Queensland to Increase Sports Betting Tax

The state of Queensland is set to make gambling a tad expensive for operators after promising to raise betting taxes across the board. Some products previously exempt from taxes will also join the tax brackets. According to Queensland's treasurer, Cameron Dick, the tax increase and reallocation will benefit Racing Queensland. The racing regulator will be taking 80% of the revenue instead of the previous 35%, which is more than enough incentive for regulators to abide by the new legislation. Queensland sports betting operators will pay a 20% tax, previously 15%. Bonus bets and free bets will also be taxed.

Racing Queensland to Receive Millions

Increasing the taxes will result in more millions for Racing Queensland, the Treasury projects. In 2021, Racing Queensland collected A$32.5 million. Following the tax increment, the Treasury projects the body to receive about A$80 million in tax revenue from registered operators. The funds will develop infrastructure and clubs and breeding schemes and prize money. The Treasury calls on operators to pay their fair share to support the future of racing in Queensland. There are concerns bettors will pay the price given operators can provide lower odds of finding other ways to cover the extra tax without hurting profitability.

Changes Coming Fast in Queensland

The new tax increment comes only a month after the Casino Control Amendment bill was brought to legislators for review. The amendment proposes more control given to the state’s gaming regulator, including authorizing fines of up to A$50 million for violations but doesn’t specify how much will go to Racing Queensland. Queensland is set to impose the new taxes soon in light of the two major funding projects for an aeromedical hub in Brisbane Airport and the royal flying doctor service scheduled for the next decade. It’s easy to see why regulators need more tax and control. The gambling market keeps expanding and overlaps thanks to VPNs and global players.