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More states might follow New York’s 51-percent tax on online wagering

Sportsbooks print money. And the states that have legalized gambling always get a piece of it.

As recently noted by Danny Funt of the Washington Post, some states might follow New York’s lead by seeking a massive tax on online revenue. For New York, it’s currently 51 percent.

Other states want the same windfall. The end result could be a loss for the industry in the “billions of dollars.”

Currently, Iowa takes only 6.75 percent. New York and New Hampshire are at 51 percent.

The sportsbooks are preparing to spend money to keep their money, with “an aggressive campaign” to argue that lawmaker greed will boost illegal gambling, both domestically and through offshore outlets.

For the states that don’t have legalized gambling, the revenue is zero. The challenge becomes striking the right balance between taking a fair amount for state projects and budgets and letting out-of-state interests siphon away excess dollars from the citizens of a given state.

The fight underscores the fact that, over time, the house always wins. Always.

Yes, some with “systems” will experience short-term gains and maybe a few will crack the code. For the most part, we’re all losers.