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BetMGM cuts marketing budget in New York

13th May 2022 10:50 am GMT
BetMGM Jamie Foxx

BetMGM pulled back in its pursuit of players in New York during the first quarter of the year due to the state’s unfavourable tax environment.

Chief financial officer Gary Deutsch told analysts attending the BetMGM Investor Day that even at lower than typical promotion levels for a new market, operators in New York stand to experience effective tax rates of well over 100 per cent.

“We simply can’t apply our capital against an irrational investment thesis,” said [...]

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