NY – State legislators were hoping to get this matter resolved this session. But it doesn’t look like that will happen. “It’s just not going to happen” one source said Thursday. “I just don’t see a path forward with the amount of time left.”
Those in favor of legalizing online wagering in NY have good reason. Assemblyman Gary Pretlow (D-Mount Vernon) said the state is losing out on tax revenue as New Yorkers either turn to illicit online-betting platforms or travel to neighboring New Jersey to place wagers.
There is so much red tape in getting these sports betting bills off the ground. They are being fought in most states by the native American tribes who have most of the gambling rights. Even this New York bill, if passed, will require a $12 million licensing fee and an 8.5% tax gross tax on sports betting and a ridiculous 12% tax on mobile sports betting. The fact is that sports betting operators make money on fairly slim margins, especially when compared to the profits of other games of chance. In fact, in Las Vegas, where sports gambling has been legal for decades, almost every other type of bet is more profitable for the casino.
We will be revising our estimate on our state-by-state legality chart for the state of NY. It is being changed from 2019 to 2020.