U.S. Sports Gambling Sector under Scrutiny: Potential Significant Alterations in New York
Unfiltered, Uncensored Update on US Sports Gambling Laws
Welcome back, sports gamblers! It's been an eventful week in the ever-evolving world of legislative sports betting in the United States. Get ready for a no-holds-barred breakdown of the latest developments.
Florida is stepping up its game against illegal operations with bill HB1467. The new legislation suggests that those engaging in illegal gambling activities should face tougher consequences, turning these crimes from simple misdemeanors to third-degree felonies. Regulators aim to curb the estimated 1,000 illegal slot machine "arcades" across the state, which are believed to make up to $60,000 per month.
In contrast, Hawaii is taking a step towards legalizing sports betting with HB1308. The Senate recently approved the bill with some amendments, including a 10% tax rate and a $250,000 licensing fee. However, the bill was returned to the House, which wants to negotiate these rates with operators. If the bill passes, Hawaii could become the first state to legalize sports betting in 2025, making it the 40th state since PASPA was repealed in 2018.
Meanwhile, Kansas is facing chaos as all six of its sportsbooks risk losing their licenses by August 2027. Despite generating $12.7 million in tax revenues for the state in 2024, lawmakers are considering a single-source model, making Kansas the largest single-source market in the US. Should this happen, it could allow for an increase in the tax rate on books, which Kansas currently has one of the lowest in the country.
Michigan finds itself in the spotlight over prediction markets Kalshi and Robinhood. These platforms have come under fire for allegedly bypassing Michigan's regulatory framework, much like in Nevada and New Jersey. Michigan opted to investigate the matter rather than issuing a cease-and-desist letter, with the situation pending until the confirmation of former Kalshi board member, Brian Quintenz, as the CFTC chair.
In Nebraska, efforts to legalize sports gambling are gaining steam through Senator Eliot Bostar's LR20CA amendment. The amendment, currently weaving its way through Nebraska's legal system, could potentially be put to a statewide vote if it receives the necessary approvals. With nearly 60% of Nebraskans reportedly supporting mobile sports betting and thousands crossing state lines to place bets, the amendment could win widespread support.
New York is considering Assemblymember Robert Carrol's A7962 bill, which proposes daily betting limits, deposit limits, and advertising bans. If passed, the bill would make New York one of the most restrictive states for sports betting, drastically altering the industry. New York consistently tops US handle charts and generates significant revenue for the state.
North Carolina is looking to double the tax rate on sports gambling operators from 18% to 36%, putting the state among the highest taxed after Ohio, Delaware, and New York. Additionally, if the new proposed budget passes, NC State and UNC, both previously barred from state sports gambling tax revenues, could receive $11.5 million each.
Across the country, state legislatures are adapting to the burgeoning sports betting landscape. From cracking down on those trying to skirt regulations in Florida to embracing the gambling industry in Arkansas, it's a wild ride! Stay tuned for more updates as the sports gambling industry continues to evolve.
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- The United States continues to redefine its sports gambling laws, with Florida introducing HB1467 to tackle illegal gambling operations, aiming to escalate such crimes from misdemeanors to third-degree felonies.
- In contrast, Hawaii is moving towards legalizing sports betting with HB1308, which, if passed, could make Hawaii the first state to legalize sports betting in 2025.
- Kansas is in turmoil as all sportsbooks risk losing their licenses, with lawmakers considering a single-source model that could potentially increase the tax rate on books.
- Michigan is investigating platforms like Kalshi and Robinhood for bypassing the state's regulatory framework, similar to instances in Nevada and New Jersey.
- Nebraska is pushing for legalized sports gambling through Senator Eliot Bostar's LR20CA amendment, which could potentially lead to a statewide vote.
- New York is proposing Assemblymember Robert Carrol's A7962 bill, which, if passed, would impose daily betting limits, deposit limits, and advertising bans, making New York one of the most restrictive states for sports betting.
