NY Sports Betting 51% Tax Rate Likely To Stay

New York Online Sports Betting Operators likely still paid 51% tax rates The year 2023.

Despite their constant complaints, Assemble. Gary Pretlow said LSR He believes New York’s online sports betting tax rate will remain the same next year.

Last session, Pretlow introduced legislation to reduce the tax rate by increasing the number of operators. But this bid was unsuccessful.

“I tried to eliminate it because I thought (the tax rate) was too high,” Pretlow said LSR. “But I’m not going to take away from education to make more money because the operators are doing it. So I’m sure it will (stay).”

Making Dough NY Sports Betting

from January 8-12. 18NY online sports betting operators are consolidated 15.5 billion dollars handle, delivered 1.3 billion dollars gross for the game, a US record 660.4 million dollars in tax revenue.

New York also set US tax revenue records in each of the past three months (September-November).

The state is currently on pace to pass Gov. Cathy Hochul projection 615 million dollars in tax revenue from online sports betting FY2023 (April 1, 2022 to March 31, 2023).

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98% All tax revenue from online sports betting goes toward state education funding.

Operators are still complaining

Former Governor Andrew Cuomo Finally, the government gave in to sports betting with the idea of ​​making huge money.

The idea became a reality, but the tax rate made the Empire State’s path to profitability nearly impossible, operators say.

However, they willingly agreed to a 51 percent tax rate to gain access to the New York market.

Who’s complaining?

“Well, the tax rate is ridiculous.” Caesars CEO Tom Reed said LSR. “New Yorkers chose a much smaller pie than sports betting. They will have another bite with iGaming. In California, larger pies were available in smaller slices. I think it will be good for the state.”

“If the players always won, the players would never play, and if they always lost, the field could not continue to play.” BetMGM CFO Gary Deutsch said.

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Previously, Peter Jackson of FanDuel and Jason Robins of DraftKings were among other leaders who delivered keynote speeches. However, lobbying and legislative efforts to curtail it have been unsuccessful.

Promotional discounts cannot be used

There has been talk that allowing advertising discounts might be a compromise of sorts.

“That’s probably not going to happen,” Pretlow said LSR.

It should be noted in this regard Senator Pete Harkham He recently amended an unspecified bill aimed at tackling what he claims are “predatory” promotions for online sports betting.

Pretlow wants to expand the betting menu

New York sports bettors can look forward to an expanded menu of betting options.

Pretlow said LSR Legislation is planned to be introduced in the next session to allow betting on individual player award futures i.e. MVP, Coach of the Year, Cy Young.

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“I want to add more opportunities to get them closer to what they’re doing in (New) Jersey,” Pretlow said. LSR. “There are so many bets you can’t make. I want to include that kind of stuff.”

New York bettors are currently prohibited from betting on any prize futures that require a vote.

Pretlow said he’s confident the legislation will pass because it could raise the stakes.

More about NY sports betting

Pretlow wants to reconsider the legislation to add betting kiosks at the stadium. Additionally, he hopes to bring back gambling dens to NYC.

New York State is currently in the process of issuing casino licenses. The application must be submitted January 6. Proposals should include the following: Citi Field-Steve Cohen-Hard Rock and Times Square-SL Green-Jay-Z.

“Manhattan is very pushy,” says Pretlow. LSR. “I’m not saying it won’t happen, but it’s an uphill battle.”

Senator Joe Addabbo The iGaming Bill will also be re-introduced for the upcoming session.

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