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re: Louisiana Raises Sports Betting Taxes to Fund D1 Athletics (Funds not NIL Eligible)
Posted on 6/11/25 at 3:10 pm to Bunk Moreland
Posted on 6/11/25 at 3:10 pm to Bunk Moreland
Online Operators don’t withhold fed tax unless you put that in your profile. If not you get a W2G to file which is based on payout and odds depending on type of bet you won. Operator pays tax on overall handle and then on profit. DK tried to say they were going to inflate juice to offset tax and their stock dropped and then didn’t go through with it.
With W2G you only pay tax on net profit but all winning amount is counted as income so you can easily lose your standard deduction and then have to pay tax on that. Unlike stock market where profit/ lose would just cancel each other out.
With W2G you only pay tax on net profit but all winning amount is counted as income so you can easily lose your standard deduction and then have to pay tax on that. Unlike stock market where profit/ lose would just cancel each other out.
0
Posted on 6/11/25 at 3:46 pm to ChestRockwell
quote:
What degenerates are betting UNO, Nicholls, and SE LA?
Posted on 6/11/25 at 6:50 pm to migui8618
quote:
This tax will not help smaller school. Bookmark, memorize, tattoo it on your fricking Techster forehead. If you think this is anything but a money grab on gambling, you are a complete and utter fool...or a Tech grad.
Well if it generates anywhere north of 350K it will eliminate a revenue gap which would help Tech.
It can also be a money grab at the same time.
This isn’t a difficult concept to grasp. It’s not black or white.
Posted on 6/11/25 at 10:28 pm to msutiger
Raising taxes always hurts consumers and never solves anything
ETA: And here comes your expected and typical response from the gaming companies. The consumer ALWAYS pays:
FanDuel adds Illinois betting surcharge: Flutter’s ($FLTR) FanDuel introduced a $0.50 fee on Illinois wagers to offset new state taxes, with DraftKings ($DKNG) potentially following suit despite controlling 75% of the market together. CNBC Link to story
ETA: And here comes your expected and typical response from the gaming companies. The consumer ALWAYS pays:
FanDuel adds Illinois betting surcharge: Flutter’s ($FLTR) FanDuel introduced a $0.50 fee on Illinois wagers to offset new state taxes, with DraftKings ($DKNG) potentially following suit despite controlling 75% of the market together. CNBC Link to story
This post was edited on 6/12/25 at 11:00 am
Posted on 6/12/25 at 8:37 am to CSinLC
quote:
Raising taxes always hurts consumers and never solves anything
They don't teach that at Tech...apparently.
Posted on 6/12/25 at 8:49 am to CSinLC
quote:I'd argue while I agree with the argument, that excise taxes are an exception. I'd rather see an excise tax and some good from that, than outlawing it. Taxes in general absolutely hurt the consumer and rarely do anything other than create more bureaucratic bloat. For 'vices' an excise tax levied is far better for those who choose to consume than legislative barriers or full on outlawing the vice.
Raising taxes always hurts consumers and never solves anything
Posted on 6/12/25 at 8:51 am to migui8618
I’m gonna be honest. In this thread, you come across a guy who bets a lot and is pissed the taxes are going up. But not just that, you also seem like a guy who lost a lot of money because Louisiana Tech shanked a 20 yard game winning field goal against New Mexico State at 11 PM on a Tuesday night last October.
Posted on 6/12/25 at 9:36 am to tzimme4
quote:
tzimme4
quote:
Well you have to win first...
Once again, you’re ignorant as frick on a topic.
This post was edited on 6/12/25 at 9:37 am
Posted on 6/12/25 at 9:39 am to ReauxlTide222
quote:
How are sports betting taxes collected?
The DraftKings of the world pay them based on their profits in the state. It has nothing to do with individual consumers other than possibly crappier odds to offset the taxes the operators are paying.
Posted on 6/12/25 at 9:43 am to msutiger
quote:
I’m gonna be honest. In this thread, you come across a guy who bets a lot and is pissed the taxes are going up. But not just that, you also seem like a guy who lost a lot of money because Louisiana Tech shanked a 20 yard game winning field goal against New Mexico State at 11 PM on a Tuesday night last October.
Just like your choice of colleges, you'd be wrong. You seem to have a dog in the fight. Like this bill is gonna reawaken the Terry Bradshaw ghosts at Loly Poly. They won't. Apologies if it pisses me off seeing someone with any skin in the game in Louisiana advocating for more taxes to help his limp dick team be less...limp. Come on. Be real. Quit stumping for more taxes.
Posted on 6/12/25 at 9:58 am to migui8618
Posted on 6/12/25 at 10:53 am to slackster
Actually I've done more for sports betting in Louisiana than you have done with your simple minded brain.
Posted on 6/12/25 at 11:20 am to msutiger
quote:
Each of the state's 11 public institutions competing at the Division I level would collect around $1.8 million.
Trying to hand out equal amounts to all 11 schools would be a bad decision. Go by number of scholarship athletes or some other metric that measures the size of the atheistic program. UNO didn’t even have a football team.
This post was edited on 6/12/25 at 11:22 am
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