Albany, NY (WTEN) — The state legalized mobile sports gambling just one year ago. On Tuesday, experts and lawmakers held hearings to consider mobile gambling and its impact on the budget. He has nine operators operating mobile sports betting here in New York. Experts say the company has nearly $1 trillion in revenue and is already helping to strengthen the economy.
Significant revenues are spent on education with approximately $5 million for sports programs in underserved communities and $6 million to fund problem gambling organizations. But operators like DraftKings CEO Jason Robins say his current tax rate of 51% is unsustainable. “At current tax rates, regulated businesses do not pay taxes, fail to provide responsible gaming practices, and take steps to ensure that they offer bets to minors and excluded persons. It is at a huge disadvantage compared to illegal offshore operators who don’t,” he said.
Robbins said the state will not meet its forecast targets at the current rate of 51%. FanDuel president Christian Genetski agrees. He said that even if New York cuts its tax rate to match Pennsylvania’s (second-highest in the nation), it would be a step in the right direction. We have lower margins than any market, but New York is a very important market for us … so if we do well, so does the state,” he said.
Concerns raised by legislators include discouraging students on college campuses from participating in online gambling, identity theft of seniors using online gambling, and crime against people under 21 using legitimate accounts. and others. “Furthermore, there is little ability for authorized account holders to control when their accounts are made available for minors to participate,” said Robert Williams, executive director of the NYS Gaming Commission. says. Williams also said he was informed of 58 instances of minors using legitimate accounts.
Some say the online market could hurt casinos, but it’s too early to tell. The next meeting of the committee he will meet on February 27th. R.