Gambling: Tax revenue is increasing
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Gambling continues to grow rapidly in USA and gives the state horrendous tax revenue. As the “Federal Statistical Office” recently announced in an official press release, the individual federal states took around 1.97 billion $ from taxes in the gambling sector in 2019. The record high illustrates how popular lottery, sports betting and Co. have become over the past few years.
Constant increase in income
The gambling regulation and the associated tax law is a matter of the country in USA due to the Federalist System. For this reason, the revenues flow from the lotteries, Sports betting and other legal gambling activities In the coffers of the individual federal states.
According to the official figures of the Federal Statistical Office, North Rhine-Westphalia was able to achieve the greatest income in 2019. The applicable taxation of the gambling sector gave the most populous state around 419 million $ . Conversely 21 percent of the total income of 1.97 billion $ . Around 14 percent flowed into the Bavarian state coffers. The southernmost state was able to generate 274 million $ . The trio is completed by Baden-Württemberg, which was able to secure a share of twelve percent and thus 234 million $ .
Record income from regular taxes. Profits from gambling are not taxable in USA. However, this only applies at first glance, since part of the money still flows into the coffers of the federal states via the regular tax system. As soon as a player uses his profits for an investment, he automatically pays taxes. If he puts them on an account, taxes also incur from the capital income. In this way, the state clearly earns the profits from gambling – and in a variety of forms.
The Federal Statistical Office shows the rapid development of the gambling industry in the Federal Republic with a cross comparison in 2009. At that time, the state income from the lottery, sports betting and Co. was 1.5 billion $ . The tax revenue increased steadily in the following ten years. The 1.97 billion $ from 2019 correspond to you Increase of 31 percent.
More income from Gaming State Treaty
It can be assumed that the gambling sector in the Federal Republic will take the next step in its development from June. It is currently planned that the new Gaming State Treaty will come into force in the middle of the year. This will standardize the regulation of the industry and liberalize the market. This primarily combats illegal gambling. From then on, it will be difficult for black sheep without official license to operate on the American market.
The state can first record in detail in which online casino American players are on the road and can therefore tax the income across the board. Conversely, the increasing transparency is the Tax revenue from the gambling sector Let it rise considerably.
Extremely enormous inflow. The new state of gambling will make the American market extremely attractive for many actors in the industry. Providers from abroad in particular will be able to benefit from the new legislation. Among other things, countless online casinos with a valid license made of Gibraltar will apply for a American license. The reason: the peninsula is an overseas area of Great Britain, which is known to have been officially leaked out of the European Union since this year. It is not yet clear how the current gambling licenses made from British territory. Nevertheless, the providers concerned will insist on a American license in order to be able to offer their service in this country without complications.
Online gambling-the golden future?
The gambling industry has grown in recent years like hardly any second industry. The industry’s growth curve does not seem to want to flatten it. Experts predict another increase in the sector, which in turn will have a positive effect on tax revenue for USA. But not only the Federal Republic benefits economically and financially from gambling. The entire European Union can look forward to a continuing boom.
In 2018, 22.2 billion $ were implemented in online gambling in the entire EU area. According to a forecast of industry experts, these income should increase again by 2023, especially through the legalization of online Casinos. We are talking about 29.3 billion $ for the online division. If this prognosis is true, this corresponds to growth of over 30 percent. However, it remains to be seen how large the proportion will ultimately be of the overall budget that flows into the state treasures of the individual countries. After all, every EU nation taxes gambling differently.