NYS Mobile Gambling finally approved

[cliftonparksufan]

 

[UpstateSM]

51% tax rate lmao keep your offshore accounts and bookies because the juice is going to be ridiculous

 

[cliftonparksufan]

51% tax rate lmao keep your offshore accounts and bookies because the juice is going to be ridiculous

Yes so does that mean the payouts will be different than from the same bet placed at the casino.

 

[GooseMutt]

Stop the car!

 

[PauliePeppas]

Buy the payment processors for these operators...$psfe

 

[Pdpay]

Only NY state could screw up mobile sports wagering. A 51 % tax rate is ridiculous and undoubtably the operators awarded licenses will have to pass these costs onto the bettors. Hence you will probably see vigorish prices of -115 for each side instead of -110. In addition, the sports books will probably not be giving out the bonuses and promos that you see them hand out in New Jersey and other states that are taxed at a lesser rate. If this is what is going to occur, people from NYC will continue to keep running to New Jersey to make their bets and bettors across the state will find other outlets(both illegal and legal) with whom to place their bets.

 

[UpstateSM]

Yes so does that mean the payouts will be different than from the same bet placed at the casino.

Short term I would say no but if books aren't as profitable as they would like/have planned to be I would guess you start to see some lines priced -115 instead of -110. Books will probably give you bad prices on futures but plenty do that already.

The fact that books are operating under a 51% tax rate tells you what kind of volume they're expecting, though. And how bad people are at gambling on sports haha

 

[richmondcuse03]

wow that's a crazy tax rate. apparently decreases to 35% once they jump from 9 to 13 operators so they're gauging the initial operators.

CT by comparison is 13 and then jumps to 20 after the fifth year I think.

I heard one of the CT sites has already overachieved their projections in the first few weeks by 2X and that's just through the State app (Sugarhouse). FanDuel and Draft Kings likely doing very well through their casino partners as well. NY is obviously a much bigger market.

The issue isn't so much jumping to NJ or CT as you need to be physically in the other states -- it's whether people still use illegal off shore sites and the State misses out on the corporate tax revenue and individual tax revenue on winners. I would have thought they would have done something more modest than 50 percent. However, the casinos know they can't have ridic vigs and it's all about acquiring customers right away. So I bet you see usual -110 lines for a while. Once they acquire customers and get them away from the offshore sites, they may change.

 

[Briancuse]

51% tax rate lmao keep your offshore accounts and bookies because the juice is going to be ridiculous

If they can get more operators on board that can go to the 30s.

 

[Chris02M]

51% tax rate lmao keep your offshore accounts and bookies because the juice is going to be ridiculous

drops to 35% once 4 more places are granted the operating