Congresswoman Titus Advocates for Repealing Federal Excise Tax

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During the SBC Summit North America last week, Congresswoman Dina Titus expressed her desire to repeal the federal excise tax on sports betting. This event, held in New Jersey, is a prominent conference and tradeshow dedicated to the online betting and gaming industry in North America. New Jersey is one of the biggest sports betting and iGaming markets in the United States.

Although Titus could not attend the summit in person, she contributed significantly through a 15-minute video message played during the event. The summit brought together executives from all major operators in the region, offering them a platform to discuss emerging opportunities in the industry.

The Federal Excise Tax Serves No Dedicated Purpose

Titus, the co-chair of the Congressional Gaming Caucus, has been a staunch opponent of the federal excise tax on sports wagers for the past decade. In her video message, she reiterated her call to abolish the tax. Currently, sports betting operators must pay a 0.25% tax on their total sports betting handle. Titus criticized this tax, describing it as one that “serves no dedicated purpose” and instead “penalizes” regulated industry operators.

She argued that this tax empowers illegal operators, as they can attract customers by offering better odds since they do not pay the tax. Over the years, Titus has introduced several bills aimed at repealing the tax, but none have gained significant traction. One of her latest efforts, HR 1661, was introduced in March 2023 with bipartisan support.

Criticism of the GRIT Act

Titus also spoke out against the Gambling Addiction, Investment, and Treatment Act (GRIT), which proposes using 50% of the funds generated by the federal excise tax to fund problem gambling initiatives. While she supports investments in responsible gaming resources, she argued that using the handle to fund these initiatives only harms legal operators. According to Titus, sports betting operators already invest millions into resources and research, and each US state allocates money for responsible gaming.

The American Gaming Association (AGA) also opposes the GRIT Act. Similar to Titus, the AGA advocates for eliminating the federal excise tax and encouraging Americans to engage with the regulated market. Chris Cylke, AGA’s senior vice president of government relations, echoed these sentiments in a statement following the introduction of the GRIT Act.

Recommendations for Professional Sports Organizations

In her video message, Titus also provided five recommendations for sports organizations to combat sports betting problems within professional sports. She referenced high-profile incidents in major sports this year, such as Toronto Raptors player Jontay Porter’s lifetime ban from the NBA for placing prop bets on his performance in several games.

Titus mentioned that she had reached out to each major professional sports league and the NCAA regarding their sports betting policies. Her recommendations included simplifying regulations to better focus on integrity, maintaining a public database of violations and punishments, and mandating in-person training for league personnel at the start of each season.

Additionally, Titus advised sports organizations to ban the promotion or use of illegal sportsbooks and conduct yearly surveys to ensure player input and a thorough understanding of policies.

A Look at CoinPoker’s Innovative Platform

We wanted to write a few words on CoinPoker, which is revolutionizing the online poker scene by utilizing blockchain technology to create a secure and transparent gaming environment. Unlike traditional online casinos, CoinPoker does not require Know Your Customer (KYC) procedures, allowing for wider participation. The platform uses its own cryptocurrency, CHP (CoinPoker’s Chips), facilitating quick and easy transactions. Players also benefit from lower rake fees and attractive rakeback deals.

A variety of poker games are available on CoinPoker, including popular options like No Limit Hold’em and Pot Limit Omaha. The platform accommodates all skill levels, from beginners to seasoned players. CoinPoker stands out through its use of decentralized random number generation and smart contracts, which ensure fair and transparent gameplay.

CoinPoker Introduces the Thrilling CSOP+ Poker Tournament Series

CoinPoker started to host the CSOP Plus (CSOP+) poker tournament series that from May 5 to May 26, featuring an impressive $25 million in guaranteed prize pools. Building on the success of last month’s CSOP Spring series, the CSOP+ will offer 14 to 18 events daily, excluding Fridays, for three consecutive weeks.

The series will conclude on May 26 with a range of main events designed to suit various financial levels. These include low stakes games with a $50 buy-in, mid stakes at $200, high stakes at $1,000, and high roller events with a $5,000 buy-in. All main events start at 18:00 GMT, with high rollers competing for a share of a $600,000 prize pool.

Leading up to these main events, every Sunday will feature the $500,000 guaranteed ‘Tony’s PLO High Roller’ event, which includes a significant $25k buy-in, along with other events ranging from $5k to $10k buy-ins.

Poker enthusiasts can find the full CSOP+ schedule on the CoinPoker website.

Satellite Competitions and Promotions

Satellite competitions are already underway, giving players the chance to qualify for CSOP+ events at lower rates. Participants earn live player points by entering more events, with points awarded at a rate of 1 point per 1 USDT of buy-in. These points can be exchanged for main event tickets of various denominations.

CHP token holders have enjoyed nearly a 10% increase in value over the past month, benefiting from a 33% rakeback.

Adding to the excitement, CoinPoker ambassador JNandezPoker streamed his participation in high stakes events on the opening day of the CSOP+ series. Further live coverage and streams of cash game action can be found on the CoinPoker YouTube channel.

You can visit CoinPoker here.