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Wagering on lower tax rate? It’s a long-shot, because lawmakers want to keep NY’s 51% rate on mobile sports betting

  • / Updated:
  • Staff Report 

Don’t expect lawmakers to make any changes to New York’s 51% tax rate on mobile sports betting.

While there was some hope that an adjustment would be made after operators like FanDuel and DraftKings argued that a 51% tax would hurt growth long-term, lawmakers weren’t sold.

DiSanto Propane (Billboard)

The Governor’s budget projected nearly $900 million in tax revenue once again from mobile betting, which was only legalized in the last two years.

The winter months are some of the strongest all year with the Super Bowl and March Madness all playing out before April arrives. That means a large chunk of the hundreds of millions made through gaming tax collection has already been accounted for.

Operators like DrafkKings and FanDuel argued that they would need to limit promotions, which would slow play and growth if the 51% tax was not reduced.