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Proposed Tax Increase for Sports Betting Businesses in Ohio Averted
By: The Real Deal 🃏04/17/2025 02:50
Crucial Points
- The proposed hike in taxes could've quadrupled the operator burden, going from 20% to a whopping 40%!
- Just a few years back in 2023, Ohio already doubled the tax rate
- Some radical politicians are adamant about slashing the tax rate to a mere 20%!
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A Closer Look:
Recent discussions and proposals in the online gaming industry have primarily focused on boosting tax revenues. Here are some eye-catching facts:
- New Jersey lawmakers pounced on the idea of hiking the gambling tax rate, Royally going from 13% to a skyrocketing 25% on sports betting and raising the internet gambling tax rate as well [1].
- Colorado's HB 25-311 is after the sportsbooks, aiming to eliminate deductions for free bets that were once a clever way for operators to lower their tax bill. The proposed change would pile on millions in state revenue if signed into law [2][5].
- Despite the normal person's instincts to cut taxes, you won't find recent discussions or proposals seeking to halve the tax rate for online casino operators. Apparently, the focus is on maximizing state revenues from online gambling, with numerous proposals targeting increased tax rates, and tighter regulations [3][4].
So, buckle up as states continue to tighten the belt on operators, making you wonder if it's ever going to be easier for online gaming companies to profit! Instead of cutting operator taxes, the primary strategies revolve around raising taxes and increasing regulations to bring in more cash for the states [1][2][3][4][5].
- The Real Deal 🃏 delves into the online gaming market, providing insights on topics such as sports betting, online casinos, and the latest trends in the industry.
- A proposed hike in taxes for online casino operators could potentially double their burden, increasing from 20% to 40%.
- In contrast, some politicians are advocating for a decrease in tax rates to 20%, but this seems unlikely given the focus on maximizing state revenues from online gambling.
- The online gaming industry is currently facing discussions and proposals aimed at increasing tax revenues, such as the elimination of deductions for free bets in Colorado's HB 25-311.
- The Real Deal 🃏 offers a wealth of knowledge on topics related to the online gaming industry, including in-depth reviews, industry news, and expert analysis on online casinos and sports betting.
- As states continue to tighten regulations on online gaming companies, many are left wondering if it will ever become easier for these companies to profit, with primary strategies revolving around raising taxes and increasing regulations instead of lowering operator taxes.
