Mobile sports betting in New York has eclipsed $3.52 billion in wagers since January. That has resulted in $121.2 million in tax revenue to the state.
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On Jan. 8, legal mobile sports betting began statewide, with four of nine approved online bookmakers accepting bets on the first day. Four additional bookmakers have since begun operating in New York.
BallyBet New York is the only one of the original nine not yet accepting sports wagers. The app is expected to be available in the first half of this year.
In-person sports wagering has occurred at upstate casinos in New York since July 2019, but hasn’t been legal on mobile devices until this year.
FanDuel, Caesars Sportsbook in Billion Dollar Club
Two of the first four online sportsbooks took in more than $1 billion each in sports wagers from Jan. 8-March 6, according to New York State Gaming Commission figures released Friday.
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During that time, FanDuel’s “handle” — the amount of money bettors wagered on sports —was more than $1.2 billion. In the week-long period from Feb. 28-March 6, FanDuel New York took in $145.6 million in mobile sports bets.
Also since Jan. 8, Caesars New York Sportsbook has accepted more than $1 billion in mobile sports bets. This includes a Feb. 28-March 6 total of $91.8 million.
DraftKings New York, with a handle of $849.5 million since Jan. 8, is closing in on the $1 billion mark.
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Lawmakers Seek More Mobile Skins, Lower Tax Rate
As mobile wagering continues to rack up big numbers in New York, two lawmakers are seeking to lower the tax rate on sports betting by allowing more online bookmakers to operate statewide.
New York’s 51% tax rate is the highest in the nation, along with New Hampshire’s.
Sen. Joseph Addabbo, Jr., D-Queens, and Assemblyman Gary Pretlow, D-Mt. Vernon, have introduced bills that would increase the number of sportsbook licenses from nine to no fewer than 14 by Jan. 31, 2023.
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Under the legislation, this would allow the tax rate to go from 51% to 35%.
By Jan. 31, 2024, the number of mobile sportsbooks would go to no fewer than 16, lowering the tax rate to 25%.
Addabbo’s Senate Bill 8481 and Pretlow’s Assembly Bill 8658 are awaiting hearings in legislative committees.
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