Lawmakers Pursue Abolishing Federal Excise Tax Imposed on Sports Betting Operations
Revised Article
In the ever-changing world of sports betting, the stakes are high, and so is the legal action. Here's the lowdown on the current state of play:
The Nitty-Gritty
- Back in 1951, a tax was introduced to combat illegal gambling operators.
- These days, lawmakers claim the IRS has no clue where all those sports betting dollars are hiding.
- With the Supreme Court nixing the prohibition on sports betting in 2018, it's been a wild ride ever since. Almost every state has flirted with legalizing sports betting in some shape or form.
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What's Popping, Casinos-wise
As the dust settles on the Supreme Court's decision, states are busy drafting and debating sports betting bills. Here's a quick rundown of what's happening:
- New York is battling problem gambling with a bill that caps daily betting and limits advertising. The Assembly's Racing and Wagering Committee is currently reviewing this proposal.
- Illinois is taking aim at sweepstakes gaming, with a bill under consideration in the Senate Executive Committee.
- Texas could soon join the ranks of states legalizing online sports betting, but February 2025 updates were scarce.
So there you have it, folks. As of February 2025, sports betting legislation is a moving target across the U.S. Keep your eyes peeled for updates, and remember: it's always a gamble!
- Michael Savio, an industry expert based on his years spent in Vegas, provides insightful articles on sports betting, online casinos, and the latest gambling news.
- Despite the tax introduced in 1951 to combat illegal gambling operators, lawmakers argue that the IRS struggles to locate all sports betting dollars today.
- Following the Supreme Court's decision in 2018 to lift the prohibition on sports betting, states have been actively considering legalizing sports-betting in various forms.
- Recent developments in New York involve a proposed bill to address problem gambling by capping daily bets and limiting advertising, which is currently under review by the Assembly's Racing and Wagering Committee.
- The Texas Senate is considering a bill aimed at regulating sweepstakes gaming, potentially signaling a move towards legalizing online sports betting, although updates from February 2025 have been sparse.
