The owner of the NHL’s Stanley Cup Champion Washington Capitals and NBA’s Washington Wizards plans to open the first sports book in the District of Columbia, attached to the arena where both teams play.
Ted Leonsis—the billionaire founder and CEO of Monumental Sports & Entertainment, which owns and operates the Capitals, Wizards, WNBA’s Washington Mystics, and Capitol One Arena in downtown Washington—said March 27 that he plans to convert The Greene Turtle Sports Bar & Grille into a sports book, during the American Gaming Association’s Sports Betting Executive Summit in National Harbor, Md.
- The announcement comes as the District plans to start accepting betting licenses in June. Sports betting is legal in D.C., but wagers aren’t yet being accepted. The D.C. Council expects betting will go live in December. The District will impose a 10 percent tax on gross revenue from wagers.
- Sports betting is legal in Arkansas, New York, and Oregon, but those states aren’t taking bets. Nevada, New Jersey, Pennsylvania, Delaware, Mississippi, Rhode Island, and West Virginia are taking bets. In New Mexico, only tribal casinos can take sports bets.
- Legal sports betting is an option for all states following the U.S. Supreme Court’s May 2018 ruling in Murphy v. NCAA, which repealed the federal Professional and Amateur Sports Protection Act of 1992 (PASPA). That law had prohibited states from authorizing gambling related to professional and amateur sports leagues.
- In November 2018, Leonsis told Bloomberg Tax that he thought “the number of states with legal sports betting will definitely double,” by the end of 2019.
To read more from Daily Tax Report: State pleaseOR Request Trial