1. 04-21-22 11:16 AM #1
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 57,803
    Betpoints: 9204

    New York State govt and books making bank

    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/new...etting-ladder/
    Reply With Quote Reply With Quote
  2. 04-21-22 11:29 AM #2
    pimike
    SPORTS IS MONEY
    pimike's Avatar SBR PRO
    Join Date: 03-23-08
    Posts: 37,100
    Betpoints: 90326

    Good


    Now use the money to clean up the streets
    Reply With Quote Reply With Quote
  3. 04-21-22 02:37 PM #3
    DontTailMe
    DontTailMe's Avatar Become A Pro!
    Join Date: 03-24-19
    Posts: 2,897
    Betpoints: 6810

    They can't because they've given all of those profits back in promotions
    Reply With Quote Reply With Quote
  4. 04-21-22 05:14 PM #4
    KS1986
    KS1986's Avatar SBR PRO
    Join Date: 05-20-17
    Posts: 550
    Betpoints: 9612

    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?
    Reply With Quote Reply With Quote
  5. 04-21-22 07:51 PM #5
    DontTailMe
    DontTailMe's Avatar Become A Pro!
    Join Date: 03-24-19
    Posts: 2,897
    Betpoints: 6810

    Quote Originally Posted by KS1986 View Post
    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.
    Reply With Quote Reply With Quote
  6. 04-21-22 10:36 PM #6
    Wilfred
    Wilfred's Avatar Become A Pro!
    Join Date: 08-19-12
    Posts: 1,908
    Betpoints: 528

    Quote Originally Posted by DontTailMe View Post
    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.
    Reply With Quote Reply With Quote
  7. 04-22-22 09:59 AM #7
    KS1986
    KS1986's Avatar SBR PRO
    Join Date: 05-20-17
    Posts: 550
    Betpoints: 9612

    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.
    Reply With Quote Reply With Quote
Top
« Previous Thread | Sportsbooks & The Industry | Next Thread »