Yeah, it's a great "big event" market. Always has been.
2019-Whenever Misc. Grab Bag Thread
- Thread starter jeffbear
- Start date
The sports betting bill heads to Senate committees today. They’ve had it since March 30 but this is the first action.
Sports gambling bill up for debate Tuesday in North Carolina Senate
North Carolina State Senators will debate legalizing sports betting Tuesday.
abc11.com
Anyone over 18 will do the betting, the gambling company will make the money, but there is a 14% privilege tax on net receipts sent to the state.
cmaleski2
Well-known member
There will be no shortage of NC citizens of all income levels betting if the General Assembly legalizes sports wagering.
Like all gambling, the house makes more money than the gambler. The state will take a cut of the revenues. Harrah's Cherokee might lose a bit of sports betting revenue as sports betters in NC will no longer need to go there to place sports wagers legally.
Like all gambling, the house makes more money than the gambler. The state will take a cut of the revenues. Harrah's Cherokee might lose a bit of sports betting revenue as sports betters in NC will no longer need to go there to place sports wagers legally.
FWIW, tax planners call sports gambling taxes "recaptured revenue." The theory being that people who want to wager on sports are already doing so, but the state is missing out on taxing the revenue and the transaction because it's either illegal activity or it's happening online or in other States. At best, a state without sports betting captures income taxes on those transactions based on self reporting, and gamblers are notoriously not that forthcoming in that regard. Same thing applied to out of state sales taxes, which the Feds eventually addressed a few years ago after decades of pressure from the states.
LJG
Well-known member
Wish those dim bulbs would hurry up with some smokable revenue recapture.
And Oregon has less than half the population of NC ... just sayin'
True. But I’d venture that the existence of Portland more than makes up for the smaller population.
You've been to Boone and Asheville, right? Smaller, yes ... but decidedly weedy even under current law.
TheBigKahuna
Well-known member
Plenty of North Carolina are already spending millions gambling. They're just spending it elsewhere
Just like lotto money and weed money. They'll spemd it somewhere, if not here.
Just like lotto money and weed money. They'll spemd it somewhere, if not here.
That doesn’t make it the right thing to do. Same with the lotto. It creates more problems for people. Spending money they don’t have.
TheBigKahuna
Well-known member
People who want to gamble on sports are already going it. They always have, and always will. I don't condone it. But each state that drags it's ass on legalizing these things is losing millions and millions in tax revenue. Any half moron with internet is already gambling on sports right now. It's not hard.
It’s really that simple. There are so many outlets to gamble, states are silly not to get their slice of the pie.
If all the other states jumped off a bridge should we? It’s right or wrong/good or bad. Making money on our citizens bad decisions doesn’t seem like it’s a good thing to do.
It doesn’t impact me personally. I also get that people can make their own decisions but when we’re spending tax dollars to support people because they spend their money on stupid things it doesn’t seem like we should encourage that.
It doesn’t impact me personally. I also get that people can make their own decisions but when we’re spending tax dollars to support people because they spend their money on stupid things it doesn’t seem like we should encourage that.
False equivalence. Missing a source of revenue is legislative malpractice.
cmaleski2
Well-known member
Am I misremebering this state supporting and subsidizing tobacco, a product that has killed millions?