Sports betting tax revenue spikes as more states open doors

It raised more than $1.8 billion for state and local governments last fiscal year.
Kentucky Gov. Andy Beshear (D) stands in front of sports betting kiosks at Churchill Downs in Louisville, Ky., Thursday, Sept. 7, 2023. (AP Photo/Bruce Schreiner)

State sports betting revenues more than doubled last fiscal year, as the legal market expanded, sportsbooks won more bets, and some states limited a key tax deduction.

Sports betting taxes raised over $1.8 billion for state and local governments in Fiscal Year 2023, up from $794 million in FY 2022, according to a Pluribus News review of data collected by Legal Sports Report, an industry news site that tracks sports betting revenue. Most states end their fiscal years on June 30.

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