Nj gambling tax revenue1/2/2024 ![]() In other words, EVERY dollar is taxed at 1.85%, not just revenue. Tennessee assesses a 1.85% tax on all sports betting operators’ handle.Montana keeps ALL revenue from sports betting, with a 6% “finder’s fee” for sales agents.Of course, most people know the long history of the gambling industry in the state of Nevada, so it’s the Hawkeye State that stands as the true outlier here. Iowa and Nevada charge tax rates of only 6.75%.However, the effective tax rate is only 3.6% when factoring in exemptions and promotions Arizona taxes retail betting at 8% and online betting at 10%.Most states are in a range of 8% to 15% tax rate on sports betting. States with the Lowest Tax Rates for Sports Betting If they hadn’t made this move, chances are the tax rate could be similar to New York’s. Pennsylvania is also interesting in their approach because they charged an astronomical, nation-high $10 million licensure fee, opting for a quick influx of revenue. Nonetheless, as we mentioned Pennsylvania has generated $470 million in taxes since legalizing sports wagering in 2018. This explanation would require a full-on, college-level class in economics and taxation, but the gist of it is that certain promotions and losses in revenue are deductible from taxes in Pennsylvania (and select other states) lowering the actual revenue realized. Pennsylvania comes in next on the list at a tax rate of 36%, but the effective tax rate is closer to 24%. Terms and conditions apply More States with High Sports Betting Taxes ![]()
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