Tribal casinos and professional sports teams will pay $750,000 in Arizona sports betting licensing fees. Also, they need to pay $150,000 yearly. The proposed fees are part of the new draft rules from the Department of Gaming.
The proposed fees are only a fraction of what the state expects to earn from sports betting. Bookie pay per head experts expect the state to receive $3 billion in bets and around $200 million revenue each year.
Lawmakers approved the sports betting bill earlier this year. Players can place wagers on sports starting September 9, which is on time for the NFL season. Aside from sports betting, the bill also led to the gambling expansion in tribal casinos. They can now offer table games prohibited in the past.
The Department of Gaming is composing the standards for the new sportsbooks and dream sports wagering permitted under the bill and filled with essential details in the most recent draft. For example, it will cost $100,000 to apply for a permit, and, whenever endorsed, that cash can be credited toward the $750,000 initial fee.
Likewise, the sportsbooks will pay 8% of their incomes in charges to the state from retail sportsbooks found in or close to sports arenas. Also, they will pay 10 percent of revenues from mobile wagers, as per PPH sportsbook software reports.
The Joint Legislative Budget Committee is responsible for analyzing the economic effect of proposed laws. According to 9DollarPerHead.com sources, it assessed sports wagering would achieve $15 million in yearly income to the state general asset in expenses and charges for sportsbook licenses. The estimate considered sports wagering in Iowa, Indiana, Pennsylvania, and West Virginia.
The committee based their estimate on a $150,000 yearly fee. The state will earn more revenue if the approved fee is higher.
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