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BetMGM announced July 1 that it would be stopping all bonuses until further notice, a move that shocked many industry observers, but may have been warranted.
Michael Murphy of BettingUSA.com broke the news Friday afternoon.
Interesting move by BetMGM, suspending ALL promotions in NY state. Surely temporary, but I'm surprised they didn't just try a reduced promotion over the offseason.
— MichaelJMurphy (@MichaelJMurphy) July 1, 2022
A look at Google News, however, seemed to indicate that few of the New York online gambling affiliates got the message as they continued to relentlessly push their BetMGM New York bonuses.
Overall state tax revenues derived from sports betting nationwide have totalled $1.5 billion, with nearly $530 million generated thus far the first half of 2022.
New York has accounted for more than half of this year’s total tax revenue since launching in January of this year. The handle is close to 20%.
But the tax rate, according to gaming attorney I. Nelson Rose, is close to 71%. And as predicted by Gambling911.com back in the fall, that tax rate was likely to be passed down to consumers in the form of bloated lines and reduced bonus offers, and, in the case of BetMGM, no bonuses at all apparently.
The news also comes as some lawmakers have expressed concerns over the out-of-control advertising of sports betting sites in some states.
- Gilbert Horowitz, Gambling911.com
