Since the announcement, DraftKings stock was trading as much as 8% higher to $27.98 per share from Thursday’s closing price of $25.80. “The 51% tax on revenue in New York will not impact the vig on bets offered in New York,” DraftKings Director of Communications Stephen Miraglia said.ĭraftKings is one of four online gaming companies granted 10-year licences by the New York State Gaming Commission to operate in New York, the others being Caesars Sportsbook, FanDuel and Rush Street Interactive. And if the high tax rate eats into profitability, would online gaming companies even enter the New York market? The lingering question is whether the higher cost of operating in New York would be passed along to bettors in the form of potentially greater odds bettors must pay to place wagers – known as the vigorish, or vig, a Yiddish word meaning sweetener. The action begins at 9:00 EST (UTC-5) on 8 January. The decision by the Empire State to legalise online sports gaming is expected to produce a windfall for both the state and the sportsbooks despite the highest-in-the-nation 51% tax levied on gaming revenues. Four granted gaming licenses in New York - Photo: Shutterstockįour betting platforms will be allowed to take online sports wagers beginning tomorrow in New York, the largest state thus far to allow such wagering.
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