The U.S. sports betting industry is expected to flourish this year as more states pass bills in hopes of legalizing the gambling activity in their areas. As of late, around 8 states are pushing for the passage of online sports betting in their home turf.
According to Online Casino Reports, many states prefer online sports betting over land-based betting facilities for practical reasons. Places that do not have established brick and mortar casinos and racetracks favor internet-based betting due to the rise of and advancements in online and mobile gaming.
The states that are pushing for online sports betting consider tax rates ranging from 6.25% up to 25%. Nothing is set in stone, so it really depends on the final outcome following the discourse between legislators. But on the whole, sports betting is looking very promising this year.
One of the states in question is Tennessee. Representative Rick Staples sponsored House Bill 0001 that proposes a 10% tax rate on gross revenues of online and mobile betting. The bill also wishes to establish the Tennessee Gaming Commission and hopes to implement sports betting county by county.
Kentucky also has a bill in progress that was proposed by Mark Sickles. House Bill 1638 is looking at a 15% tax on gambling revenues, an application fee amounting to $250,000, and maximum limit of 5 sports betting licenses.
Senator Denny Hoskins and Representative Cody Smith have come up with different bills. The former’s bill proposes a tax rate of 6.25%, while the latter’s bill is asking for a 14% tax on online sports betting in Missouri.
Other states that are hoping to allow this form of online gambling are South Carolina, New Jersey, Delaware, Nevada, and Pennsylvania.