Sen. Joe Addabbo has introduced a bill that would increase the number of online NY sports betting operators, resulting in a tax reduction, as a way to start the conversation.
Under Bill S1962, the Empire State would have no fewer than 14 online New York sports betting operators by Jan. 31, 2024, and no fewer than 16 operators by Jan. 31, 2025.
NY made $909 million in revenue in its first full year of legal online sports betting, so it would be a daunting challenge convincing legislators to decrease the lucrative 51% tax rate.
Addabbo explained to LSR why he introduced the bill. “It’s a starting point for negotiations in this brand new legislative session on the cusp of the state budget,” Addabbo said Tuesday night.