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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 […]
Industry
January 30, 2024
GRIT Act to Combat Rising Gambling Addiction across the US
Earlier this month, Sen. Richard Blumenthal along with Rep. Andrea Salinas introduced a new proposal called the Gambling Addiction, Recovery, Investment, and Treatment (GRIT) Act, proposing the allocation of additional funds toward treatment and prevention of gambling-related disorders. The proposal is built upon the existing federal excise tax that applies 0.0025% on every sports wager […]
Industry
January 29, 2024
The Dones and the Coates Rank among UK’s Biggest Taxpayers
Gambling industry representatives have once again appeared at the top of The Sunday Times’ Tax List. The 2024 edition of the list shows that the owners of Betfred and bet365 occupy two of the five top spots. Outclassing celebrities such as Harry Potter author J.K. Rowling (31st place) and singer Ed Sheeran (32nd place), Fred […]
Industry
January 22, 2024
JenningsBet Chimes in with Statutory Levy Warnings, Predicts Adverse Effects
JenningsBet, an independent British betting operator, has weighed on the statutory levy discussions, saying that the measure would have adverse effects. According to the company, a mandatory levy would result in closed shops and mass layoffs. For reference, the statutory levy is a much-discussed measure outlined in the United Kingdom’s Gambling Act white paper. The […]
Industry
January 22, 2024
ATG Promotes Differentiated Tax as Sweden Prepares to Raise Gambling Taxes
Aktiebolaget Trav och Galopp (ATG), Sweden’s former horse racing monopoly, is not happy with the country’s plans to introduce a tax hike. Hasse Lord Skarplöth, the operator’s chief executive officer explained that his team was shocked by the proposal and called for differentiated tax that would protect the racing sector. For reference, Sweden plans to […]
Industry
January 17, 2024
American Gaming Association Rejects the Federal GRIT Act
Earlier in the week, Sen. Richard Blumenthal and US Rep. Andrea Salinas introduced the Gambling Addiction Recovery, Investment, and Treatment Act (GRIT). The GRIT would fund a series of research grants (25% of the revenue) as well as prevention and treatment solutions for problem gamblers (75% of the revenue) via a 50% diversion of the […]
Industry
January 16, 2024
Federal Handle Tax Bill Sparks Industry Controversy
In the 1950s, a federal excise tax on sports wagers was implemented as a method to fight against illegal gambling. The tax, which is 0.0025% of every sports wager has remained in place since, despite efforts of lawmakers against it. While at the time, only Nevada was affected by the tax, this is not the […]