NFL Kickoff Could Boost Tax Revenue in Betting States
Talking Tax
English - September 13, 2023 21:51 - 18 minutes - ★★★★ - 96 ratingsBusiness News News Government Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Sports betting is in more states than ever, with new gamblers every day wagering in person and over the internet. And the new NFL season is expected to drive up tax revenue even more in the 30 states—plus Puerto Rico and Washington, D.C.—that have legalized sports betting since a 2018 US Supreme Court ruling overturning a federal ban.
States collected an estimated $3.62 billion in direct gaming taxes generated in the second quarter, a 9.6% increase over the second quarter of 2022, according to a recent report from the American Gaming Association. While most states impose taxes ranging from 10% to 15%, some, like New York, take as much as 51% from sportsbooks.
SportsHandle senior analyst Chris Altruda spoke with Bloomberg Tax reporter Angélica Serrano-Román about the approaches states have taken to taxing sports betting and those allowing operators to deduct so-called "free bets," which some states are starting to limit.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.
Sports betting is in more states than ever, with new gamblers every day wagering in person and over the internet. And the new NFL season is expected to drive up tax revenue even more in the 30 states—plus Puerto Rico and Washington, D.C.—that have legalized sports betting since a 2018 US Supreme Court ruling overturning a federal ban.
States collected an estimated $3.62 billion in direct gaming taxes generated in the second quarter, a 9.6% increase over the second quarter of 2022, according to a recent report from the American Gaming Association. While most states impose taxes ranging from 10% to 15%, some, like New York, take as much as 51% from sportsbooks.
SportsHandle senior analyst Chris Altruda spoke with Bloomberg Tax reporter Angélica Serrano-Román about the approaches states have taken to taxing sports betting and those allowing operators to deduct so-called "free bets," which some states are starting to limit.
Do you have feedback on this episode of Talking Tax? Give us a call and leave a voicemail at 703-341-3690.