has 'missed the mark' completely when they compared reality with expectations.
New York has a population of just under 20 Million and they rank third behind Texas and California. If New York decides to partner with Delaare Nevada and New Jersey to increase liquidity then there will be a viable and regulated Online Poker regime, this would likely attract more states to come abroad.
Mr. Bonacic's bill S 5302 is a poker-only legislation, just as a similar bill was (S 6913) which he present last year. The Tax rate he proposed is set at 15% of Gross gaming revenues (GGR) plus a $10 million licensing fee set over a 10-year period. A cap is also set on the number of licenses that will be issued at 10.