MILWAUKEE — You could soon bet on the Bucks, Packers and other sports team if a new agreement goes through. Gov. Tony Evers and the Oneida Nation just signed a company agreement to allow event wagering.
“This is a historic day and will serve as a major milestone in our partnership with the Oneida Nation,” said Evers.
Wisconsin could be be joining more than 20 other states in the country to allow sports betting. It could also mean people could gamble on things like the Oscars or the Grammys.
“I think the main thing with the event wagering is it doesn't limit us to just sports, you know, there's different things in. With our partnership with the state of Wisconsin, we will be able to have discussions about, you know, what kind of different events outside of sports do we look at offering,” said Chad Fuss, chief financial officer at Oneida Nation.
When it comes to total tax revenue for sports betting in states that allow it, Pennsylvania leads. According to LegalSportsReport.com, Pennsylvania has collected nearly $144 million since 2018. Number two is New Jersey with $140 million. Nevada is third with $65 million followed by Illinois with $47 million.
Total Tax Revenue (since June 2018):
- Pennsylvania $144,195,525
- New Jersey $139,557,505
- Nevada $65,083,500
- Illinois $47,428,572
“I think it's just as important for people to remember that this isn't always a huge moneymaker, you know, certain things like a lottery might be more,” said David Schwartz, gambling historian at University of Nevada, Las Vegas.
Schwartz says states usually make much more tax revenue from casino games or the lottery than from sports betting.
“You do have these fluctuations. Sometimes casinos in Las Vegas even have lost money in the Super Bowl when the favorite covers the spread. And a lot of people bet on the favorites, so you do have, you know, it's not necessarily consistent,” said Schwartz.
“With the state of Wisconsin's population and not having large margins, we don't look to have a large, large profit entity. What we're really looking for is how does this complement the entertainment experience when the customers do come and visit our facility,” said Fuss.
Right now only the Oneida Nation casinos have an agreement for sports betting. The agreement now goes to the federal government for a 45-day review before it can be approved.
