Financial fatalism fuels a gambling gold rush

The ads have been inescapable all week. From the giant screen at Times Square’s Nasdaq MarketSite to billboards on the subway, New Yorkers have been bombarded with reminders that their state just became the largest in the union to legalise online sports betting.

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Thanks to a 51 per cent tax rate, New York expects to be collecting $500m a year from online betting by 2025.
Thanks to a 51 per cent tax rate, New York expects to be collecting $500m a year from online betting by 2025. (Foto: Julio Cortez)