The talk of tax rates on NY sports betting revenue continues well into this summer.
In a recent story from Front Office Sports, it was reported that New York sports betting operators are unhappy with the 51% tax rate in New York and the strict rules that prohibit the deduction of promotions. This is, of course, not necessarily new, as there has long been griping about former Governor Andrew Cuomo‘s ‘compromise’ that brought sports betting to the Empire State.
With Cuomo resigned, the calls for change seem to have grown louder. There has not been much noise from new Governor Kathy Hochul‘s office that there is going to be any change coming. But there now seems to be an ongoing effort to paint New York’s tax rate as unfair to the companies that bid that rate as a condition of entry to the market.
NY sports betting tax rate a massive success for state
State coffers are more stuffed with NY sports betting dollars than even bullish estimates expected. To quote Charlie Sheen, even in typically slow months, New York is “winning” the sports betting game, at least from a taxation perspective.