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Gambling News - 'Tax'
Industry
March 28, 2024
US Legal Sports Betting Sector Generates More than $5bn in Taxes
The expansion of sports betting across the United States started back in 2018. At the time, the US Supreme Court ruled the Professional and Amateur Sports Protection Act (PASPA), a law that restricted betting to only a few states, unconstitutional. Since then, for five years, the legalization of betting has been rapidly expanding across the […]
Casino
March 22, 2024
New Jersey Court Reexamines Casino Property Tax Amendments
A New Jersey Appellate Court panel recently heard arguments in two cases concerning amendments to the state governing how much money casinos pay in lieu of property taxes. The cases, brought by Atlantic County and the nonprofit Liberty and Prosperity, revolve around changes made in 2021 that excluded internet gaming and online sports betting revenues […]
Industry
March 18, 2024
Maryland Considers iGaming as Leaders Seek More Tax Funds
Maryland is considering raising its taxes in an attempt to generate more money for education and transportation. Amid the discussions about these taxes’ potential economic impact, local leaders also suggested that the legalization of online gambling – a vertical that has proven to be a great driver of tax revenue – might be what the […]
Industry
March 14, 2024
Osaka Considers Implementing Entry Fee Ahead of Japan Expo and IR Opening
The Osaka Prefecture in Japan is wary of overtourism. As the first Japanese integrated resort began construction, local officials were concerned about the “coexistence” of tourists and residents. Because of that, the government is mulling over the introduction of a new “entry fee.” As reported by The Japan Times, Governor Hirofumi Yoshimura addressed the matter […]
Industry
March 4, 2024
Ukraine’s Gambling Industry Pays $47.2M in Taxes in February
Ukraine’s Ministry of Finance has published its tax report for February, highlighting a significant increase in the gambling industry’s contributions. Despite the ongoing war with Russia, the tax revenues suggest that the gaming sector is still going strong. According to the ministry, businesses and organizations in the country paid a total of UAH 184.8 billion […]
Casino
February 27, 2024
Bill in Iowa Proposes Reduction of Tax Rate for Land-Based Casinos
Iowa is one of the US states that currently offers not only legal sports betting but casino gambling as well. The state currently offers legal retail and online betting on sports, as well as casino gambling via 19 brick-and-mortar casinos. The tax rate applicable for sports betting is set at 6.75% on sports betting revenue, […]
Industry
February 22, 2024
Proposed Budget in Illinois Seeks to Increase the State’s Betting Tax
Illinois was among the US states that legalized sports betting one year after PASPA was struck down. With the activity legalized in the summer of 2019, the state officially launched its retail market in March 2020, followed by a mobile betting market launch in June of the same year. Currently, the state imposes a 15% […]
Industry
February 20, 2024
Florida to Use Money from Gambling to Fund Environmental Projects
A number of wildlife and environmental projects are going to benefit from hundreds of millions of dollars in Florida, thanks to recently approved bills. The bills in the state’s Senate and House, feature similar text and recently secured approval by the Senate Fiscal Policy Committee and the House Infrastructure Strategies Committee. This approval paves the […]
Industry
February 16, 2024
Lawmakers Support Raising Tax Threshold on Slot Winnings
For nearly a decade, lawmakers such as Rep. Dina Titus have continuously urged the Internal Revenue Service (IRS) to raise the existing threshold on slot winnings that require a W-2G tax form. The current regulation requires anyone with winnings of $1,200 or more to submit a W-2G tax form. This policy was established back in […]
Industry
February 7, 2024
Skill Games Added to Proposed FY 2024 Budget in Pennsylvania
For years, a battle has been raging over the legality of skill games in Pennsylvania. While supporters of such form of entertainment said that it provides a different experience than gambling and helps local businesses, opponents warned about the impact of skill games on the brick-and-mortar casino sector. Currently, skill games operate within a grey […]