Lawmakers in yet another state are considering whether to try to squeeze more from legal bookmakers.
The latest proposal continues a trend of states looking at whether to revise their financial arrangements with sportsbook operators after the launch of legal wagering.that face the threat of a tax hike, after a state senator proposed a budget amendment that would jack up the commonwealth’s levy to a New York-like level.
Democratic Sen. John Keenan is recommending the Bay State increase its tax for online sports betting revenue to 51% from its current 20%, which would make Massachusetts one of the costliest jurisdictions in the U.S. for operators. that have been proposed for the Massachusetts Senate's budget bill for the 2025 fiscal year. There is no guarantee the tax hike will be approved and included in the final version of the legislation. after the launch of legal wagering.
In Illinois, the industry is pushing back. The Sports Betting Alliance, the members of which are BetMGM, DraftKings, FanDuel, and Fanatics, is leading a charge to beat backAn increased cost of doing business for sportsbook operators in certain states could ultimately be felt by bettors who wind up getting worse odds. Some bookmakers may decide to avoid or exit more expensive states entirely.
Yet state lawmakers continue to consider ratcheting up tax rates, and they could do so in additional jurisdictions. Deutsche Bank analyst Carlo Santarelli recently cited the"regulatory environment" as a headwind in a research note for DraftKings. Santarelli warned that"much like was the case when the dominoes began to fall with legalization on a state by state basis, and neighboring FOMO pushed further legislation and further expansion, ignoring the tax rate increase proposals currently out there, or viewing them as isolated instances, is likely to prove shortsighted.
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