On Friday, New York’s regulator shared that operators of New York’s sportsbooks combined.
“What’s unique about Florida is that it is a state of 21, 22 million people, but more importantly, the tax rate is much more competitive here,” he said. “The tax rate in New York is 50%, and frankly, companies like ours, we didn’t even pursue that because at a 50% tax rate, you honestly cannot make money.”
The Seminole Tribe, which owns Hard Rock Bet, entered into a revenue share agreement with the state of being contested in court. Under the agreement, the tribe will pay the state 13.75% in revenue share and has agreed to pay $2.5 billion to the state over five years.
The Seminoles in November opened their Hard Rock Bet platform to some existing customers, and last week they expanded it to accept anyone in the state of Florida. Under the compact, the tribe is also allowed to offer craps and roulette in its casinos. It began a tiered rollout of those games last Thursday.
Specific to sports betting sites available to customers.
Fewer platforms historically mean lower handle b4n70
New York digital platforms went live in January 2022, and during the first fully mobile football season, handle reached a peak of $1.7 billion in January 2023. This football season, the numbers have climbed — New York became the first state since PASPA was overturned in 2018 to sur $2 billion in monthly handle.
Traditionally, states with fewer platforms underperform compared to states with more choices for consumers.
As an example, Iowa (population: 3.2 million) has 19 live digital platforms and Sports Handle‘s sports betting revenue database. In October, digital handle in Iowa was $222 million as compared to $190 million in Connecticut.
Two other states have digital monopolies — New Hampshire and Oregon. In Oregon (population: 4.2 million), DraftKings reported $72 million in digital handle in October and $61 million in September. In Louisiana (population: 4.5 million), where nine platforms are live, the state reported online handle of $276 million in October and $249 million in September.
In his interview with CNBC last week, Allen said, “Our goal has been to work directly with the leaders of Florida to offer the same exact scope that you find in any other state in the United States offered by all the publicly traded companies, whether that be FanDuel, or DraftKings, or MGM or Caesars.”
Over the weekend, the Palm Beach Kennel Club and the Seminoles announced a marketing deal in which the parimutuel will “encourage” s to the Hard Rock Bet platform, according to WPTV. Details of the deal were not immediately available.
Hard Rock has eyes on other prizes 4615e
While all eyes have been on Hard Rock Bet’s Florida gaming expansion, Allen said Florida is just a piece of a much bigger puzzle.
“The tribe has its sovereignty in the state of Florida, and that’s an amazing opportunity that we have based on the tribe’s history,” Allen said. “But when we look at the Hard Rock brand, we’re actually in 70 countries around the world.”
New York Mets owner Steve Cohen releases plans for $8bn casino in Queens
Cohen hopes to obtain a New York City casino licence with Hard Rock International.#US #NewYork #LandBasedCasino #Casinohttps://t.co/ZlmWIBOCBb
— Focus Gaming News (@FocusGamingNews) November 9, 2023
Hard Rock is among the companies trying to land a New York City casino license. While the tribe is not licensed for sports betting in the Empire State, which Allen said doesn’t bother him due to the tax rate, Allen said building a casino could potentially be profitable, as the current discussion would set the tax rate at a more palatable 25-35%.
