Archived Thread

NFT: Draft Kings adding winners tax

ajr2456 : 8/2/2024 8:33 am

In states that tax them too high.

Quote:

The coming DraftKings winning bet surcharge tax rate will vary by state, but in an example $DKNG gave in Illinois with a winning $10 bet at +100, the bettor received back $19.68 instead of $20 due to the tax. That would roughly translate to an odds shift from +100 to -104.

This should not be allowed by the regulators.

what a crock of shit

bigbluehoya : 8/2/2024 8:35 am : link

did they give the list of states that would be subject to this?

RE: what a crock of shit

ajr2456 : 8/2/2024 8:36 am : link

In comment 16566599 bigbluehoya said:

Quote:

did they give the list of states that would be subject to this?

Not sure if the full list but NY is on it and I believe NJ.

Just Illinois, Vermont, NY and Pennsylvania

ajr2456 : 8/2/2024 8:39 am : link

On to one of the other 500

Jon In NYC : 8/2/2024 8:40 am : link

viable sites it is.

if it's only a tax on winners

oghwga : 8/2/2024 8:43 am : link

then I'm in the clear.

RE: Just Illinois, Vermont, NY and Pennsylvania

Danny Kanell : 8/2/2024 9:20 am : link

In comment 16566601 ajr2456 said:

Quote:

Shocker, shocker, shocker and shocker.

It’s just those states for now

UConn4523 : 8/2/2024 9:26 am : link

expect a full rollout, no reason to think otherwise.

Caesars has come out and said they

ajr2456 : 8/2/2024 9:30 am : link

Wouldn’t do it, hopefully FanDuel does the same

Do I get a tax refund when I lose?

ZogZerg : 8/2/2024 9:43 am : link

That's BS

Isn't this what they used to call a vig?

sb from NYT Forum : 8/2/2024 10:18 am : link

betting with bookies is a much better deal

Victor in CT : 8/2/2024 10:29 am : link

...

RE: Isn't this what they used to call a vig?

Mad Mike : 8/2/2024 10:43 am : link

In comment 16566686 sb from NYT Forum said:

Quote:

No. The odds already include that - on their bets in every state they're paying out less to the winner than they're taking from the loser. (They wouldn't be making money otherwise). This is a separate surcharge they're applying in certain states, based on those states taxing their revenue at a particularly high rate.

I expect the vig to go up in Massachusetts,

gridirony : 8/2/2024 1:54 pm : link

as a proposed bill is to increase taxes on operators from 15% (retail) and 20% (online), to 51% across the board.

I use

shocktheworld : 8/2/2024 7:04 pm : link

My local dude anyways… legit and no bs

Banks : 8/2/2024 10:49 pm : link

Bet rivers it is then. Fanduel has become junk over time. Draftkings has been slipping too. Plenty of options out there

RE: Just Illinois, Vermont, NY and Pennsylvania

JT039 : 8/2/2024 11:17 pm : link

In comment 16566601 ajr2456 said:

Quote:

Hmmm - expect more similar states to follow shortly.

RE: betting with bookies is a much better deal

djm : 8/3/2024 12:46 pm : link

In comment 16566694 Victor in CT said:

Quote:

...

Been saying this for the last few years. Legalized gambling is manipulative and diabolical. And it’s a higher vig or cost when you add it all up.