{"id":7650,"date":"2024-08-01T11:03:24","date_gmt":"2024-08-01T11:03:24","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/08\/01\/senators-introduce-the-wager-act-to-repeal-federal-excise-tax-on-sports-betting\/"},"modified":"2024-08-01T11:03:24","modified_gmt":"2024-08-01T11:03:24","slug":"senators-introduce-the-wager-act-to-repeal-federal-excise-tax-on-sports-betting","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/08\/01\/senators-introduce-the-wager-act-to-repeal-federal-excise-tax-on-sports-betting\/","title":{"rendered":"Senators Introduce the WAGER Act to Repeal Federal Excise Tax on Sports Betting"},"content":{"rendered":"
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Senators Catherine Cortez Masto (Nevada) and Cindy Hyde-Smith (Mississippi) have introduced a new bill named the \u201cWithdrawing Arduous Gaming Excise Rates Act\u201d or the \u201cWAGER Act.\u201d This legislation seeks to repeal the federal sports betting excise tax, which the American Gaming Association (AGA) supports. According to the AGA, the bill could save operators tens of millions of dollars annually.<\/p>\n

The AGA highlighted that the federal sports betting excise tax was established over 70 years ago to combat illegal sports betting<\/a>. Today, with legal sports betting available in 38 states and Washington DC, this outdated tax disadvantages legal operators while benefiting illegal offshore bookmakers. These offshore entities avoid federal and state taxes, lack responsible gaming tools, and do not have systems to prevent underage betting.<\/p>\n

Additional Support for the Bill<\/h2>\n

Nevada Senator Dina Titus, a long-time advocate for eliminating the tax, is expected to support the WAGER Act. Earlier this year, she testified before a US House committee, emphasizing that the tax benefits the black market while hindering the legal one. US sports betting operators also favor the tax\u2019s removal. Brandt Iden, Fanatics Betting & Gaming\u2019s vice-president of government affairs, stated, \u201cThis tax has always penalised regulated operators and rewarded illegal operators who prey on consumers. Repealing this tax is one more step in the fight against the offshore market.\u201d<\/em><\/p>\n

The WAGER Act is not the only bill addressing the gambling excise tax. The \u201cGRIT Act\u201d (Gambling Addiction, Recovery, Investment, and Treatment Act) aims to retain the tax but redirect 50% of its revenue to federal gambling addiction initiatives. Critics of the excise tax argue that it is outdated and primarily serves as a federal slush fund. They believe that with gambling now a state-regulated issue, states should fund their responsible gambling programs.<\/p>\n

The excise tax, applied to handle, adds approximately 5% to the gross gaming revenue tax. Eliminating this tax could make the market more competitive against illegal operators who do not pay state or federal taxes. Consultant Brendan Bussmann said, \u201cBy eliminating the excise tax, we can help lower the tax burden that every sports betting operator pays. It helps create a more competitive market against the illegal operators that do not pay state or federal taxes.\u201d<\/em><\/p>\n

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