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By David Lieb The Associated Press State eyes mobile sports betting payment to lure neighborhood gamblers | March 17, 2023 at 1:54 am

Sportsbet: The Home Of Live Sports Betting

A man checks the odds at a sports betting terminal at the Ocean Casino Resort in Atlantic City, N.J., in February. (AP)

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Thirty-three states and the District of Columbia now offer at least some form of sports betting — up from nearly five years ago in the US. Each is vying for shares of the fast-growing multibillion-dollar business after the Supreme Court allowed it.

And states with mobile betting, like Arkansas, pay more money than those that only allow in-person sports betting.

Arkansas statistics show nearly $3 million was wagered on this year’s Super Bowl — more than triple the annual amount before mobile betting was allowed. Now state officials are expecting residents of neighboring states to cross into Arkansas to bet on March Madness.

“We’d be surprised if March didn’t set a new monthly record for sports betting in the state,” said Scott Hardin, spokesman for the Arkansas Department of Finance and Administration.

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Arkansas, a very small state with no major sports teams, opened in-person sports betting at casinos in July 2019. But things took off last year when the state allowed mobile sports betting.

Ohio also boomed when it launched mobile sports betting in January. In the first month, Ohio gamblers wagered more than $1.1 billion, generating more than $20 million in state tax revenue. That’s about three times the revenue that legislative analysts forecast for the entire first half of the year.

“They didn’t know how big a market we were going to have on the first day,” said Jessica Franks, director of communications for the Ohio Casino Control Commission.

While some states, like New York, started with limited in-person sports betting and gradually added mobile apps, Ohio started more aggressively — launching multiple mobile options and retail locations at the same time. Republican Gov. Mike DeWine is now proposing to double the tax rate on sports betting.

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New York began allowing sports betting in 2019, but limited the market to in-person at four state casinos. Like other states, betting boomed in January 2022 when the state began allowing players to place sports bets via mobile phones and computers. In the first month, more than $1.6 billion was wagered through online sports betting, compared to just over $15 million through in-person sports. Casino bets.

New York levies a 51% tax on mobile sports betting revenue — a much higher rate than other states — with most of the revenue going to education. Budget officials originally estimated that mobile sports betting would bring in $357 million in state tax revenue for fiscal year 2023, which ends March 31.

The punters hit it off. As of February, mobile sports betting generated $661 million in New York City education tax revenue.

State Sen. Joseph Addabbo Jr., who favors sports betting as chairman of the Senate Sports, Gaming and Betting Committee, said he was also surprised by the results. “There is definitely an appetite for mobile sports betting,” said Addabbo.

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Clearly, New York and Ohio have large populations and many professional sports teams that help increase interest in sports betting. But even smaller states have exceeded expectations for sports betting revenue.

Indiana’s sports betting taxes are set to reach $31 million in fiscal year 2022 — up from $12 million projected when lawmakers approved it in 2019. New Hampshire’s nearly $24 million tax on sports betting is easily double its original estimate for fiscal year 2022.

As in the industry, however, there are many losers — who still make decent profits.

Legislative analysts in Montana, which only allows online sports betting inside bars and casinos, estimated $79 million worth of wagers were made last fiscal year, generating $4.8 million in state tax revenue. The actual results are about half that — about $45 million in tax revenue from sports betting and $2.4 million.

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And Connecticut received less than $20 million in sports betting taxes in the first 16 months after betting began in October 2021. Legislative analysts estimated $21 million in the first full fiscal year.

Nationally, legalized sports betting has generated more than $3 billion in state and federal taxes since a 2018 Supreme Court ruling allowed it, according to the American Gaming Association. It generates about a quarter of the tax revenue that would ultimately be expected from a fully mature market.

Sports Betting Debate “Is this something we should be looking at?”It changed from “How do we do this in a way that best serves our constituents?”’ said Casey Clark, the association’s senior vice president.

A bill to legalize sports betting passed the Kentucky House and reached the Senate Wednesday, but it still faces a high hurdle. Similar bills have died in the Senate before, and this year’s version needed a three-fifths vote to pass.

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In Missouri, efforts to legalize sports betting have stalled in the Senate over whether to combine it with regulations for slot-style games.

In Georgia, sports betting bills have stalled amid debate over whether a constitutional amendment is needed, how potential tax revenue would be spent and whether to tie sports betting to the legalization of casinos and horse racing.

The three most populous states — California, Texas and Florida — currently have no online sports betting. Florida’s Seminole Tribe, which received state-only rights to conduct sports betting, shut down its online application in December 2021 after federal courts ruled it violated the requirement to be physically present on tribal land when placing bets.

US. After the costliest ballot battle in history, California voters last November rejected rival sports betting initiatives backed by tribal nations and the gaming industry. Backers are likely to try again, but it’s unclear when that will happen.

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Jeff Amy, Tom Davis, Andrew DeMillo, Brendan Farrington, Susan High, Amy Beth Hanson, Steve Karnowski, Maysoon Khan, Holly Ramer, Bruce Schreinerand and Julie Carr Smith of The Associated Press for this session for information on this article. Vermont is seriously considering a bill to legalize sports betting. Why do they do this and what does the system look like?

The Vermont Public’s Mitch Wertlieb spoke with Bob Kinzel, senior political correspondent, to find out what legal sports betting is like in Vermont. Their conversation below has been edited and condensed for clarity.

Mitch Wertlieb: In the last five years, 36 states have legalized sports betting. What is the reason for this and why is Vermont seriously considering joining this group?

Bob Kinzel: In 2018 the U.S. The possibility of legalizing sports betting really opened up when the Supreme Court overturned the law that banned this activity. And since then, dozens of states have legalized sports betting. Vermont is the only state in the Northeast that still bans it.

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Spokesman for St. Albans. Mike McCarthy is the chairman of the House Government Operations Committee, and that’s the committee that looks at this bill first.

“I think most of us agree that there are Vermonters — we’ve heard testimony, there are thousands of Vermonters — who are crossing the border right now, or at least crossing the border to gamble digitally, and that’s a loss. revenue for the state,” McCarthy said.

A special committee this fall studied the issue and concluded that it’s not a matter of if Vermont will legalize sports betting, but when.

What are some of the important decisions that need to be made before sports betting is legalized in Vermont?

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I think the biggest decision is how sports betting is regulated and regulated. Now, some states charge fees for the licensing and operation of bookmakers. Others have a government controlled system. Wendy Knight is the commissioner of the Vermont Division of Alcohol and Lottery. He also served as chairman of the special committee this fall. He said the Commission strongly recommends a state regulatory model.

“We’re an alcohol regulatory state,” Knight said. “We believed that being a regulatory model would serve us better in terms of creating a better user experience, player experience, as well as consumer protection.”

There are other key points. This bill places sports betting under the authority of the Department of Liquor and Lotteries. It limits the number of operators from two to six to create a competitive market.

And the bill includes a provision that requires businesses to pay the state a larger share of their net profits — after all winnings are paid and some of those costs are deducted from the total gross bet amount. Businesses are likely to pay a revenue sharing rate of 40% to 50% of their net profit. And in this scenario, the

Young Businessman Placing Sports Bet In Office Stock Photo