According to a new section added to the sports betting taxes — which include taxes on parimutuel wagering — nationwide for the third quarter were $505.96 million, a 20.5% increase against the same quarter in 2022, but about $65 million decrease against the the second quarter of 2023.
New York’s nine operators paid the state $188.53 million in taxes. The state in which operators contributed the next most amount of taxes was Pennsylvania.
New York has one of the highest tax rates in the nation at 51% of adjusted gross sports betting revenue while Indiana’s tax rate is 9.5% and its population is smaller than that of Ohio, Illinois, and Pennsylvania.
QTAX provides state and local tax data on everything from property tax to sales tax to income tax.
PENN prepping to launch ESPN BET in NY 1i556q
New York is currently the second-biggest state with legal sports betting behind betting app is doing will likely be when the QTAX reports Q4 results.
PENN Entertainment, the biggest operator to be shut out of New York when nine platforms were awarded online sports betting licenses in 2021, has plans to enter the state with its Massachusetts later this week.
