Wyoming lawmakers propose heightened state revenue from gambling earnings
Wyoming's Gambling Revenue Hike Proposal
Sports Betting Legislation amid Tax Adjustments By Hannah Shields, Wyoming Tribune Eagle
Spread the WordWyoming legislators are eyeing a substantial revenue boost from gambling activities, as it turns out our current tax rates for online sports betting are lagging behind other states.
Cumulative online wagering over the past five years has reached a staggering total of $629.7 million, but the state's coffers have only seen $3.8 million from this lucrative source, thanks to the modest current tax rate of 10%.
Ever wondered what happens to that tax money? The initial $300,000 annually goes straight to the Wyoming Department of Health, destined for problem gambling initiatives at the county level. The remaining share makes its way into the state's main spending account called the general fund.
Fast-forward to the Legislature's Select Committee on Capital Financing and Investments meeting in Cheyenne, and Legislative Service Office associate fiscal analyst Karen Vaughn dropped a revelation. The average tax on online sports wagering across other states hovers around 19%.
So, what does this mean for us, Wyomingites? Our proposed new tax rate for online sports wagering stands at a more competitive 20%, up from the current 10%. This shift would bring our tax rate closer to the national average, nudging it slightly above if implemented. Will this change make a significant difference? Only time will tell.
In light of the current tax rates for online sports betting being lower than other states, Wyoming legislators are considering increasing the tax rate to 20%, which is higher than the current 10% and closer to the national average, to potentially boost the state's gambling revenue. This proposed change could impact Wyoming's sports-betting industry by potentially increasing the revenue generated from online sports wagering.
