July 24, 2020 Sports Betting, Legal

Congressional Gaming Caucus proposes legislation to repeal federal excise taxes on sports bets

By

Congressional Gaming Caucus chairs Dina Titus (NV) and Guy Reschenthaler (PA) proposed legislation to repeal federal excise taxes on sports bets.

The bill aims to eliminate the 0.25% tax levied on all legal sports wagers as well as the $50 head tax for every employee who accepts bets. 

“I’m grateful to the Congressional Gaming Caucus’ Co-Chairs Reps. Titus and Reschenthaler for introducing this legislation today to provide regulated operators with meaningful relief as they recover from the COVID-19 sports shutdown,” American Gaming Association President and CEO Bill Miller said. “Eliminating these taxes is a long overdue step to enable a legal, regulated environment for sports betting that will better protect customers and generate much-needed revenue for state and local economies.”   

Titus has previously proposed similar bills to no avail. 

She argues that excise taxes handicap sportsbooks, who are forced to offer less favorable odds and lower payouts than the black market. 

“Sports are back. Unfortunately, the penalty on making legal sports bets never left,” Titus tweeted. “We need to push more consumers out of the black market and into a well-regulated market.” 

Product Spotlight
CASINOMONEY - Low Cost High Tech Kiosk Solution The CM-2020 is an affordable ticket redemption solution that decreases cashier payroll and increases game floor profitability
View More
Virtual Showroom
SUPPLIER

CasinoTrac


SUPPLIER

Suzohapp



SUPPLIER

BetConstruct


SUPPLIER

Kambi Group



SUPPLIER

CASINOMONEY