Nebraska Launch on Hold, New York Making Changes?
The sports betting industry in the United States just continues to grow and it is an industry that is always in the news. Nebraska is a state that is working on launching sports betting, while New York is hoping to make changes to the industry.
If Nebraska is finally able to launch sports betting then you can expect it to be a relatively small sports betting market. That part of the country has not seen many legal sports betting options, and it could allow Nebraska to jump out to a big star.
New York has emerged as the top sports betting market in the United States, and it really hasn’t’ been close. Despite the massive growth of late, there is still one major rule that is holding this market behind.
Online sports betting works better in each state in which there is no clear favorite and the underdog teams are celebrated.
No Launch Date in Nebraska
Sports betting in Nebraska has been legal since May 2021, but residents of that state are not yet able to place any wagers. When the voters approved sports betting back in November 2020, retail sportsbooks earned the opportunity to offer wagers on sporting events.
The Nebraska Racing and Gaming Commission has continued to work on creating rules to govern the industry, and this has been a slow moving process. 2022 was supposed to be the year in which Nebraska sports betting launched, but there are now some serious questions that remain.
Nebraska has placed a restriction on betting on in-state college teams and that is going to limit the betting opportunities in the state. It is expected that there will be other retail sports betting opportunities at some point, but online sportsbooks will remain the top option in the state.
Tax Rate Crippling New York
The state of New York has quickly and easily become the top online sports betting market in the United States. There were some doubts if it could pass the state of New Jersey, but those concerns were handled almost immediately upon launch.
New York is a state that currently imposes a 51 percent tax rate on all sports betting revenue that is brought in by the sportsbooks. This tax rate is well above the national average and is challenging for the highest tax rate in the United States.
Lawmakers in New York have started to fight back against this rule as they are unwilling to pay 10% of all sports betting revenue to the state.
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