Reported 7 months ago
States like Illinois, New Jersey, Massachusetts, and others are increasing taxes on online sports betting apps such as DraftKings and FanDuel, aiming to boost revenue from the expanding $16 billion industry. DraftKings and FanDuel, with major partnerships like MLB and NFL, are facing tax hikes, prompting concerns from industry leaders about competitiveness and customer retention. The move comes as the U.S. online sports wagering revenue surged 22% to $3.33 billion in the first quarter of 2024, attracting state governments' interest in maximizing tax earnings from the lucrative sector.
Source: YAHOO