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  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    Just wanted to point out the major player for DFS Bill in NY had an update today, seems very positive

  • DougFunny

    this seems like good news
    http://www.nydailynews.com/new-york/new-legislation-new-york-fantasy-sports-games-article-1.2650128?cid=bitly

  • YeahYou

    I heard it does not look good

  • Galante118

    • Blogger of the Month

    Instead of the few guys saying “I heard it doesn’t look good” elaborate. Where did you hear that, from who, etc…otherwise your post is absolutely useless.

  • FrancisBooth

    @Galante118 said...

    Instead of the few guys saying “I heard it doesn’t look good” elaborate. Where did you hear that, from who, etc…otherwise your post is absolutely useless.

    It was the same two people basically and I linked an article the other day that was probably what they were vaguely referencing. Regardless, we got good news from the NYDN article today IMO. Good news far outweighs one article on some small site that ordinarily brings our industry down anyway.

  • YeahYou

    I was being sarcastic to the guy who came in and said that based on one small article

  • rebkell

    @DougFunny said...

    this seems like good news
    http://www.nydailynews.com/new-york/new-legislation-new-york-fantasy-sports-games-article-1.2650128?cid=bitly

    They are really wanting their pound of flesh:

    >> both require daily fantasy sports sites to pay licensing fees to the state and impose an annual tax equal to 15% of their gross revenues after prizes have been taken out.

  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    15% tax on NYS NET Revenue is something the sites will gladly pay.

    That is 15 cents from your $1 rake of a typical $10 game, which the sites will gladly pay to get NY back

  • yanks237

    @britdevine said...

    15% tax on NYS NET Revenue is something the sites will gladly pay.

    That is 15 cents from your $1 rake of a typical $10 game, which the sites will gladly pay to get NY back

    Or they just increase rake to 12% and its now $1.20 of rake with $0.18 tax and they are actually making out on the deal. But if it means DFS in NY I will take it!

  • theoddsmaker

    @britdevine said...

    15% tax on NYS NET Revenue is something the sites will gladly pay.

    That is 15 cents from your $1 rake of a typical $10 game, which the sites will gladly pay to get NY back

    Yea likely means a jump in rake too right? Aren’t sites already taxed on revenue? Does this happen in any other industry? Does the state tax American Express fees they make on late credit card payments on top of their revenue (which is likely the same thing)?

    I just don’t get the logic around what seems like double taxes dfs sites it almost seems like they aren’t aware that everything is already being taxed normally, including the players.

  • myb821

    @theoddsmaker said...

    Yea likely means a jump in rake too right? Aren’t sites already taxed on revenue? Does this happen in any other industry? Does the state tax American Express fees they make on late credit card payments on top of their revenue (which is likely the same thing)?

    I just don’t get the logic around what seems like double taxes dfs sites it almost seems like they aren’t aware that everything is already being taxed normally, including the players.

    This could just be how the state plans on taxing them. And yes different industries are taxed in different ways. For example the insurance industry is taxed based on net premiums and there are separate laws in each state for premium taxes.

  • theoddsmaker

    @myb821 said...

    This could just be how the state plans on taxing them. And yes different industries are taxed in different ways. For example the insurance industry is taxed based on net premiums and there are separate laws in each state for premium taxes.

    Ok that helps thanks. I was definitely not pretending to know what the hell I was talking about and more confused then anything haha.

  • mchin1027

    @DougFunny said...

    this seems like good news
    http://www.nydailynews.com/new-york/new-legislation-new-york-fantasy-sports-games-article-1.2650128?cid=bitly

    I like how they took a picture of a computer screen for the article

  • jilesofthetrees

    • 2016 NASCAR Live Finalist

    @theoddsmaker said...

    Ok that helps thanks. I was definitely not pretending to know what the hell I was talking about and more confused then anything haha.

    It’s a sin tax. It’s easier to pass a tax on something perceived to be excessively costly to society. Cigarettes cost to us as a whole extends beyond just the cost of purchase, as they compromise the health of citizens. Frequently the excess tax is directed at the specific bodies that are going to be overburdened dealing with the behavior. In dfs case funding the regulating bodies, but it would be interesting to see if anystate appropriates some of the tax towards addiction treatment or something. Ultimately the tax will be passed on to the consumers.

  • PJGuin23

    DFS Tax Guru

    @jilesofthetrees said...

    It’s a sin tax. It’s easier to pass a tax on something perceived to be excessively costly to society. Cigarettes cost to us as a whole extends beyond just the cost of purchase, as they compromise the health of citizens. Frequently the excess tax is directed at the specific bodies that are going to be overburdened dealing with the behavior. In dfs case funding the regulating bodies, but it would be interesting to see if anystate appropriates some of the tax towards addiction treatment or something. Ultimately the tax will be passed on to the consumers.

    You meant Excise Tax right? And yes there are a million types of Excise taxes Federal, State and Local. They are in essence “sin taxes” and the easiest to pass. Order of hardest to easiest:

    1. Property (yes, there are buffoons willing to hurt their local economies with hikes on the next 2 types of taxes to get breaks here)
    5. Income
    20. Sales (regressive and hurts the poor but who cares, right?)

    1000. Excise taxes. Cigs, drinking, gambling.

  • tommykarate

    cmon – get it done

  • tysim19

    Any updates today?

  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    @tysim19 said...

    Any updates today?

    https://twitter.com/DeanMurrayNYAD3/status/736269482759495680

  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    This is GREAT NEWS from the man himself that basically controls the bill

    http://www.legalsportsreport.com/10209/new-york-dfs-bill-from-pretlow/?utm_content=buffer003ba&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

  • FrancisBooth

    I am so pumped right now. I feel like a kid on the last day of school before Summer. It is time to PARTY!

  • prpmgroup

    15% Tax on the Gross Revenue. Will that Double the Rake?

  • britdevine

    • 2014 StarStreet MLB Playboy Mansion Finalist

    @prpmgroup said...

    15% Tax on the Gross Revenue. Will that Double the Rake?

    Not really, its just the sites paying extra.

    Eventually rake will always go up as companies fight to become profitable/go public etc, but in the immediate future I don’t see much of an impact as they can’t just raise the rake for NYS players

  • VChair23

    hopefully the vote gets done by closing

  • jilesofthetrees

    • 2016 NASCAR Live Finalist

    @britdevine said...

    Not really, its just the sites paying extra.

    Eventually rake will always go up as companies fight to become profitable/go public etc, but in the immediate future I don’t see much of an impact as they can’t just raise the rake for NYS players

    This is insane if its actually gross and not net. It is a larger tax than the entire profit the sites make. Theres no way DFS survives if 15 cents of every dollar goes to tax and the sites need to make around 10 cents for profitability. This is worse than having no dfs bill passed at all. How the hell did they get the idea to do gross revenue?

  • jilesofthetrees

    • 2016 NASCAR Live Finalist

    FFS other states settled on single digit % of Net revenue, wtf do they think they are providing to warrant a larger % of gross?

  • jilesofthetrees

    • 2016 NASCAR Live Finalist

    9. “Interactive fantasy sports gross revenue” shall mean the total of
    33 all sums actually received by a registrant from interactive fantasy
    34 sports operations in New York state, inclusive of any revenues received
    35 as the result of any entry fees from authorized players located in New
    36 York state and any sources of advertisement in connection with interac-
    37 tive fantasy sports operations in New York state, less the total of all
    38 sums paid out as winnings to authorized players located in New York
    39 state; provided, however, that the total of all sums paid out as
    40 winnings to authorized players shall not include the cash equivalent
    41 value of any merchandise or thing of value awarded as a prize; provided
    42 further, that the issuance to or participation by authorized players of
    43 an interactive fantasy sports contest of any promotional gaming credit
    44 shall not be taxable for the purposes of determining gross revenue.

    K, so as they define gross its what I would have colloquially called net. Essentially total $ taken in – $ prize. Except for that weird exception at the end there about cash equivalent value? Does that include destination finals?

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