New York's Gaming Tax Revenue Continues to Set Records
New York State set a US record in gaming tax revenue collections for the third month in a row collecting $75.6 million in the month of November. The previous highs were set in September ($73.1 million) and October ($74.2 million).
The highest in the nation tax revenues are a result of a record number of people betting along with the highest in the nation tax rate of 51% paid by operators.
Several sports gaming operators have reportedly complained to the state about the high tax levy. Senator Joseph Addabbo (D-15th District) told Legal Sports Report there is no plan to change the tax rate unless the state can be convinced of the benefits.
" Somebody’s going to have to make that realistic, fiscal economic argument that by doing that — reducing the 51%, increasing the amount of operators — benefits the people of New York State and increases the money for education,” he said.
During the calendar year, New York State has collected over $650 million in tax revenue from online sports betting.