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Commercial gaming is one of the most financially successful sectors in New York, boosting job opportunities and local economic activity. Revenue reports from the New York State Gaming Commission indicate that commercial gaming revenue is up year over year.
While casinos contributed more than $54 million in gross gaming revenues, it’s worth noting that the success of New York’s gaming industry does not rely solely on land-based gaming venues. For instance, the state’s approval to launch the online sports betting market resulted in record-breaking wagering handles from top platforms like Sportsbook and DraftKings. Online sports wagering added $727.4 million in tax revenues in 2023, with the segment being projected to reach $1 billion in annual revenue this 2025.
Another key growth driver for New York’s commercial gaming sector is online poker, which is among the most popular games offered by internet gaming (iGaming) platforms. Considering that the state has started authorizing and regulating iGaming as part of the broader gaming sector, it can benefit from the impressive global online poker market value, which is estimated to reach $283.42 billion by 2032 and can thus contribute to annual tax revenues. Bringing online poker to nearly 20 million residents can help sustain New York’s gaming industry due to the game’s engaging features and benefits, as outlined below.
Online poker platforms prioritize safety and security
In 2023, New Yorkers spent a staggering $2.5 billion on online casino and betting platforms, adding an estimated $727.4 million to the state’s tax revenues. Given this substantial amount of spending on iGaming, gaming platforms must prioritize safety and security for all players to minimize the risk of financial losses and cyber crimes like identity theft and fraud.
Fortunately, modern poker brands are equipped with sophisticated security features to promote fairness and responsible gaming across cash games and tournaments. As the biggest online poker site in the US, America’s Card Room ensures that its poker games, which range from weekly promotions like Big Poker Thursdays to high-stakes tournaments, maximize game integrity. The platform provides a safe gaming experience through ongoing security efforts like using Captcha and blocking remote access tools, as well as incorporating Responsible Gaming settings and Player Protection into its software.
Online poker players enjoy diverse payment options
Online poker platforms also integrate safety, security, and convenience into their payment options. The diverse range of methods range from online banking and electronic wallets to cryptocurrencies, the latter of which are known to be less vulnerable to cybersecurity risks due to their adoption of digital ledgers and blockchain technology. In fact, there is a platform called CoinPoker, which was specifically developed for fully decentralized poker games and tournaments with crypto-based transactions via USDT, BTC, ETH, and more.
By enhancing the user experience through diverse payment options, online poker can attract and retain more players, ultimately contributing to the growth and success of iGaming and the broader gaming sector. Furthermore, the New York Department of Financial Services has recently announced a partnership with the Bank of England to harmonize regulations on crypto and other digital assets. This provides opportunities for New York’s gaming sector to support innovations and address complexities in the digital payment systems it incorporates into online casino games, including poker.
Emerging technologies incorporated into online poker
Much like online sports wagering platforms, online casinos that offer poker are also continuously innovating their websites and applications through emerging technologies, starting with artificial intelligence. Although a previous post expresses concerns over the threats of AI on labor relations and intellectual property rights, online poker companies leverage the benefits of AI in terms of its high-speed data processing power.
Whereas generative AI, especially when unregulated, can threaten jobs and industries, the type of AI used in online poker seeks to collect and analyze massive amounts of data on player behavior and patterns to reduce cybersecurity risks. AI-powered systems can monitor players and detect anomalies that point to irresponsible gaming and fraudulent behavior. These technologies can also automatically issue warnings and ban users to maintain the integrity of gaming operations cost-effectively and efficiently.
In summary, online poker can support the growth of New York’s expanding gaming industry by prioritizing safety, security, convenience, and innovation—factors crucial to an engaging gaming experience for all types of players. Continue reading Yonkers Times for more insightful news and articles.
