Nebraska Lawmakers Discuss Online Sports Betting At Committee Meeting
The Nebraska General Affairs Committee met Thursday, and online sports betting was among the discussions. Officials have been urging Gov. Jim Pillen to put sports betting on the November ballot in Nebraska and introduced an online sports betting bill during the special session. The special session aims to find solutions to lower state property taxes in Nebraska. Proponents of the sports betting bill believe revenue from online sportsbooks is a solution.
Lawmakers Lobby For Nebraska Online Sports Betting
Sen. Eliot Bostar presented LB 13 on July 25. The measure brings online sports betting to Nebraska and allocates 90% of tax revenue to the Property Tax Credit Cash fund. LR3CA is the accompanying measure that places the issue on the November 2024 ballot. Voters must approve online sports betting by a three-fifths margin for it to become law.
In-person sportsbooks are already live and are taxed at a 20% rate on gross gaming revenue (GGR). Nebraska dedicates 70% of tax revenue from retail sportsbooks to property taxes. Bill sponsor Sen. Bostar spoke during the session on how the unregulated market and neighboring states are benefiting from Nebraska’s lack of online betting options.
“We’re absorbing the societal and social costs of those who have access to gambling, we’re just not getting any of the economic benefits or resources along with this,” said Bostar. “We’re giving it away to neighboring states, particularly Iowa.”
GeoComply Shows Nebraska Residents Want Mobile Sportsbooks
A representative from GeoComply also spoke at the Nebraska meeting. The compliance and anti-fraud solutions company recently reported how many Nebraskans attempted to bet on sports. More than 4.5 million wagers were blocked from Nebraska residents.
From January 1, 2024, to July 1, 2024, more than 2 million geolocation checks from devices in Nebraska attempted to wager on legal sportsbooks in other states. GeoComply reports approximately 64,000 mobile betting accounts are in Nebraska. The best sports betting apps are not live in Nebraska, but residents are still making accounts and attempting to wager.
During the 2023 football season, more than 18,000 Nebraska locals traveled to Iowa to wager on sports online. Iowa’s sports wagering revenue report for FYTD 2024 reveals $14,340,379.44 in taxes from its sports betting market. Online betting alone saw $2,408,394,229.87 in wagers for FYTD 2024.
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