North Carolina Proposes Doubling Sports Betting Tax

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00:00tax rates for the most part i would say based on the content that we've covered here

00:04a lot of proposals to increase tax tax rates i think we saw one potential pullback but

00:10for the most part every state that has legal sports betting wants to get more money from taxes

00:15which state wants more right now yeah i would say it is a hot topic right now in terms of sports

00:22betting legislation and north carolina uh yeah the senate came in last week on monday they

00:28introduced their budget proposal uh a two-year budget they included doubling the sports betting

00:34tax from 18 to 36 percent and they quickly last week went ahead and passed that budget complete

00:42with that provision and so now it goes to the house and kind of we'll see what the house does you know

00:48they of course can amend that budget to their heart's desire and and it may or may not include

00:53that tax rate hike and then whatever that then comes out of the house we'll have to see the house

00:59and senate kind of iron out those differences and and what happens so does that include this tax rate

01:04we'll just have to wait and see but so far big fast start in in north carolina which it's kind of

01:10interesting it would obviously double the tax rate so you'd get almost an extra 135 million dollars

01:16a lot of that money it's kind of dispersed through a bunch of different uses but some of it is to go to

01:23the unc system but not nc state and north carolina now what this provision does it would eventually

01:30after all those initial distributions goes out would send 10 percent of the remaining amount to

01:37north carolina and nc state given that they play i think it's i think it's four in-state games against

01:45those other 13 unc system schools in basketball um so just kind of a unique little uh provision to make

01:52sure those schools are playing each other and kind of nice little ecosystem um but yeah to your

01:57broader point of taxes the talk of the session i mean we've had a ton of proposal proposals we had

02:04uh governor mike dewine in ohio uh want to double his tax rate from 20 to 40 percent and that's just

02:11two years after he uh already doubled it from 10 to 20 percent that was stripped out by lawmakers and

02:19they said no this was too much too quick they had already said that the doubling of from 10 to 20

02:24percent was premature so that was uh that one's off the clock right now uh in maryland west moore uh in

02:30his gubernatorial budget proposal went 15 to 30 percent uh lawmakers kind of negotiated that down to

02:37five percent jump so just a twenty percent we'll see if that gets any traction from there a couple other

02:43states uh michigan indiana louisiana a couple other ones have uh also proposed tax hikes those haven't

02:50gone anywhere new jersey has also done so uh with governor phil berger but that hasn't gone anywhere

02:56to your point on one suggesting a decrease that's new york which is kind of you know in a way why we're

03:03getting so many proposal hikes because they're at that astronomical 51 percent and other states are like

03:09like wait why did we go with 10 percent or 15 percent when you can get that high they're talking

03:14about um potentially adding more licenses for operators and then for every operator coming in

03:19reducing the tax rate um that hasn't seen a lot of movement yet either so we'll see what happens there

03:25but yeah taxes huge talk of the town uh no so far north carolina is the only one to really make any

03:31progress and we'll see if it goes any further uh this session