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In its initial month, on the web betting made up over 96 % of legalized sports betting, with the Commonwealth hauling in more than $9 million in tax revenue. The tax revenue generated from on-line sports betting has and will continue to expand the budgets of state and federal governments. The current federal income tax rate on sportsbooks is 24% (Gramlich 2022). In 2022, the United States government generated approximatelty $953 million in tax income from on line sportsbooks via October (Altruda two). This amount marks continuing growth in the market place as tax revenue has improved annually in the sports betting industry. Compared to the $four.8 trillion accumulated in tax income by the U.S government in 2022, tax income totals from on the web sportsbooks account for .1% increase in the prior total (Altruda three). Even an increase from a monetary worth as substantial as $four.eight billion will be instrumental in American society. Marty Derbyshire is a Catena Media contributor with 15+ years of knowledge reporting on the on-line gambling, poker, Korea Sports Gamble Site betting and brick and mortar casino industries.

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