This Act may be cited as the Withdrawing Arduous Gaming Excise Rates Act or the WAGER Act.

(a) In general Section 4402 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (4) Sports betting not prohibited under State law or Tribal compact On any wager which— (A) is not prohibited under— (i) the law of the State in which accepted, or (ii) an approved Tribal-State gaming compact executed in accordance with the Indian Gaming Regulatory Act (25 U.S.C. 2701 et seq.U.S. Code — Title 25, Section 2701 and followingView official source on GovInfo), and (B) is placed with respect to any sporting event.. (b) Effective date The amendment made by this section shall apply to wagers placed after the date of the enactment of this Act.