The North Dakota Racing Commission announced significant interest by account wagering companies since the enactment of House Bill 1551 into law July 1. The new tax law significantly reduces the state tax levied on account wagering and removes the 4% tax assessment on the first 11 millions wagered.
During the months of June and July, three new account wagering companies and one tote company have been licensed in North Dakota. It brings a new era to live horse racing in North Dakota as the State will likely exhibit an increase in the three special funds. The increase in the promotion, purse, and breed fund, will directly affect those who are engaged in live horse racing.
Horse racing will not be the only recipient of the increase in revenue, as in North Dakota’s unique situation, the account wagering companies are required to be partnered with non-profit organizations. These charities will feel the direct positive impact of the new upsurge in wagering.
The North Dakota Racing Commission will continue to respond to those who are interested in the provision of the new tax legislation and welcome any inquiries concerning the requirements to establish an account wagering business.