New York State Senate passes budget with online sports betting measures
The budget reflects many of the stipulations published earlier this week in the State Assembly’s proposed budget, including a $12m licensing fee for the operation of mobile sports betting, to be secured through one of New York state’s land-based casinos.
For land-based sports betting, the Senate has proposed a tax rate of 8.5% of GGR, while for mobile a tax rate of 12% is proposed, as was also recommended by the State Assembly in its budget proposal.
In addition, it has passed a proposal to include a “sports wagering royalty fee” of 0.2% of the total amount wagered, to be remitted to the gambling regulator.
State senator Joseph Addabbo Jr., a long-time supporter of the introduction of sports wagering to New York, commented on the proposal.
“I appreciate the efforts of my Senate colleagues and staff for all the work that produces the Senate One-House Budget, especially in terms of including mobile sports betting and the expediting process for New York State’s three unused downstate casino licenses,” he said.
“This brings us one step closer to giving people a way to responsibly, legally and safely place bets from anywhere in New York.”