New York Yankees president hopes for lowered sports betting tax rate, casino in Coney Island

New York Yankees president hopes for lowered sports betting tax rate, casino in Coney Island

Article brief provided by NY Online Gambling
  • Mark Saxon, NY Online Gambling
August 17, 2022 9:57 PM
  • Mark Saxon, NY Online Gambling

    Like most major sports teams based in states with legal mobile sports gambling, the Yankees – who have partnership deals with FanDuel, DraftKings, and Bally Bet, among other relationships – have a stake in making sure the industry thrives in the long run.

    For that to happen, one prominent Yankees executive thinks New York will have to lower the 51% tax rate it is charging the sportsbook operators. The state’s tax rate on gross gaming revenue of mobile operators is tied with New Hampshire for the highest in the nation.

    Proposals to lower the rate – either through re-writing the law or by adding more licenses – didn’t make it into the current state budget and will be pushed off until January, at the earliest.