States bet on boosting taxes for online sports betting companies like DraftKings, FanDuel

These must-have Insider Deal household items are at unbeatable prices!FILE - FanDuel, DraftKings and other online gambling apps are displayed on a phone in San Francisco, Sept. 26, 2022. Online sports gambling apps are facing tax hikes in some states this year. –

Illinois this month switched from a flat 15% tax on adjusted gross revenue for online sports betting companies to a new progressive rate ranging from 20% to 40%. The state legalized sports gambling in 2019 and last year it earned just over $1.5 billion in tax revenue from online sports betting operations and casinos. By comparison, the state lottery, which started operating in 1974, had revenue of about $2.32 billion in 2023.

“My expectation is that we'll be able to convince them that it's not a good policy decision,” he said. “The biggest question...would be which state is next and how realistic are higher taxes" across other states with legalized gambling, the report said.

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States bet on boosting taxes for online sports betting companies like DraftKings, FanDuelStates are looking to increase their take from the $16 billion online sports gambling industry as it expands across the country with big partnerships. DraftKings, FanDuel and other betting apps are facing a bigger tax hit in Illinois following changes to tax policy this year. New Jersey is considering doubling its tax rate.
Source: AP - 🏆 728. / 51 Read more »

States bet on boosting taxes for online sports betting companies like DraftKings, FanDuelStates are looking to increase their take from the $16 billion online sports gambling industry as it expands across the country with big partnerships.
Source: ksatnews - 🏆 442. / 53 Read more »