The "Withdrawing Arduous Gaming Excise Rates Act," or WAGER Act, proposes to amend the Internal Revenue Code of 1986. Its primary purpose is to exempt sports betting from the existing federal excise tax imposed on authorized wagers, thereby potentially reducing the tax burden on legal sports wagering operations. This exemption specifically applies to wagers placed on any sporting event, provided that such betting is not prohibited under the law of the State where it is accepted or under an approved Tribal-State gaming compact executed in accordance with the Indian Gaming Regulatory Act. The amendment would take effect for all wagers placed after the date of the Act's enactment.