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

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U.S. News

States are looking to increase their take from the $16 billion online sports gambling industry as it expands across the country with big partnerships.

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.

हमने इस समाचार को संक्षेप में प्रस्तुत किया है ताकि आप इसे तुरंत पढ़ सकें। यदि आप समाचार में रुचि रखते हैं, तो आप पूरा पाठ यहां पढ़ सकते हैं। और पढो:

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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.
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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.
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