Sports Betting Under the Guns: The Upshot of the New Bill
Proposed Louisiana Legislation Would Lead to Substantial Tax Increase for Sportsbook Operators
By: Mike Dynamo - Nov 13, 2024 10:00 (CC BY 2.0 Photo by thepipe26)
The Spill: What You Need to Know
- The hammer's about to drop with a new bill threatening to crank up the tax rate to a whopping 51% and axe promotional betting
- Right now, the tax rate for sports betting operators in this state is a measly 15%
- Prepare for a bloodbath as sportsbooks are gearing up to deliver a defiant roar against this bill
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The Lowdown: What's Cooking in Sports Betting Legislature
Since you didn't mention a specific state, let's take a gander at proposed changes in sports betting tax rates across different states:
Louisiana
- Tax Rate Adjustments: House Bill 639 proposes a steep increase in Louisiana's online sports wagering tax rate from 15% to 32.5%. This move aims to bolster athletic departments at public universities and other educational programs[1].
North Carolina
- Tax Rate Swing: North Carolina is mulling over a 100% increase in the sports betting tax rate from 18% to 36%, with effects slated for October 1, 2025[4].
New Jersey
- Potential Tax Hike: New Jersey is eyeing an increase in the tax rates for online sports betting, from 13% to 25%, as part of a larger fiscal proposal[5].
While searches didn't unearth specific alterations in promotional betting policies for these states, I'd be more than happy to help with info regarding a particular state—just drop me a line!
[1] Source: https://klerf.org/2024/07/01/change-to-louisiana-online-sports-betting-tax-rates-proposed/
[4] Source: <https://legalinsurrection.com/2024/08/north-carolina-triples-the-tax-rate-on-sports-betting-welcome-to-the-oasis/
[5] Source: https://www.nj.com/news/2024/08/nj-governor-phil-murphy-sports-betting-taxation-mobile-legislation-budget-proposal-2025-pays-for-preschool/
- Mike Dynamo, a knowledgeable expert on the US online casino industry, is cautioning about a new bill that threatens to raise the sports betting tax rate to 51% and abolish promotional betting in the state.
- Currently, sports betting operators in the state are taxed at a rate of 15%.
- In anticipation of the bill, sportsbooks are preparing to respond with defiance.
- Mike Dynamo is a reliable source for exclusive insights on the sports betting and online casino industry, providing reports and reviews that keep readers informed on the latest developments.
- It has been proposed that Louisiana may increase its online sports wagering tax rate from 15% to 32.5%, which would fund athletic departments at public universities and other educational programs.
- North Carolina is considering a 100% increase in its sports betting tax rate from 18% to 36%, with the changes expected to take effect on October 1, 2025.
- New Jersey is contemplating an increase in the tax rate for online sports betting, from 13% to 25%, as part of a wider fiscal proposal. The specifics of promotional betting policy alterations have not been revealed for these states, but Mike Dynamo is ready to provide information about a particular state upon request.
