\nWe simply can’t apply our capital against an irrational investment thesis,”<\/strong> said Gary Deutsch, chief financial officer of BetMGM. “Players would never continue to play if the house always won, and the house cannot continue to play if it’s always going to lose.”<\/strong><\/p>\n<\/blockquote>\nNew Jersey lost its title as the nation’s richest sports betting state when online sportsbooks in New York went live in January 2022. Prior to that, residents in New York City frequently traveled to New Jersey to place their bets online.<\/p>\n
The George Washington Bridge, as well as the Hoboken PATH and Secaucus New Jersey Transit train stations, were frequently littered with sports bettors placing their bets via their mobile devices. While the emergence of New York’s online sports betting market rendered the need to make the short jaunt into New Jersey to place a bet obsolete, the Empire State’s high tax could result in some players returning.<\/p>\n
New York books have already reduced or removed altogether their promotional incentives for new customers. And with their net proceeds taxed at 51% — 36.75% higher than New Jersey’s 14.25% online sports betting tax — New York books are struggling to offer similar or better odds than their Garden State counterparts.<\/p>\n
State Benefit<\/b><\/h2>\n
More than $7.6 billion has been wagered on sports online in New York since January. Oddsmakers have kept $534.7 million of the bets, which includes revenue that was won back after giving players free or promotional betting funds.<\/p>\n
The state’s cut of the $534.7 million equates to more than $272.7 million. The operators kept $262 million.<\/strong><\/p>\nNew York designates the bulk of its mobile sports betting tax for education. State lawmakers, including Gov. Kathy Hochul (D), have not yet commented on the industry’s tax reduction plea.<\/p>\n","protected":false},"excerpt":{"rendered":"
Some New York online sportsbooks are having a bit of buyer’s remorse. That’s after discovering the difficult regulatory conditions imposed on their mobile operations. New York’s sports betting law levies the highest online tax rate in the country. Mobile sportsbooks like BetMGM, DraftKings, and FanDuel are subject to a 51% tax on their gross sports […]<\/p>\n","protected":false},"author":25,"featured_media":218386,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,1074],"tags":[],"acf":[],"yoast_head":"\n
New York Online Sportsbooks Petition State for Lower Tax<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n