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Penn National CEO On State’s Sports Betting Tax Plan: It’s A ‘Margin Killer’ from NY Online Gambling's Gary Rotstein

Recent reports suggest that Penn National Gaming’s Barstool Sportsbook could face long odds trying to fit into New York’s future mobile sports betting picture, but if so, PNG President and CEO Jay Snowden sounds like he won’t be losing any sleep over it.

Snowden told investment analysts on a quarterly earnings call Thursday morning that the state’s planned tax rate exceeding 50% is a “margin killer” that makes it hard for anyone but the state itself to make money.

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“I don’t think anybody’s going to make money operator-wise,” he said. “Objectively speaking, you’d rather be in [New York] than not be in, but if it’s one of the states you’re not in, you’re not crushed by that either.”

His company’s Penn Sports Interactive, which runs the Barstool Sportsbook, is part of a group bid for licensed New York sports betting operations led by B2B provider Kambi and also including Fanatics, which would be new to sports betting.

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