Proposal for Competitive Sports Betting Scene In D.C. Creates Tax Concerns
Most sportsbook operators would welcome a more competitive market for betting in the nation's capital - but a couple of beware about the cost of admission.
Members of the Council of the District of Columbia held a public hearing on Monday for B25-0753, also referred to as the Sports Wagering Amendment Act of 2024. No vote was handled the costs, however a lot of testimony was provided to the council members who will assist decide its fate.
The legislation, if passed, would modify the existing law around sports betting in Washington, D.C., to develop a more competitive market for mobile betting.
Some of the conversation on Monday fixated the proposed cost of the new market, which would basically double, even for already-opened brick-and-mortar centers such as the Caesars Sportsbook at Capital One Arena.
"In this case, we're speaking about increasing the license charge and the tax rate, which is [a] double whammy on us," stated Dan Shapiro, senior vice president and chief advancement officer of Caesars Digital. "It's all a math equation for us, and you're altering the dynamic here."
Classing it up
At the moment, FanDuel is the only online sportsbook operator licensed to act throughout the majority of the district, acting as a subcontractor to Intralot, which contracted with the D.C. Lottery. Other operators, such as BetMGM and Caesars Sportsbook, are restricted to expert sports locations such as Capital One Arena and the 2 blocks around them.
Councilmember Kenyan McDuffie's Sports Wagering Amendment Act would alter the status quo by allowing existing operators to take bets throughout nearly the entirety of the district, with exceptions for the two blocks around professional sports venues and federal government property.
Most sportsbook operators would welcome a more competitive market for betting in the nation's capital - but a couple of beware about the cost of admission.
Members of the Council of the District of Columbia held a public hearing on Monday for B25-0753, also referred to as the Sports Wagering Amendment Act of 2024. No vote was handled the costs, however a lot of testimony was provided to the council members who will assist decide its fate.
The legislation, if passed, would modify the existing law around sports betting in Washington, D.C., to develop a more competitive market for mobile betting.
Some of the conversation on Monday fixated the proposed cost of the new market, which would basically double, even for already-opened brick-and-mortar centers such as the Caesars Sportsbook at Capital One Arena.
"In this case, we're speaking about increasing the license charge and the tax rate, which is [a] double whammy on us," stated Dan Shapiro, senior vice president and chief advancement officer of Caesars Digital. "It's all a math equation for us, and you're altering the dynamic here."
Classing it up
At the moment, FanDuel is the only online sportsbook operator licensed to act throughout the majority of the district, acting as a subcontractor to Intralot, which contracted with the D.C. Lottery. Other operators, such as BetMGM and Caesars Sportsbook, are restricted to expert sports locations such as Capital One Arena and the 2 blocks around them.
Councilmember Kenyan McDuffie's Sports Wagering Amendment Act would alter the status quo by allowing existing operators to take bets throughout nearly the entirety of the district, with exceptions for the two blocks around professional sports venues and federal government property.