N.Y. Sportsbooks Limit Promos, Ask for Tax Breaks as Losses Rise

Mobile sports betting exploded when it was first offered in New York in January, with the state quickly becoming the top market for such wagers in the US.

But five months in, the business is starting to look a lot like the rest of the country, with operators cutting back on their marketing and promotional offers amid ongoing losses. Giants like DraftKings Inc. and FanDuel, a division of Irish bookmaker Flutter Entertainment Plc, are asking legislators to change the rules to lower their taxes after agreeing to them just last year.

“We simply can’t apply our capital against an ...