Despite launching just five months ago, online sports betting has generated more tax revenue in New York than in any other state, Governor Hochul announced on Tuesday.
Since January, New Yorkers have wagered $7.1 billion and generated $263 million in tax revenue. That revenue places New York ahead of other states, even those which have had legalized sports betting for years. Pennsylvania has brought in $253 million since launching in November 2018, and New Jersey has raked in $229 million since June 2018, according to Legal Sports Report.
The sizable figures are largely due to New York’s aggressive tax rate of 51% on gross gaming revenue, one of
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