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This week's gambling news finds amazing records for mobile sports betting in New York, even with an insane tax rate. Not to be outdone, Hawaii is now considering sports betting with an even higher tax rate.
And in case you missed it, more sports betting has launched in Louisiana.
Gambling in Hawaii could be a real thing if one politician gets his way. He wants Hawaii sports betting and introduced HB 1815 last week to do just that. In addition to allowing residents to bet on sports, the legislation says that “There shall be levied, assessed, and collected a tax of fifty-five percent on all winnings paid out to any person by a sports wagering provider. Yes, you read that correctly. A 55% tax. Initially, not everyone was happy about this as it appeared his 55% tax would be placed on the players. However, Mizuno was quick to clarify that the bill only aims to screw over the operators themselves, not those placing bets.
It’s only been a few weeks since New York mobile sportsbooks launched, and as one of the largest potential gambling markets in America, there’s lots of money to be made… and that’s exactly what state politicians were hoping for. Now, in just a few weeks of operation, the New York market is living up to expectations by bringing in just over $1.1 billion in sports betting revenue. These numbers mean that the operators generated over $91 million in profits in just over three weeks of operation. And at a tax rate of 51%, New York took in nearly $47 million.
Last Friday was the big day for Louisiana mobile sports betting, as six big-time operators officially go live in the state! the activity was originally legalized way back in November of 2020, but delays related to tax laws and the pandemic pushed the launch date back until now.
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