👨‍🍳 Chef Curry

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Welcome back to the Bandit Betting Newsletter, where we deliver the top stories in sports and gambling directly to your inbox, every Sunday.

In today's email:

• DraftKings surcharge: sparks concern about future of sports betting.

• Steph Curry: lifts USA to another gold and the updated medal count.

• Olympics draw to an end: the closing ceremony.

Let's go...

INCREASED GAMBLING TAXES INCOMING

If you like sports betting, whether year-round or just during football season, you should care about the tax rates that betting companies face in each state.

Starting in 2025, DraftKings will impose a surcharge on winning bets for customers in states with tax rates of 30 percent or higher, such as New York, Illinois, Pennsylvania, and Vermont.

This surcharge, ranging from three to four percent, aims to offset the burden of high state taxes.

Yes, you read that correctly. A three to four percent SURCHARGE on wins.

While no other sports book has announced similar plans, gambling analyst Chris Grove sees this move as a risky tactic by DraftKings to pressure state legislatures.

Illinois recently increased its betting tax from 15 percent to 40 percent, and Grove suggests that DraftKings is warning other states against following suit.

This strategy, however, could backfire, either by alienating customers or weakening DraftKings’ position if the threat isn’t carried out.

With nearly all states expected to adopt online sports betting, tax rates are unlikely to decrease. Grove notes that online betting is a lucrative business, especially for large operators like DraftKings and FanDuel, which control about 70 percent of the market.

High taxes, fees, and business costs could make it nearly impossible for new entrants to survive, as the top sports books dominate the national handle.

CHEF CURRY COOKED

Team USA won its fifth straight Olympic gold medal in men's basketball after defeating France, 98-87, in the final of the 2024 Games in Paris.

Stephen Curry scored 24 points, including eight three-pointers, to secure the first gold medal of his Hall of Fame career.

Despite a strong effort, the French team couldn't contain the Golden State Warriors star from beyond the arc in Saturday's game at Bercy Arena in Paris.

LeBron James contributed 14 points, six rebounds, and 10 assists, earning his fourth Olympic medal—three golds and a bronze. Meanwhile, Kevin Durant added 15 points, four rebounds, and four assists, becoming the first men's basketball player to win four gold medals.

Here is the live count of medals (Today as of 2:00PM EST).

CLOSING CEREMONY

The Games will officially conclude with the Closing Ceremony at Stade de France (3pm, NBC).

As is tradition, the ceremony will include a handover from one Olympic Games to the next, with Los Angeles Mayor Karen Bass accepting the Olympic Torch in preparation for LA 2028.

Five-time Grammy winner H.E.R. will sing the Star-Spangled Banner, while Los Angeles natives Billie Eilish, Snoop Dogg and the Red Hot Chili Peppers will perform live from L.A.

Plus, Tom Cruise will reportedly perform a stunt from the roof of the stadium before the broadcast cuts to a pre-taped segment of him skydiving to the Hollywood sign.

NON-OLYMPIC NEWS

Top picks shine in debuts: Bears QB Caleb Williams and Commanders QB Jayden Daniels, the top two picks in this spring's draft, dazzled in their preseason debuts on Saturday with a handful of highlight reel throws. Just 25 days until the season begins.