Communicated Content – The gambling industry is growing rapidly throughout the United States, facilitated by the spread of more relaxed rules governing sports betting and mobile casinos. New York is at the heart of this revolution, with the NY mobile sports betting sector now one of the biggest in the nation.
But how does the gambling industry work in the Empire State, how much does it make, and what exactly do those laws say?
Online Gambling is on the Rise
As with most states in the US, NY has witnessed a significant rise in online gambling over the last couple of years. Residents shop, chat, and even work online, so it’s only natural that they will turn to their devices when they want to play a few casino games.
The US online gambling industry is still in its infancy when compared to other countries, but it’s growing rapidly and is set to become one of the world’s biggest within the next ten years or so.
In 2021, US gambling revenue broke $40 billion, and a large chunk of that comes from online gambling. To put that into perspective, the UK gambling industry is worth less than $20 billion and while its population is a fifth of the US, its gambling rules are much more relaxed and have been for many decades.
Sports Betting is Legal
The sports betting sector is one of the fastest-rising gambling sectors in the US and NY is no exception. It took a bit of a hit in 2020 and 2021 due to the pandemic, but it’s set for a massive 2022 with major events such as the Super Bowl, US Open, FIFA World Cup, and Winter Olympics, to name just a few.
Sports bets occur in the state’s casinos and the state’s lotteries are also allowed to run books on horse racing. The authorities still adopt somewhat of a hardline approach to this activity and it’s not as widely available as it is in Europe, Australia, and other countries, but it’s getting there.
To ensure that you are gambling legally in New York, stick with the state’s major casinos. Not only can you use these to play a host of table games and slots, but they also run sportsbooks where you can bet on dozens of games across a number of sports. You can even use your cell phone to gamble.
Taxes
In many countries, you are not taxed on your gambling winnings. In the state of New York, however, all gambling winnings are taxable, including winnings from sports betting, online gambling, casino gambling, and lotteries.
If your winnings exceed a specific threshold, the IRS will be notified, so if you’re thinking that you can hide your winning streak from the authorities, think again!
Gambling taxes are typically around 24%, but they may vary depending on your winnings and tax bracket. It’s a lot, but trying to avoid those taxes could be even more expensive and troublesome in the long run.
Gambling taxes help to drive the state economy, generating millions of dollars in annual revenue.
