Because of New York's 51% tax on sports wagering, sportsbook operators find it difficult to turn a profit. For this reason, gaming companies are becoming more selective about their promotions in the state.
Sportsbook operators in New York are spending 22 cents for every $1 on promotional expenses, according to a recent report from a Deutsche Bank analyst to clients. This means that after taxes, the gaming companies have just 27 cents left over to pay employees, spend on marketing and technology, and pay federal taxes.
Sportsbook operators in New York are spending 22 cents for every $1 on promotional expenses, according to a recent report from a Deutsche Bank analyst to clients. This means that after taxes, the gaming companies have just 27 cents left over to pay employees, spend on marketing and technology, and pay federal taxes.
