Underdog Sports has become the first sports betting operator to come out in support of the federal GRIT Act, which would take half of the federal excise tax on sports betting and funnel it into problem and responsible gambling initiatives.
“There is a need for dedicated federal resources to aid problem gambling prevention, research, and treatment. The GRIT Act would direct existing tax dollars paid by legal operators to be utilized to fill the current funding gap,” Adam Warrington, vice president of responsible gaming for Underdog Sports said in a statement to. “As there are currently no federal funds allocated for problem gambling, we at Underdog support directing existing tax dollars as online sports gaming and wagering grows in the United States.”
Underdog – which has plans to launch its first foray into sports betting in North Carolina next month – believes it is the first gambling company, period, to come out in support of the legislation.
The bill was introduced last month by U.S. Sen. Richard Blumenthal (D-Connecticut) and Rep. Andrea Salinas (D-Oregon), and it calls for half of the one-quarter of 1% tax on handle to go towards helping stem the tide of problem gambling.