Legislators in New York have put forward a new statute to permit wagering on sporting events. This legislation would authorize gambling houses to provide mobile sports betting. The lawmakers aim to levy a $12 million charge on each casino seeking to offer mobile sports wagering. They also intend to impose a 12% tax on all earnings derived from mobile sports betting. This represents a higher tax rate compared to the 8.5% tax currently imposed on in-person sports betting. The lawmakers further aim to authorize sports venues, such as stadiums, to offer sports betting. This proposal is beneficial as it will contribute to boosting state revenue.
Sporting event wagers will be sorted into three categories: the initial category is bets based on the concluding result of a sporting event, the subsequent category is all bets on the game that are not connected to the final score, and the third category is all other wager kinds not included in the first two.
Moreover, a 0.2% levy will be imposed on sports betting transactions, with the royalty charge being returned to athletic organizations, but game betting is only permitted when using official league data.
Adabo’s SB1183 has been presented to the Senate Racing, Gaming, and Wagering Committee, while Pretlow’s A1257 is currently in the Assembly Racing and Wagering Committee.
The proposition stands in contrast to plans Cuomo outlined earlier this week, which came after reports that he would drop his long-standing opposition to mobile betting.
The governor had previously argued that a constitutional amendment – and approval through a statewide vote – would be necessary to allow the channel in New York.
Read the complete article on iGB North America.
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