New York State govt and books making bank

[Optional]

New York has provided a bonanza for the eight mobile sportsbooks operating there.

The three top producers in the state have combined for a staggering $4.55 billion in bets from Jan. 8 to April 10.

FanDuel Sportsbook has taken the lead over from Caesars Sportsbook and has generated $1.96 billion in wagering activity in New York since mobile betting went live in New York ($673 million in March).

DraftKings Sportsbook is second since New York’s mobile sport betting launch with $1.3 billion in wagers ($414.5 million in March), while Caesars, which was quickest out of the gate has reported $1.29 billion in bets during their first 100 days of operation in the Empire State ($273.4 million in March).

BetMGM generated $172.7 million in wagers in March, PointsBet $48.4 million, and Rush Street Interactive reported $41.6 million in wagers last month. The week of April 4-10 saw FanDuel alone report $142 million in bets, DraftKings take in $83.5 million, and Caesars rake in $49.3 million in sports bets.

https://www.sportsbookreview.com/news/new-yorks-climb-to-the-top-of-the-us-legal-sports-betting-ladder/

[pimike]

Good


Now use the money to clean up the streets

[DontTailMe]

They can't because they've given all of those profits back in promotions

[KS1986]

Doesn't NY have those ridiculous tax laws for sports betting? You have to pay taxes on winnings but can't deduct losses unless you file as a professional?

[DontTailMe]

Doesn't NY have those ridiculous tax laws for sports betting? You have to pay taxes on winnings but can't deduct losses unless you file as a professional?

That's true for the IRS, so all Americans. Well, you can deduct losses, but only if you itemize. And itemizing causes you to lose the standard deduction so you're not getting full credit of losses if you do that.

[Wilfred]

That's true for the IRS, so all Americans. Well, you can deduct losses, but only if you itemize. And itemizing causes you to lose the standard deduction so you're not getting full credit of losses if you do that.

Got a feeling this changes soon to just be a report net winnings, next few years.

[KS1986]

Crazy if you win 1k one week and lose 10k the next you still owe taxes on that 1k If they don't change that it will kill the gambling market in the US. The obvious answer is to tax net winnings for the year.