Highest Income Tax Payments within the Gaming Sector Show Surge - Gettmantsev (paraphrased)
Here's the Rewritten Article:
Wallopin' Daniil Getmanets, the dude runnin' the financial parliament committee, spoke up about the growth of various industries on his Telegram channel.
As he crunched the numbers, it turned out the gambling joints dished out 5.9% more cash compared to the same time last year, and the financial services saw a 5.64% boost. The metalworking machinery production industry also jumped by 5.48%.
Impressively, 23.8% more businesses reported paying taxes, with a whopping 70.6% of 'em announcing their tax payments.
Let me cast some light on a standout aspect: the gambling sector accumulated an outstanding 9.8 billion UAH in tax revenue during the first seven months - nearly triple what they made in the same period in 2023!
Now, let's delve a bit deeper into the world of gambling and taxes:
In the States, commercial gaming revenue has shot up by 8% so far this year, with online gaming (iGaming and sports betting) making up a quarter of the revenue.
Land-based casinos slid a tad but remain the main money-maker with a cool $12.38 billion in Q3.
Online gaming's growth suggests a disproportionate increase in tax revenue compared to land-based casinos, and a study predicts legal online casinos could potentially yield $18.4 billion in tax revenue annually if taxed at 30%. Keep in mind, tax rates vary by state, ranging from 15% (Pennsylvania) to 54% (Rhode Island).
That's the skinny on the current tax revenue growth, though we're missing precise seven-month figures since available reports only span through February and Q3. Specific reports from state gaming commissions would be needed for a more accurate comparison.
- The gambling sector in the States has seen a rise in commercial gaming revenue, increasing by 8% so far in 2023.
- Online gaming, including iGaming and sports betting, is contributing significantly, accounting for a quarter of the total revenue.
- Land-based casinos slightly declined but remain the primary income source, generating $12.38 billion in Q3.
- The growth in online gaming suggests a potential disproportionate increase in tax revenue compared to land-based casinos.
- If taxed at 30%, legal online casinos might generate $18.4 billion in annual tax revenue, although tax rates can vary considerably by state, ranging from 15% (in Pennsylvania) to 54% (in Rhode Island). However, more accurate comparative seven-month figures are necessary for a detailed evaluation, as current reports only extend through February and Q3.
