This isn’t the first time Pretlow has talked about getting more operators in New York. Last fall, when the New York State Gaming Commission released the final tax matrix which operators proposed as part of the solicitation process the lawmaker called on the state . That would have reduced the tax rate to 35 percent.
It also would have reduced the length of time platform providers received for their $25 million license fee. With a tax rate beyond 50 percent, sportsbooks got 10-year licenses in return. At a 35 percent tax rate, awardees would get five-year licenses.
Getting more licensees in New York would become a complicated matter, as lawmakers approved a concept pushed by former Gov. Andrew Cuomo in last year’s budget. That concept put the licenses up in a competitive bidding process. Applicants proposed the tax rate in their response to the solicitation, which officials set up to essentially ensure the winning applicants proposed at least a 50 percent tax.
Pretlow and Senate Racing, Gaming, and Wagering Chairman Joe Addabbo, D-Queens, previously pushed for a sports betting concept resembling what New Jersey proposed, with mobile licenses tied to casino operators.
Super Bowl Leads to Another Big Week in NYLater on Friday, the Gaming Commission released the latest handle and revenue figures from the state’s sports betting operators.
Through Super Bowl Sunday, New York’s mobile operators have reported a total handle of nearly $2.46 billion. That’s over 37 days. By comparison, Pennsylvania, the second-most populous state with statewide mobile sports betting, needed five months last year for its mobile licensees to report a combined handle of $2.54 billion. Mobile wagering started more than two years ago in the Keystone State.
Over the first five-plus weeks, New York operators have reported total gross revenues of $153.9 million. At the state’s aforementioned rate, it means that $78.5 million has been paid in state taxes.
DraftKings is responsible for $576.4 million of the handle, the third-largest amount among the seven active operators, and has reported revenues of $47.1 million, second only to Caesars since mobile apps went live last month.
For Super Bowl week, FanDuel’s $175.4 million handle topped the $121.5 million DraftKings reported. However, while FanDuel reported a gross loss of $2.7 million, DraftKings posted revenues of $11.3 million.
The statewide mobile handle for Super Bowl week was $472.1 million, with operators generating revenues of $15.4 million.
