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A significant development has emerged in the sports betting industry with the introduction of the WAGER Act in the U.S. Senate. The proposed legislation aims to exempt legal sportsbooks from the federal excise tax on all bets, which is currently set at 0.25 percent. This bill, sponsored by U.S. Senator Catherine Cortez Masto, D-Nevada, and supported by other lawmakers, including SenHydeSmith, seeks to abolish the decades-old 'handle' and 'head' taxes, which include a $50 annual tax per employee for sports betting businesses. The bipartisan measure is seen as a way to level the playing field for legal operators and reduce the advantage held by illegal gambling entities.
The Withdrawing Arduous Gaming Excise Rates (WAGER) Act would remove the federal excise or "handle" tax on legal sports bets, as well as the $50 annual "head" tax per employee for sports betting businesses. $DKNG $PENN $MGM https://t.co/xHsE8MR97y
U.S. Sen. Catherine Cortez Masto, D-Nevada, is sponsoring a bipartisan measure that would exempt legal sports betting from the decades-old "handle" and "head" taxes. https://t.co/EBrDf3jLVZ
Hey! Any idea why we gambling entities to rig it in their favor, as they do when throttling or shadow banning persistent winners? @TheEconomist @DraftKings #Penn @espn @boydgaming @CaesarsSports https://t.co/l36m1UZDwP