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The Action Network ran an analysis that showed New York has missed out on about $1 billion in tax revenue by not legalizing sports betting when New Jersey did in 2018. In addition, each sportsbook will have to pay an inflated 51% tax on all profits to the state of New York. That’s encouraging news to New York residents, who will see educational and social services — among other sectors — receive a buoy due to the increase in tax revenue.