Missouri sports betting ballot measure highlights national debate about tax rates

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Missouri sports betting ballot measure highlights national debate about tax rates
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Joe Nguyen is a digital strategist for The Denver Post. Previously he was the online prep sports editor. Prior to that, he covered Adams County and Aurora in the YourHub section. He has previously covered Colorado’s Asian-American communities as editor for Asian Avenue magazine and AsiaXpress.com.

A billboard promoting a ballot measure to legalize sports betting in Missouri is seen along Interstate 44 Wednesday, Oct. 23, 2024, in St. Louis County, Mo. tout the potential for millions of new tax dollars devoted to schools. If voters approve the measure, it’s a good bet they will see even more ads offering special promotions for bettors.

“It’s a fledging industry,” said Brent Evans, an assistant finance professor at Georgia College & State University who has taught classes on gambling. “So nobody really knows what is a reasonable tax.”, Illinois, Ohio, Tennessee and Washington, D.C., all have already raised or restructured their tax rates. And Colorado and Virginia have pared back the tax deductions they originally allowed..

Unlike in some states, Missouri’s amendment caps the amount of promotional credits that can be deducted from taxable revenue, at 25% of all wagers. But it appears unlikely that cap would come into play. An analysis conducted by consultant Eilers & Krejcik Gaming for amendment supporters projects promotional bets will comprise around 8% of total wagers in Missouri’s first year of sports betting, declining after that.

Colorado’s sports betting tax revenue has since risen to over $30 million in its most recent fiscal year. That growth led lawmakers toCapping tax deductions for promotional bets is a good step, said Richard Auxier, a principal policy associate at the nonprofit Tax Policy Center. But he questions why some states exempt them from taxes in the first place.

The effect of different tax rates can be seen in Illinois and New Jersey, which spearheaded the court challenge leading to widespread legal sports betting. People in each state placed between $11.5 billion and $12 billion of sports bets last year, resulting in $1 billion of revenue for sportsbooks after winnings were paid to customers, according to figures from the American Gaming Association.

There’s also not much evidence that sportsbooks worsen the odds for wagers in states where they pay higher taxes, said Joe Weinert, executive vice president of Spectrum Gaming Group, a consulting firm.

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