1. 02-03-23 04:51 AM #1
    Brooklyn Dick
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    Sports gambling execs plead with New York to lower taxes, threaten worse odds

    https://nypost.com/2023/02/02/draftk...rtsbook-taxes/
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  2. 02-03-23 06:00 AM #2
    Optional
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    Quote Originally Posted by Brooklyn Dick View Post
    https://nypost.com/2023/02/02/draftk...rtsbook-taxes/
    I think they are a flogging a dead horse when NY State had such a huge revenue last year, and the state looks like geniuses for the massive influx of money going in to education there already.


    Books will need to "saboutage" the market by giving bad odds and pushing people back to offshore to get NY regulators to go back on the huge 50% tax rate the books signed on for.

    50% tax is "stupid" and can't work if the state expects books to be competitive at all. But NY would not have that rate if operators like Draftkings and Fanduel did not legitimize it by signing.
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  3. 02-03-23 06:03 AM #3
    big joe 1212
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    Crazy tax rate

    If they worsen odds, they'll make even less money. The only action they'll be getting would be from the $10 bettors who don't know better.
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  4. 02-03-23 06:13 AM #4
    Optional
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    Quote Originally Posted by big joe 1212 View Post
    Crazy tax rate

    If they worsen odds, they'll make even less money. The only action they'll be getting would be from the $10 bettors who don't know better.
    NY also tax based on freeplays awarded as well. So they cost the books out of pocket on top of any potential player winnings. Which pretty much makes it untenable to keep offering them in the state ongoing.

    Something will need to bend to accommodate a sustainable industry.
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  5. 02-03-23 07:45 AM #5
    yisman
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    I know the books wanted in on NY as a huge market but I thought and still think it was foolish for them to sign on at this rate in the first place.

    Can't really make money this way.
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  6. 02-03-23 09:09 AM #6
    newton0038
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    I have been seeing -140 on both sides of live wagering at Fanduel Ontario. Fuk that noise
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  7. 02-03-23 09:16 AM #7
    bonzaii
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    Makes you wonder what the DOJ doesn’t go after offshore and close them down like they did in 2011 with Online Poker sites to get some of that offshore money to go to the legal sports books. It will happen eventually probably. Just of matter when they decide to do it.
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  8. 02-03-23 09:55 AM #8
    Snowball
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    system needs to stop billing free plays and promotions. some states do this.

    New York is trying to get the high revenue rate that states with lottery monopolies receive.
    some states even own, or owned their own casinos, or lease their operations.
    So, conceivably the states that have many decades of casino and lottery experience could side-step
    corporate books altogether and just keep 100% of revenues, that is a legitimate threat in some cases.
    It really is. States could run the whole show, and just contract-out what operations they can't handle.

    Draftkings is an exceptionally poorly run company that killed its own stock because of greed. When these co's say they are losing - that doesn't mean they are losing on a per diem basis it means when you add up all their fat living and handouts to corporate executives, then they struggle.. it's mostly crocodile tears.

    https://taxfoundation.org/sports-betting-tax-treatment/
    Last edited by Snowball; 02-03-23 at 09:59 AM.
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  9. 02-03-23 09:58 AM #9
    bonzaii
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    You can blame the greedy legislators who wrote tax bills and people behind the scenes who run things who rake in excessive profits for providing nothing of value to us consumers or peasants as they would refer to us.
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  10. 02-03-23 10:26 AM #10
    Snowball
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    Quote Originally Posted by bonzaii View Post
    You can blame the greedy legislators who wrote tax bills and people behind the scenes who run things who rake in excessive profits for providing nothing of value to us consumers or peasants as they would refer to us.
    They need the revenue because we're in end-stage capitalism. The bankers and their mega-corps killed the little guy
    and the little guy has to go on welfare. This was all predicted by the best minds.

    It's why the US overthrows all governments around the world that held control over the objects of necessity like utilities, energy, banks, money... Iran, Iraq, Libya, Venezuela, South Korea before 1980, etc. It's why they overthrew Ukraine in 2014 and are pushing us to fight Russia and China so they can bilk the whole world dry.
    Not going to hear this stuff on Fox or CNN. The left and right claw of the same beast.
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  11. 02-03-23 12:10 PM #11
    pavyracer
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    Why do all Sportbooks need to make money? In order to get the best ones offering services to gamblers you got to let the bad ones fail and go out of business.

    So if a car manufacturer makes shitty cars all the time the state has to bail them out so they can keep making shitty cars? How will then innovation happen? If Tesla didn't build electric cars do you think Ford and VW would have ever tried to build EVs on their own?
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  12. 02-03-23 12:33 PM #12
    StackinGreen
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    The sooner places like NY implode, the better.
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    matt711 gave StackinGreen 5 Betpoint(s) for this post.

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  13. 02-03-23 01:12 PM #13
    Bluehorseshoe
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    Quote Originally Posted by StackinGreen View Post
    The sooner places like NY implode, the better.
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  14. 02-03-23 03:05 PM #14
    RITZ
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    NY gambling corporations to make ends meet can just keep advertising the hell out of playing parlays and how great they are for big payoffs,...sucker bets.
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  15. 02-03-23 03:11 PM #15
    pologq
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    they say others are chomping to get in NY and have a plan on how to make money. fanduel and dk need to adjust their business plan some or suffer. tough shit for them.
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  16. 02-13-23 07:51 PM #16
    RobertAnthonyT7
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    The DOJ is Federal. They don’t give a shit about the individual states. If the sports gambling market was on a federal level - the FBI would have closed down all of offshore already.

    Quote Originally Posted by bonzaii View Post
    Makes you wonder what the DOJ doesn’t go after offshore and close them down like they did in 2011 with Online Poker sites to get some of that offshore money to go to the legal sports books. It will happen eventually probably. Just of matter when they decide to do it.
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  17. 02-13-23 07:52 PM #17
    RobertAnthonyT7
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    The State should work with the operators. That would be the smart move. One way is to allow more competition (books) while also lowering the overall tax rate. So NY will still rake in a ton of money.

    Quote Originally Posted by pologq View Post
    they say others are chomping to get in NY and have a plan on how to make money. fanduel and dk need to adjust their business plan some or suffer. tough shit for them.
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  18. 02-14-23 06:50 AM #18
    pologq
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    i am all for more books. more competition.
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  19. 02-14-23 08:11 AM #19
    Darkside Magick
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    In Ohio the tax rate is 10%...But when January reciepts came in and they saw the made more money than New York State which has 7x more people... Te Governor wants to raise it to 20%
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  20. 02-14-23 03:59 PM #20
    Optional
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    Quote Originally Posted by Darkside Magick View Post
    In Ohio the tax rate is 10%...But when January reciepts came in and they saw the made more money than New York State which has 7x more people... Te Governor wants to raise it to 20%
    Is that even a logical thought process?

    "Our system worked better, so let's change to the system that did not work as well"
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  21. 02-14-23 04:06 PM #21
    Darkside Magick
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    Quote Originally Posted by Optional View Post
    Is that even a logical thought process?

    "Our system worked better, so let's change to the system that did not work as well"
    I know right... The Governor ask for the raise in the upcoming budget... Ohio sports betting so far been great with so. Many bonuses and operators. If this get approved.. I feel some operators may leave the market
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  22. 02-14-23 04:10 PM #22
    Optional
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    Quote Originally Posted by Darkside Magick View Post

    I know right... The Governor ask for the raise in the upcoming budget... Ohio sports betting so far been great with so. Many bonuses and operators. If this get approved.. I feel some operators may leave the market
    For sure, Ohio has been a success because every operator wants a license there, so there is good competition allowing for perks to make odds competitive too.
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  23. 02-14-23 04:11 PM #23
    d2bets
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    Quote Originally Posted by Darkside Magick View Post
    In Ohio the tax rate is 10%...But when January reciepts came in and they saw the made more money than New York State which has 7x more people... Te Governor wants to raise it to 20%
    Even Illinois is "only" 15%. Figure a raise is coming at some point.
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  24. 02-14-23 05:24 PM #24
    matt711
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    I live in NY, your all spot on, terrible what they’re doing!
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  25. 02-16-23 04:41 PM #25
    Shifty
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    They are already giving poorer odds in NY. Some BetRivers moneylines are higher juice in NY than what they offer in other states. You can blame Cuomo, good riddance.
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  26. 02-17-23 10:37 AM #26
    RobertAnthonyT7
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    Not at the main books yet. Why would anyone use BetRivers anyway?

    Quote Originally Posted by Shifty View Post
    They are already giving poorer odds in NY. Some BetRivers moneylines are higher juice in NY than what they offer in other states. You can blame Cuomo, good riddance.
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  27. 02-17-23 10:40 AM #27
    RobertAnthonyT7
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    If the State has any sense they will work with the Operators. There’s a chance NY won’t because it’s run by a far left lunatic, with no common sense at all - Kathy Hochul.

    Bookmaker pays just as fast as the NY State books. Simple the best offshore book. Just a good idea to keep payouts less than $9500 if you’re a big player.
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  28. 02-17-23 12:08 PM #28
    edawg
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    Quote Originally Posted by Darkside Magick View Post
    I know right... The Governor ask for the raise in the upcoming budget... Ohio sports betting so far been great with so. Many bonuses and operators. If this get approved.. I feel some operators may leave the market
    Your dealing with people that think it was a good idea to burn off vinyl chloride for safety.
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  29. 02-17-23 12:35 PM #29
    edawg
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    Maybe they should worry about the people in East Palestine and put the extra gambling tax on the back burner for a while.
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  30. 02-17-23 01:28 PM #30
    blackbart
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    have you seen the handle in NY?
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  31. 02-17-23 01:45 PM #31
    pologq
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    Quote Originally Posted by RobertAnthonyT7 View Post
    Not at the main books yet. Why would anyone use BetRivers anyway?
    betRivers is not bad for me. have to pick your spots. i also like their points and level structure to get FP rewards.
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  32. 02-17-23 06:43 PM #32
    Optional
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    Quote Originally Posted by blackbart View Post
    have you seen the handle in NY?
    Yeah, it's big. People there want to sports bet.
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  33. 02-17-23 07:49 PM #33
    pavyracer
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    Quote Originally Posted by edawg View Post
    Your dealing with people that think it was a good idea to burn off vinyl chloride for safety.
    I'm not a scientist but burning it off may only have short term effects than letting it leak into the ground and contaminate the soil and groundwater which would have long term effects.
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  34. 02-18-23 01:27 PM #34
    RobertAnthonyT7
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    Quote Originally Posted by Optional View Post
    Yeah, it's big. People there want to sports bet.
    Bigger than LAS VEGAS
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  35. 02-18-23 02:17 PM #35
    Jayvegas420
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    I can't tell who fukked it up worse...Ontario or NY?
    "I'm from the government & I'm here to help"
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