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President Trump has met with sports betting industry leaders to discuss possible slot tax and gambling reforms.
Just weeks into his presidency, President Trump visited Circa Resort and Casino in Las Vegas to meet with sports betting leaders at an event hosted by casino CEO Derek Stevens. The American Gaming Association (AGA) used the event as a platform to present various tax reform priorities for the industry. This comes after Louisiana and Michigan proposed tax hikes at the end of 2024.
These include adjustments to the slot tax threshold and eliminating the sports betting excise tax. In President Trump’s first presidential appearance at a casino during his second term, his presence was a sign of the president’s continued support for the industry as he begins another four-year stint in the White House.
“Today’s event is a testament to the president’s commitment to making sure that the tax code not only encourages job creation, but also ensures workers keep more of their hard-earned money,” said Bill Miller, President and CEO of the AGA, as reported by Gambling Insider.
What could tax reform mean for the sports betting industry?
The sports betting industry has been booming in the United States over the last few years. The AGA predicts total commercial gaming revenue will soar past $67 billion in 2024, which would make it the fourth consecutive year of record gains.
For example, the third quarter saw revenue of $17.71 billion, thought to be driven by the continued rise of online gaming. That sector alone made up 29% of the industry’s total revenue, highlighting ongoing success following on from the Covid pandemic.
The issues faced during the pandemic were a prime opportunity for President Trump to show his support for the industry, in the form of economic relief measures that helped casinos and other gambling institutions stay afloat and recover after the shutdowns.
As well as the tax reforms, other points of discussion from the AGA included responsible gaming initiatives, combating illegal operators, and more.
Featured image: Unsplash
