New York Senate approves sports betting tax

The new budget for New York State includes taxation on sports betting
The new budget for New York State includes taxation on sports betting

The New York State Senate has passed the State Assembly’s budget proposal including a licensing fee and taxation for sports betting.

US.- The New York Senate has passed the state’s 2021-2022 budget including a licensing fee and tax rate for the operation of mobile sports betting, which much be secured through one of New York state’s land-based casinos.

The licensing fee has been set at $12m. The tax rate will be 8.5 per cent of GGR for land-based sports betting and 12 per cent for mobile.

The Senate has also passed a proposal to include a “sports wagering royalty fee” of 0.2 per cent of the total amount wagered to be remitted to the gambling regulator.

The assembly has predicted that the fiscal impact of mobile sports betting on the state of New York will be $180m in 2022, $86m in 2023, $112m in 2024 and $118m in 2025.

State senator Joseph Addabbo Jr., who has strongly supported the introduction of sports betting in New York, said: “I appreciate the efforts of my Senate colleagues and staff for all the work that produces the Senate One-House Budget, especially in terms of including mobile sports betting and the expediting process for New York State’s three unused downstate casino licenses.

“This brings us one step closer to giving people a way to responsibly, legally and safely place bets from anywhere in New York.”

In this article:
gambling regulation Sportsbook