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Online Sports Betting Operators in New York probably still pay 51% tax rate of 2023.
Despite their constant complaints, Assemble.Gary Pretrow Said LSR He is “almost certain” that the controversial online NY online sports betting tax rate will remain the same next year.
In our last session, Pretlow introduced a bill that would reduce tax rates by increasing the number of businesses. However, the bid was unsuccessful.
“I thought[the tax rate]was outrageous, so I tried to stop it,” Pretrow said. LSR“But the operators are doing it, so I’m not going to educate them to make more money.”
NY sports lottery making fabric
from January 8th to December 18tha New York-based online sports betting operator, $15.5 billion lead to $1.3 billion Total game revenue and US records $660.4 million with tax revenue.
NY also set a U.S. monthly tax record for each of the past three recorded months (September to November).
The state is now on pace to outperform Governor Kathy Hochul projection of $615 million Tax revenue from online sports betting 2023 (April 1, 2022 to March 31, 2023).
98% All tax revenues from online sports betting are used to fund education in the state.
the operator is still complaining
Former Governor Andrew Cuomo Ultimately, the state gave in to sports betting with the idea of making a ton of money.
That idea has become a reality, but businesses claim the tax rate has made their path to profitability in the Empire State nearly impossible.
Nevertheless, they happily agreed to a 51% tax rate to gain access to the New York market.
who is complaining
“Well, the tax rate is ridiculous” Caesars CEO Tom Reed Said LSR. “New Yorkers chose a larger portion of the smaller pie than they got with sports betting. They use iGaming to get another bite. We can. I think the state will end up doing better.”
“If the house always wins, the player never keeps playing. If the house loses all the time, the house cannot keep playing.” BetMGM CFO Gary Deutsch Said.
Before, FanDuel’s Peter Jackson When DraftKings Jason Robbins I was among other executives who made sharp remarks. So far, however, lobbying and legislative efforts to reduce them have been unsuccessful.
Probably no promotional deductions
There has been talk that perhaps allowing promotional deductions could be a compromise of sorts.
“It probably won’t happen,” Pretrow said LSR.
In that respect, it should be noted that Senator Pete Harcum He recently introduced vague bill amendments to combat what he claims are “predatory” bonuses for online sports betting.
Pretrow wants to expand its betting menu
New York sports bettors can expect an expanded menu of betting options.
pretrow said LSR He plans to introduce legislation allowing betting in the next session. Individual Player Award Futures That means MVP, Coach of the Year, Cy Young, etc.
“I want to get more opportunities to get closer to what they do in (New) Jersey,” Pretrow said. LSR“There are too many bets I can’t make. I want to incorporate those things.”
New York state bettors are currently prohibited from betting on prize futures that require a vote.
Pretlow said he was “pretty confident” that the bill would pass, given the chances of it becoming law.
Learn more about NY sports betting
Pretlow wants to revisit legislation to add gambling kiosks inside stadiums. Additionally, he wants to bring the off-track betting (OTB) parlor back to New York.
NY is currently going through the licensing process for its downstate casinos.Application requests must be issued by January 6The proposal should include something like Citi Field – Steve Cohen – Hard Rock When Times Square – SL Green – Jay – Z.
“There’s a lot of backlash in Manhattan,” Pretrow said LSR“Not saying it won’t happen, but it’s an uphill battle.”
Senator Joe Adabo We will also reintroduce the iGaming bill for the next session.
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