Genetski admitted that it seems \u201ccounterintuitive\u201d to call for a tax cut. Still, FanDuel believes if New York adopted the 35% rate, it would allow the company to invest up to $250 million in advertising and promotional spending in the state. That would help FanDuel land 300K new customers and generate $350 million in gross revenue over three years.<\/p>\n<\/div>\n
\u201cWe want the same outcome the state does,\u201d he added. \u201cWe want the state to make more tax revenue because that means that our business is growing, and we do believe that by lowering the rate to increase investment, we do get there.\u201d<\/p>\n
The 51% tax came about due to the negotiations between lawmakers and then-Gov. Andrew Cuomo in 2021. Cuomo had previously resisted calls to legalize online betting but changed his tune as the state needed new revenue sources. He insisted any plan would require sportsbooks to pay at least a 50% tax.<\/p>\n
Should an expansion of sports betting be on the table in Albany this year, the online operators aren\u2019t the only ones who want to have a say.<\/p>\n
The New York State Restaurant Association (NYSRA) wants to see any expanded gaming bill include an option for kiosks at restaurants and bars.<\/p>\n
\nThe restaurant industry is well positioned to take advantage of this burgeoning marketplace and grow New York\u2019s sports betting footprint,\u201d Melissa Fleischut, president and CEO of the industry trade group, said in a statement. \u201cWe understand sports betting terminals and kiosks might not have a place in every restaurant, and expanding available licenses may not be a silver bullet for the industry. However, for those where this is a fit, the additional revenue from on-premises sports betting could mean the difference between closing and survival.\u201d<\/p>\n<\/blockquote>\n
Kiosks have been implemented in places like Ohio and the District of Columbia. NYSRA noted a DC sports bar generated nearly $1.5 million in gross gaming revenue since the start of the current NFL season last September.<\/p>\n
Supporting the restaurants and bars in the quest to get in on the action is Elys Game Technology Corp., a gaming kiosk producer. Elys Executive Chairman Michele Ciavarella said New York is \u201can optimal landscape\u201d for additional retail sports betting outlets.<\/p>\n
\u201cExpanding sports betting to the neighborhood sector, as proven in Europe for over 30 years, could play a pivotal role in recovery in the hard-hit leisure and hospitality sector, a vital component of New York City\u2019s economy,\u201d Ciavarella said. \u201cWe believe that fostering a retail market is a question of convenience that would allow a sports bettor the option of patronizing a local restaurant or sports bar while enjoying a sports event, as adopted in DC, Maryland, and Ohio, as well as Canadian provinces while contributing tax revenue for community services and infrastructure.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Top executives from FanDuel and DraftKings told New York lawmakers on Tuesday their companies will need to make drastic changes to operations in the largest US sports betting market. That’s if the state\u2019s 51% tax on revenues remains in place. DraftKings Cofounder, CEO, and Chairman Jason Robins, and FanDuel President Christian Genetski testified during a […]<\/p>\n","protected":false},"author":45,"featured_media":256961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[61,1074],"tags":[81842,81841,34,80968],"acf":[],"yoast_head":"\n
FanDuel, DraftKings: Promos Slashed If 51% NY Sports Betting Tax Stays<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n