Sports Gambling Taxes

[KingEleven]

When you folks are discussing legalizing sports gambling, many posters talk about the money the government could bring in by taxing it. What exactly are you thinking as far as how to tax it?

I ask because sports wagering is hard to enough with vig/juice, never mind now paying taxes on winnings. So I am thinking you guys mean something different?

For the same reason, I never understood why people play slots (besides the fact I would rather watch soccer or paint dry than play slots)...for example, in CT, you can win alot at the craps table and pay ZERO in taxes, but the second you hit a $1,200 "jackpot" on slots, they charge you tax! (highway fucking robbery!)

 

[PatsFan1283]

Most people are likely referring to taxation of industry that is profiting off of sports betting. A state like CT does a ton of revenue with the Indian casinos. Especially when you factor in all the taxes the employees pay, $ from tourism that the casinos are responsible for, etc

 

[TheComputerGroup]

Indiana and Pennsylvania both collected more in direct gambling taxes from casinos in 2010 than Nevada.......by 2020 IMO, there will be legalized weed on almost every state, & legalized sports betting in all the big states with casinos, NY, NJ, Pa, Cali, Fla, etc......the govt needs the tax money to finance the wars popping up, & they need that money to fight terrorism......they need that money bad, & they won't receive it by setting up lemonade stands.

Serious tax money on those 2 vices that a high percentage of people are into.

 

[KingEleven]

Indiana and Pennsylvania both collected more in direct gambling taxes from casinos in 2010 than Nevada.......by 2020 IMO, there will be legalized weed on almost every state, & legalized sports betting in all the big states with casinos, NY, NJ, Pa, Cali, Fla, etc......the govt needs the tax money to finance the wars popping up, & they need that money to fight terrorism......they need that money bad, & they won't receive it by setting up lemonade stands.

Serious tax money on those 2 vices that a high percentage of people are into.

I'll be in the minority here, but I do not agree with "sin" taxes....how 'bout we try something, REDUCE SPENDING!!!!!

 

[TheComputerGroup]

Forgot to say each state is also going broke, & they need money bad also......

 

[razorbackpicks]

Not all states are going Broke, but most are.

Both presidential options want to increase spending, so not going to help any there.

Most likely if it were to become legal they would just let it roll over into your income taxes and whichever income tax bracket you fall in it will be taxed. But if they legalized it, I wouldn't be opposed to say a 15% tax like capital gains tax or something, but then they also have to let you deduct losses (which I think they fear as well).