Sports betting companies and lobbyists show lawmakers projections of a booming economy should a legislature legalize sports gambling. But once states did...
But the bills set a tax rate at 10% on the amount of money a gambling operator gets from people’s losses. States such as New York, Rhode Island and Pennsylvania have tax rates as high as 51%, allowing them to bring in hundreds of millions of dollars in tax revenue.
Under both bills, companies would not pay tax on the promotional bets they offer new users. Such bets are important for operators because they draw in users who might not be inclined to place a bet, Harris said. Rob Kohler, a consultant for the Christian Life Commission who has lobbied against sports gambling in Texas, said Leach seems to care more about companies than Texans.
Kolkhorst did not respond to questions about the bill. On Wednesday, the senator said on the Chad Hasty radio show that Texans are already gambling illegally in the state and that the bill would regulate the matter.She did not mention tax revenue in the interview. One reason for that is because of the hold percentage, or the percentage that sports books keep for every dollar that is bet. Companies’ average take is between 8% and 10% on a bet, said Joe Weinert, executive vice president at Spectrum Gaming Group.A sportsbook only gets higher profits the more Texans lose, not just bet. Those companies need Texans to lose to increase the amount of money they generate — the same money that would be taxed at 10%.
Added Kohler, “These dollars are coming out of the economy and will put people in possible situations of spending money they don’t have.”that four of those fell short of their tax revenue projections.
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