There has been a lot of hype around the U.S. Supreme Court overturning a ruling on betting, but what does that mean for you, your paycheck and your state taxes?
Going all in,
The Last Night’s Game Team
Where were we? Before the ruling, if you wanted to place a bet on the outcome of an individual game it was illegal in all states, besides Nevada. The key word is individual games as other states had sports betting. Despite it being illegal to bet on individual games everywhere except Nevada, over $4.7 billion was bet on the Super Bowl - 97% illegally.
What does that mean for the cash burning a hole in my pocket? It will take some time for this to flush out. Much like legalizing marijuana, betting on individual games is determined at the state level. There are six states that are already working on laws to start operating. New Jersey is leading the pack, planning to take legal bets by Memorial Day, with other states hoping to get everything in place in time for the start of football season (Sept). WHY MARK CUBAN IS A BIG FAN
Everyone is looking to get a piece of the pie including professional teams that are hoping to drive attendance. Look no further than across the pond where many European sports stadiums have betting stations inside so you can bet while at the game. Adding live betting could help increase attendance at sporting events.
When we say everyone wants a piece of the pie, you didn’t think Uncle Sam wouldn’t be standing in line for a slice. Remember, winnings are taxable (provided the bet is legally placed). While those taxes may seem like a great revenue generator, don’t hold your breath. Sports betting revenue is a drop in the bucket for Nevada where it accounts for only two percent of the state’s gambling revenue. TAX ME
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