New York Regulators Agree To Fix New Rate of Tax for Online Sports Betting

New York Regulators Agree To Fix New Rate of Tax for Online Sports Betting

The regulators in New York have decided on a new rate of tax for online sports betting competition. The bidders must comply with the final tax rate matrix in case they want to be considered for the license. The new tax rate so decided for the online sports betting competition has not been released to the public.

Tax rate expectations

Even as the new tax rate has not been announced to the public, the new tax rate is expected to be more than 50%. The rate has been confirmed by the New York Gaming Commission to Elite Sports. The information as regards the revised rate has been made available to the bidders. The bidders now have until Monday, October 25, 2021, in order to make changes to their bids.

The New York Committee that is in charge of awarding the licenses with respect to online sports betting has made the changes with respect to the tax rate. It is this committee that has taken the decision regarding the determination of the tax rate that must be complied with by all the bidders in order to be considered for the competition.

In the requests for proposals, the Gaming Commission has stated that the aim was to set a tax rate of at least 50%. The final rate of tax that has been introduced is expected to be more than 50%. For Gov. Andrew Cuomo, the tax rate of more than 50% has been a major issue. He was not a supporter of the legalization of mobile gambling in the state of New York.

Tax rate highest in the country

The tax rate of more than 50% would be the highest rate for sports betting in the country. The tax rate in Pennsylvania is 36% whereas, in New Hampshire, the current tax rate is 51%. Sportsbooks in the state of Indiana is taxed at a rate of 9.5% whereas, in the state of New Jersey, sportsbook revenues are taxed at 13%.

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About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.