States bet on boosting taxes for online sports betting companies like DraftKings, FanDuel

Published June 13, 2024 6:39 AM

By DAMIAN J. TROISE
AP Business Writer

NEW YORK (AP) — States are looking to increase their take from the $16 billion online sports gambling industry as it expands across the country with big partnerships. DraftKings, FanDuel and other betting apps are facing a bigger tax hit in Illinois following changes to tax policy this year. New Jersey is considering doubling its tax rate. A proposal to boost Massachusetts’ rate failed in May. All sports wagering revenue in the U.S. jumped 22% to $3.33 billion in the first quarter of 2024, according to the American Gaming Association.

Article Topic Follows: AP-National

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