NEw York – Bookielink

Tax Foundation research bears out diverse US wagering tax rates, barriers to entry

On Tuesday (17 September) the Tax Foundation released an interactive map that shows tax rates for every legal US online sports betting jurisdiction. The map reveals the diverse tax structures that exist across the country.
Operators must deal with separate sets of laws, regulations and tax structures in each jurisdiction in which they are licensed.

The map does not include the fees that operators must pay in each state. But according to the press release, high licensing fees are among the “common barriers” to entry. It uses as examples Massachusetts, which has a $5m (£3.8m/€4.5m) initial fee and $5m renewal every five years and Pennsylvania, which has $10m initial fee and $250,000 annual renewal.

New York, which is capped at nine operators, has the highest initial fee at $25m. In part because of that, only major US or global platforms are available in the state.

Cost of business related to survival in a market
The Tax Foundation also pointed to the requirement to be tethered to ..

July 17, 2024

Judge denies Jontay Porter’s request for his passport so he can play pro ball in Greece

On Tuesday (16 July), banned NBA player Jontay Porter filed a motion to get his passport back before sentencing in an NBA sports betting scandal, so he can play basketball in Greece. A district court judge denied the motion.

The motion, filed by Porter in the US District Court for the Eastern District of New York, included four requests:

1. for Jontay Porter to get his passport back;

2. to travel to and around Europe;

3. to live in Patras, Greece; and

4. to play pro basketball in Patras, Greece.

Porter last week pleaded guilty to felony charges and admitted to being part of a gambling scandal in which he removed himself from two NBA games so others could win their bets. Four others have been charged in the scandal.

Porter is set to be sentenced in December. Federal prosecutors are recommending that he serve 41-51 months in prison. He’ll also have to pay more than $450,000 in fines and fees.

Porter was released on $250,000 bond put up by his wife and mother.

Jontay Porte..

July 10, 2024

Ex-NBA player Jontay Porter pleads guilty to conspiracy to commit wire fraud

On Wednesday (10 July) former Toronto Raptor Jontay Porter turned himself in to federal authorities and pleaded guilty to a conspiracy to commit wire fraud in a sports betting scandal that involves four others. Porter entered his plea at the US District Court for the Eastern District of New York.

Federal prosecutors recommended 41-51 months in prison and Porter will have to pay more than $450,000 in fines and fees. According to the New York Post, Porter was released on $250,000 bond put up by his wife and mother.

NBA commissioner Adam Silver banned Porter from the league for life in April, several weeks after news broke that he may have violated league wagering rules. Porter tampered with two games so that his co-conspirators could win “under” prop bets. NBA players are allowed to gamble, but are forbidden from betting on basketball and from fixing games. Porter is the only NBA player to be banned or suspended for betting since PASPA was overturned in 2018.

According to a federal ..

July 8, 2024

Weekend Report: Labour win’s impact on gambling, FanDuel thriving in NY

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

New Labour government brings gambling uncertainty

Thursday’s (4 July) UK general election brought with it a significant shift in power as Labour claimed a huge majority. This ended a 14-year reign by the Conservatives and led to a major overhaul of key parliamentary personnel.

Lisa Nandy MP, who has taken over as the new secretary of state for culture, media and sport, will be charged with overseeing Britain’s gambling industry. On the World Series of Politics podcast prior to the election this week, Regulus Partners’ Dan Waugh outlined how a Labour government could impact the gambling industry.

“In terms of whether it has a major bearing on the gambling market, it’s unclear,” Waugh said. “From an industry perspective, it looks reasonably comforting. Labour is making some fairly positive noises about this.

“I’m not sure it’s that straightforward and the reason I say th..

July 3, 2024

US DoJ preps to criminally charge Porter with felony in illegal gambling scheme

Federal prosecutors in New York are preparing to charge Jontay Porter for his involvement in the illegal betting scandal that got him banned from the NBA. Porter's name appeared on a federal court docket on Wednesday (3 July), reports the New York Daily News.

Court papers were not immediately available but, according to the Daily News, the US Department of Justice (DoJ) will seek felony charges. Porter is accused of game fixing in an illegal gambling scheme. Four others have been arrested and arraigned for conspiracy to commit wire fraud in the case.

The Daily News wrote that Porter will likely be charged “through an ‘information’ document instead of an indictment, which typically happens when a suspect plans to plead guilty to the charges at the case’s onset”.

Porter allegedly removed himself from two Toronto Raptors games to allow bettors to win on “under” prop bets. DraftKings reported suspicious activity to the NBA after games on 26 January and 22 March. The four arrested..

July 2, 2024

Dog eat dog world? In US, Nathan’s Hot Dog Eating contest a kooky cultural event

The Nathan's Hot Dog Eating contest takes the idea of the traditional fourth of July barbecue to a new level. This year, the contest won't feel the same after 16-time champion Joey Chestnut has parted ways with organisers.

The Nathan’s hot dog contest, held at Coney Island in New York, pits America’s top competitive eaters against one another in a race against the clock. How many hot dogs and buns can a person eat in 10 minutes? You would be surprised – in 2021, Chestnut set a world record by eating 76, including the buns. It’s not pretty – but it’s pretty funny – to watch.

Competitors dip their buns and dogs in water to soften them up and then quite literally suck them down. Their cheeks bulge like chipmunks. Their faces anguish like marathon runners. The winner is the person who eats the most – and keeps it down. The contest isn’t just about speed.

The winner gets the coveted Mustard Belt, which looks a lot like a boxing championship belt… but with a hot dog and Uncle ..

June 6, 2024

Two more arrested in NBA betting scandal

Two more people were arrested and arraigned in the NBA sports betting scandal on Thursday (6 June) morning, the US Attorney's office for the Eastern District of New York announced. That brings to three the number of conspirators arrested. One still remains at large.

Timothy McCormack and Mahmud Mollah were both released on $50,000 bond on Thursday morning. They were questioned by federal investigators as early as 30 May, according to the complaint.

Both allegedly bet on games in which then-Toronto Raptor Jontay Porter removed himself early so certain prop bets would pay. Porter is not directly named in the complaint, but the complaint refers to an NBA player who was banned for life. NBA commissioner Adam Silver issued Porter with a lifetime ban in April. He is the only player in the league to have been banned for betting thus far.

Porter was found to have bet on Raptors games and shared personal health information with his co-conspirators.

Two suspects won more than $1m tota..

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Tag: NEw York