BetMGM CFO, Gary Deutsch says the company is taking a conservative approach until New York does something about its insatiable tax appetite. Deutsch was speaking at BetMGM’s investor day where it was announced that the company had realised $5 million in April from its NY operations.
New York Tax Choking Business
Deutsch then went on to say that
“The specific problem in NY is that it has a high 51% [tax on] gaming revenue and that it applies that rate to ‘phantom’ revenue from promotional credits.” He also said, “That means that the real tax rate on net gaming revenue is well over 100%.”
While still hoping for favourable tax conditions to prevail in New York, Deutsch pulled no punches when he stated that,
“We simply can’t apply our capital against an irrational investment thesis. Players cannot continue to play if the house always wins, and the house cannot continue to play if it will always lose.”
Who is BetMGM
BetMGM is an established sports betting company available in many US jurisdictions. BetMGM is also one of the casino companies that enjoys a presence in all legalized states.
New and regular players in regulated states enjoy a plethora of online casino games when they land on BetMGM. The largest number of games is available for players in New Jersey – over 1500, but other states still have lots to offer.
The BetMGM Welcome Bonus
Generous bonuses await new players signing up for the casino. BetMGM offers a 100% deposit match of up to $1000. You can also claim the free $25 no deposit offer – yours for only opening a new BetMGM account. Whichever way you try to slice it, the BetMGM welcome package is one of the best thus far.
Until the tax situation changes in New York, players in this jurisdiction will not enjoy the full features offered by BetMGM. We will keep an eye on the situation for you, and you can check out our provider reviews and casino reviews for the latest information.