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By Christian Wade, The Center Square
Northeast states have some of the highest tax rates in the nation for sports betting, according to a new report from a watchdog group, which says the higher costs are restricting consumer access to the burgeoning market.
The Tax Foundation report found that New Hampshire, New York and Rhode Island have the highest tax rate for sports-books, at 51%, earning all three Northeast states a collective No. 1 ranking. Vermont, which entered the sports betting market last year, was ranked fifth highest in the nation, according to the report with a 31.7% tax rate on sports betting.
Massachusetts followed closely behind in sixth place with its 20% tax rate, while Connecticut was ranked 18th with a 13.75% tax rate. Maine was ranked lowest in the Northeast region, or 19th nationwide, with a 10% tax rate on wagers, the report said.
However, the report’s authors also pointed out that access to legal sports betting is limited due to the hodgepodge of tax rates imposed by states that have authorized betting on games and other factors.
“Consumer access to legal betting markets is limited primarily by high barriers to entry for sports betting operators who wish to offer services in the state and by limits on the geographic locations at which players are allowed to place bets,” Adam Hoffer, the report’s author, wrote.
Among the barriers to the market are expensive licensing fees and requirements for online sportsbooks to partner with existing in-state brick-and-mortar operators, as in Connecticut, the foundation said. The report singled out Massachusetts, where sportsbooks must pay an initial fee of $5 million, with another $5 million renewal fee every five years.
Another issue is that in some states, including Massachusetts, New Jersey and New York, online wagers are taxed more heavily than in-person wagers.
At least 38 states and the District of Columbia have authorized betting on sports in response to a 2018 U.S. Supreme Court ruling that struck down a federal law prohibiting sports gambling in nearly all states. Nationwide, wagers collectively hit a record in 2023 of more than $57.2 billion.
Supporters of the law say it will raise much-needed tax revenue for state and local governments and help eliminate illegal bookmaking operations. Critics say the industry fleeces the pockets of working-class Americans and contributes to irresponsible behavior. But the foundation said as the market continues to expand nationwide, tax rates need to be low enough to lure wagers out of the black market’s ‘bookies’ and into the legal, regulated markets.
“The market for sports betting will likely continue to grow substantially,” the foundation said. “Texas and California don’t yet permit legal sports wagering markets. With nationwide legalization, sports betting market volume could easily double.”
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Categories: Taxes
Interesting, corrupt method of winning every time without placing any bets. Just rake the money in, good ole government. Take any percentage they want. All taxing entities do the same (IRS).
From the site TaxScouts https://taxscouts.com/the-tax-basics/tax-on-lottery-winnings/
Rather than an income, participating in the lottery counts as gambling in the UK according to HMRC. So if you’re lucky enough to win, rest assured that your winnings are tax-free. It doesn’t matter how much you win or what game you play, you’ll be set for life! If you’re a UK tax resident, you’re exempt from paying the following taxes on your lottery winnings: Capital Gains, Income Tax, National Insurance, Taxes are accessed on savings interest.
Noting from the article:
“The Tax Foundation report found that New Hampshire, New York and Rhode Island have the highest tax rate for sports-books, at 51%, earning all three Northeast states a collective No. 1 ranking. Vermont, which entered the sports betting market last year, was ranked fifth highest in the nation, according to the report with a 31.7% tax rate on sports betting”
This means the Feds and the states both collect taxes on what you “won”.. You bamble, they don’t. And if they have a sales tax, you buy with what’s left over from the winnings, they collect more lottery winnings.
“The power to tax is the power to destroy.”
and the last thing they want to destroy….is pornography…..interestign thought, no?
and those things they want to foster they subsidize…
poverty
abortions
homelessness
renting vs. owning
propaganda vs. truth
lobbyists
NGO’s
“non-profits” aka government agents of the nwo.
things they know people can’t give up once they’ve been trapped are taxed pretty high…
gambling
lottery winnings
pot sales
follow the money takes on a whole new meaning.
They don’t fund veterans
They don’t fund the police
They don’t give tax breaks to the people.
They do fund wars
They do fund themselves from Big Pharma, Monsanto, processed food companies, tobacco companies, what other lobbyists are big on the funding.
They do fund the entire invasion of 11 million people through non-profit groups
They do fund censorship and the “media”
Interesting times, for sure.
Notice they will tax the following
– air you breath
– land you stand on
_ house you live in
– food you eat out
– your internet
– your cable bill
– your car
– your license to drive (fees are are tax)
– renting your home
– gambling winnings
– cable tv
The list goes on forever….
But what they won’t tax. Pornography!
Pornography. They won’t tax this for a reason, they want pornography spread throughout our country, because that is a major part of subverting a country. When I watched the video by Yuri Bezmanov, he mentioned we try and confuse the populace about their sexuality. When I first heard this years ago, I thought, how could somebody fall for that? Really, it’s evil genius.
It was no coincidence that pornography across the United States started with familial porn about the time we locked down for covid. Why would suddenly, everywhere be sleeping with your stepfather, stepmother, stepsister, stepbrother? Why suddenly?
Sex is one of the most powerful forces and most pleasurable things two people can share. The intention is for marriage, a committed relationship, this jives with science, biology, God’s Law, animal kingdom and common sense/experience on the ground. When misused it often has catastrophic results, poverty, broken families, broken hearts, despair.
https://www.youtube.com/watch?v=1FElIhOh_KI
Ask them to tax this, they won’t. They censored this comment in VT Digger……
It’s NOT and accident, it’s NOT a coincidence it’s the plan, written out for all to see.
We need to wake up in Vermont, some do not wish us well.
Look at Diddy, Epstein…..they know sex can corrupt any man easily, no matter how honorable they may be…it’s called a honey pot. The bible speaks of it frequently in proverbs and more…..it’s not an accident.
Question, Are pornography companies traded on the wall street stock market???????
How Much Vermont Taxes Its Residents Compared to Other States
https://www.thecentersquare.com/vermont/article_0e69a3f2-34a9-545b-bd39-1fd1dbbd79f6.html
This article comes from the Tax Foundation. This paragraph has a links to many other data for 2024, click on it.
“All data in this story is from the Tax Foundation report Facts & Figures 2023: How Does Your State Compare from the Tax Foundation, an independent, nonprofit, tax policy research organization. Figures do not include taxes levied at the local or federal level”.
“As the sayings go, taxes are one of the few certainties in life, and the annual ritual of filling them with the IRS is not one that many people look forward to. The average American paid $10,845 in federal income taxes alone in 2020. But, while everyone is subject to the same federal tax laws, states also have the authority to set their own tax policy, and exactly how much you end up paying depends largely on where you live.”
“The overall tax burden in Vermont, which is a measure of taxes paid as a share of annual income, was 10.3% of the state’s income per capita of $61,882. For comparison, the per capita state income tax burden nationwide stands at 6.0%.”
TWC—According to the chart on the web site, State tax collected in Vermont is the highest #1 at $6,356, New Hampshire # 47 $2,313. The southern states are at and near the bottom of the list. If NH’s taxes are low and VT is the highest, being sister states, hy does VT need to tax as must? The difference is Liberals that want your money regardless of spending or not.
The article had a link to the data I mentioned, but didn’t show the highlighted link. Do a copy and paste in the search for “Facts & Figures 2023: How Does Your State Compare”, second paragraph.
The link to other sites didn’t indicate links. Search this title: “Facts & Figures 2023 How Does Your State Compare” for more info. Message wasn’t posted either. Apparently VDC thought it as a second link.