Online sports betting licenses announced in New York

[carlitosway]

Licenses have been announced for online sports betting in the state of New York. So has the tax rate, which is something that really stood out for industry analysts.
On Monday, the New York State Gaming Commission announced that online sports betting licenses would be granted to DraftKings, BetMGM, BetRivers (Rush Street Interactive), WynnBET, PointsBet, Caesars, Resorts, FanDuel and Bally Bet.
Those sportsbooks will be asked to pay a 51 percent tax rate on gross sports betting revenue, which is about five times higher than the national average. Even with the state’s huge population, the high tax rate will be something to contend with for the operators.
Penn National (Barstool), bet365, theScore Bet, FOX Bet and Fanatics Sportsbook had their applications denied.
As recently written by Ben Fawkes, New Jersey just had its first billion-dollar month in betting handle. Today’s announcement will cut into New Jersey’s betting numbers, as it is estimated that about 25 percent of the NJ handle comes from the state of New York.
There is no projected start date at this time for online and mobile sports betting in New York, but a reasonable guess is that the testing and the final hurdles will be cleared around the New Year, which would mean that the sportsbooks would be up and running well in advance of Super Bowl LVI on Feb. 13.

 

[SmallDaddy]

This bonus whore is back in business!!!!

 

[SmallDaddy]

I holla for a dolla!!!

 

[SmallDaddy]

BTW doesnt it make you sick how the major sports treated gambling/gamblers like scum for DECADES and now that they found a way to make a buck on us, they actually promote gambling DURING games! (like during the WS)

 

[HacheMan]

51 percent jeeez

 

[SmallDaddy]

50 percent tax rate????

That cant be profitable.
Hold on straights is not much. Then you got promos and bonuses, advertising (Jessie's fine ass aint cheap you know).
Leagues will want their cut.. etc, etc...

 

[JackStraw77]

They won't be offering big sign up bonuses with that oppressive a tax rate. Really surprised the books want licenses there when they have to fork over so much of their profits to New York state,

 

[carlitosway]

They won't be offering big sign up bonuses with that oppressive a tax rate. Really surprised the books want licenses there when they have to fork over so much of their profits to New York state,

Big money, big money no whammys!

I think they will offer bonuses to match NJ or else those customers could take their business to NJ.

 

[Biggins]

Isn’t this what we used to talk about back in the day that when it’s legalized we’ll still use offshore because our government will fuck it up. Well here we are all though regulation might be a good thing but when’s the last time we’ve heard off an offshore book stiffing.