Rope. Your Titus takes a new swing to end the federal “handle tax” on sports games.
Titus, D-Nev., And Rep. Guy Resecenthaler, R-PA., Customs Congress game Caucus, reintroduced legislation to cancel 0.25 percent excise tax placed on all legal sports games that were first adopted in 1951 to counteract illegal play, which she said is no longer relevant.
Titus and Resecenthaler have tried to cancel the handle tax 2019, 2021 and 2023 and recognize the economic significance of sports games since its legalization in 2018.
She pointed out that illegal bookkeepers do not pay the tax and gave them an advantage over legal sports books in 38 states and Washington DC, including Nevada and Pennsylvania.
“Illegal sports books do not pay 0.25 percent of sports trade tax and the accompanying $ 50 per main tax on Sportsbook employees, giving them an unfair advantage,” Titus said. “I once asked the IRS, the revenue from the handle tax was in the federal budget and they didn’t even know. It is not meaningful to give the illegal market an advantage over legal sports books with a tax that the federal government does not even track.”
In recent years, the discriminatory law on the cancellation of games did not receive enough traction to get through house committees.
Sportbooks are in the middle of one of the busiest times for sports. The American Gaming Association estimated that $ 3.1 billion would invest in the NCAA Basketball Tournament “March Madness” which began earlier this week. It is up from the $ 2.7 billion that is estimated to be invested in the 2024 tournament.
In Nevada, the state’s 66 legal operators took $ 8.26 billion in sports trollers, which generated revenue of $ 481.3 million and $ 32.5 million dollars.
The largest market for sports betting, New York, had 19 legal operators that took $ 19.18 billion in investments, which generated $ 1.7 billion in gross gaming revenue and produced $ 862.6 million in tax revenue.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
