Senator Addabbo introduced a measure that would increase the number of online sportsbooks by 7 and would reduce the tax rate to 25%

Introduced by Senator Joe Addabbo, SB S1962 is a measure that, if passed, would increase the total number of licensed sportsbooks. This would, most importantly, decrease the overall online sports betting tax rate. The measure was introduced by Addabbo yesterday and handed to the Senate Committee for Racing, Gaming, and Wagering.

As outlined in the measure, it would “amend the definition of sports wager to include other things of value.” It would also introduce important changes to the licensing requirements for operators that wish to offer mobile sports betting products. Lastly, it envisions the introduction of several new sportsbooks and the adjustment of tax rates in accordance with the number of operators.

According to SB S1962, the New York State Gaming Commission is to have fourteen licensees by January 31, 2024, and sixteen operators by January 31, 2025. In short, if the bill passes, New York will issue licenses to seven new sportsbooks by 2025.

As soon as the 13th license is issued, the New York online sports betting tax rate would fall to 35%. Then, once the 15th operator hits the market, the rates would be further reduced to 25%. The bill also notes that new sportsbooks would have to pay a $50 million licensing fee.

 

[Julio88]

Introduced by Senator Joe Addabbo, SB S1962 is a measure that, if passed, would increase the total number of licensed sportsbooks. This would, most importantly, decrease the overall online sports betting tax rate. The measure was introduced by Addabbo yesterday and handed to the Senate Committee for Racing, Gaming, and Wagering.

As outlined in the measure, it would “amend the definition of sports wager to include other things of value.” It would also introduce important changes to the licensing requirements for operators that wish to offer mobile sports betting products. Lastly, it envisions the introduction of several new sportsbooks and the adjustment of tax rates in accordance with the number of operators.

According to SB S1962, the New York State Gaming Commission is to have fourteen licensees by January 31, 2024, and sixteen operators by January 31, 2025. In short, if the bill passes, New York will issue licenses to seven new sportsbooks by 2025.

As soon as the 13th license is issued, the New York online sports betting tax rate would fall to 35%. Then, once the 15th operator hits the market, the rates would be further reduced to 25%. The bill also notes that new sportsbooks would have to pay a $50 million licensing fee.

These rules are quite strict and can have a double effect, to be frank. In as much as it would reduce gambling and would disarm more addicts, the revenue obtained from winnings would also drop drastically

 

[Nii]

Senator Addabbo's proposal to increase the number of online sportsbooks and lower the tax rate is a positive step towards expanding the sports betting industry and boosting state revenue. It would encourage more casinos to spring up.

 

[Julio88]

Senator Addabbo's proposal to increase the number of online sportsbooks and lower the tax rate is a positive step towards expanding the sports betting industry and boosting state revenue. It would encourage more casinos to spring up.

Oh sorry, I did not read the story so well. I was under the impression that the Senator was ready to lower the number of casinos but this is not the case. This will definitely improve gambling in those quarters, no doubt