Yes, we’re talking about mobile sports betting again… and just in time for the Thanksgiving break! On our last show before the holiday we reveal the operators approved to operate in New York state, and the tax rate those operators will have to pay! We’re also still waiting on a decision from a judge about Florida sports betting! Plus, there is news on the Bicycle Casino in California, and we have a new interview to share!
Back around Halloween I told you guys about the preposterous tax rate being proposed by New York state for mobile sports betting. A tax rate dependent on the number of operators they approved. Now, if 10 or 11 operators got approved, the tax rate would be 50%… But 12 or more operators and that tax rate would fall to something more reasonable… about 35%.
Well guess what! The state has finally released the names of the operators they approved! These operators! And if we take a quick count of the names on the list that’s here, well… what do you know! There are 10 names on that list! Which means New York’s ridiculous tax on mobile sports betting is about to become a ridiculous reality!
Now I’m not going to come right out and say that New York state deliberately chose a minimum of operators in order to get a higher tax rate, because saying that would be wrong. However, I will imply it, as you take a look at the list of operators who did not get approved… and there are some big names on that list! But approving everyone would have meant a lower tax rate, so you do the math!
Meanwhile in Florida I have no damn idea what’s going on in Florida, because a federal judge was supposed to release her decision about the state’s agreement with the Seminoles to bring sports betting to that state by November 15th… and I waited all damn day for that decision to come… and nothing! To be clear, this case has serious ramifications… not just for sports betting but for mobile gaming, tribal gaming, and online casino gambling as well. And let’s not forget there are billions and billions of dollars at stake here!
Knowing my luck, and the fact that I’m about to take a week off for Thanksgiving, the judge in this case will most likely release her decision about the same time I’m releasing this video to you good people, making me look like a jackass! Or, a bigger jackass than normal.
Since we’ve been speaking so much about sports betting on this program, it’s only fitting then that I tell you about the release of our interview with the American Gaming Association, I spoke with Casey Clark of the AGA about betting on sports in America, and whether or not the pandemic may have actually helped with mobile sports betting. Plus, if that expansion could be a catalyst for the growth of online casino games! This video, along with other interviews and game reviews, is available on our YouTube channel.
And finally this week, the Bicycle Casino near Los Angeles, California, has been fined $500,000 for allowing a player to bet over $100 million during an eight-month period… without properly reporting his cash transactions to the Internal Revenue Service. You see, just like traveling across an international border with more than ten thousand dollars in cash requires reporting to the IRS, casino transactions of ten thousand dollars or more in cash must also be reported to the IRS, which the Bicycle Casino did not properly do. We call that a ‘bad bet’.
Of course, if you consider the probability that of the $100 million dollars gambled by this player the casino probably won at least 1% (or one million dollars), and you subtract that half a million dollar fine, well… once again, you do the math! And remember, I’m off next week for Thanksgiving!