#IRS

Gst Tax Online Gaming Conundrum

A Group of Ministers (GoM) is looking at a taxation regime for casinos, online games and horse racing. Media reports suggest 28 percent tax being imposed on online gaming. The industry is up in arms against the recommendation. It is said that business will move underground or to other jurisdictions. It would be tragic if administrative convenience of GST officers alone makes the case to decide the rate of taxation. There is a need for building capacity and self-regulation to manage present day complexities of the digital economy. iReport.com: The Taxation of Online Games in India: A Complicated and Difficult to Define Scenario.
Finance
Gst Tax Online Gaming Conundrum
Asia Casino News Asia Casino News 28 days
@AsiaCasinoNews1

Japan’s first IRs to become standing legacy of assassinated former PM Shinzo Abe. READ MORE HERE

Vital Vegas Vital Vegas 15 days
@VitalVegas

Happy to hear they’re cleaning up Fremont Street on a number of fronts. Smoothest move is siccing the IRS on problematic buskers. GTFO, tax-evading palm frond benders and pickle tub drummers.

How increased tax form trigger would affect big slot winners

The $1,200 threshold for jackpot-winning slot machines and video poker players has been in effect since 1977. The Shifting Limits on Thresholds act is making its way through the House of Representatives. It follows a Congressional directive in December 2020 asking the Treasury Department to look into raising the trigger.
Finance
How increased tax form trigger would affect big slot winners
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What Really Happens When You Hit a Slot Machine Jackpot

After a slot machine win, you have to fill out a W-2G form and pay federal tax on all of your winnings. If the jackpot is more than $25,000, the casino will issue a check. Some casinos offer a free room and dinner for the winner. If you win more that $1 million, casinos will offer either a cash payout or an annual fixed sum. For some large progressive jackpots, it can take hours. You could have a wait days or weeks for your money. It's at the discretion of the guest. The Megabucks in Nevada is handled by game manufacturers.
Winnings
What Really Happens When You Hit a Slot Machine Jackpot

Taxes on Casino Winnings

When it comes to online gambling, countries fall into three categories. The first category is the one with countries that explicitly ban this activity. Second category includes countries where online gaming falls into a legal gray area. Third category consists of countries with regulated online casinos. Fourth category has subcategories where players pay no tax and where they pay a tax on gambling winnings.
Winnings

Las Vegas, Casinos, Gamblers Await Huge IRS News

The IRS has a limit for the amount of slot machine jackpot that must be reported to the federal agency for tax purposes. The limit hasn't changed since 1977. New proposed federal bill would raise the limit and make reporting less of a burden for casinos. Caesars Entertainment, MGM Resorts International and Wynn Resort Limited are reporting on the topic. i.e. Get Caeres Entertainment Inc. Report, Wynns Res Resort Limited Report.
Politics
Las Vegas, Casinos, Gamblers Await Huge IRS News
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Yuck! The Worst & Most Disgusting Behavior as Told by Casino Dealers

The worst and most disgusting behavior of casino dealers were revealed by PokerNews. The stories are from their own personal experience. Some of the stories contain actions and behaviors that some people might find offensive. No names nor locations are being reported to respect the privacy of those who shared. In the old days of WSOP at Binion’s Horseshoe, Sarge Ferris was dealt to by a group of men in suits. They took all his cash off the table and left him with a suitcase full of cash.
Poker
Yuck! The Worst & Most Disgusting Behavior as Told by Casino Dealers

Shutting Down Crypto Casinos Like Playing Whack-A-Mole

Alabama and Texas issued cease-and-desist orders against a company that was selling non-fungible tokens (NFTs) to operate crypto casinos in the metaverse. Sand Vegas Casino Club allegedly offered 11,111 NFT in an unregistered and allegedly fraudulent securities offering. It's difficult for governments to stay on top of them as they are able to repopulate quite easily.
Crypto
Shutting Down Crypto Casinos Like Playing Whack-A-Mole
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IRS Taxes Kentucky Derby Wins, But Can You Deduct Losses?

Rich Strike's Kentucky Derby win made the owner a fortune. The IRS collects 37% of gambling winnings. It's possible to deduct gambling losses only if you itemize your deductions on Schedule A. The amount of losses you deduct can't be more than the amount you reported on your return. There is information on withholding on gambling wins and losses in IRS Publication 505. You must report the full amount on Form 1040. If the payer withholds the payment, you still have to pay tax. iReport.com. For confidential support call the Samaritans on 08457 90 90 10 or visit a local Samaritan branch.
Finance
IRS Taxes Kentucky Derby Wins, But Can You Deduct Losses?

Is Cryptocurrency Gambling a Good Idea?

Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia are the only six states that allow online gambling openly. The reason for any kind of regulations is partially moral, but mostly financial.
Crypto
Is Cryptocurrency Gambling a Good Idea?
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Singapore extends Marina Bay Sands casino license until 2025

Singapore extends Marina Bay Sands casino license until 2025. MBS is owned and operated by Las Vegas Sands. Singapore is overhauling its casino industry. The Gambling Regulatory Authority of Singapore will be established as the single regulator for all forms of gambling. The state's two IRs – Marina and Resorts World Sentosa – are preparing to launch their own major expansion initiatives.
Travel
Singapore extends Marina Bay Sands casino license until 2025

The evolution of online gaming in Canada

The evolution of online gaming in Canada is fascinating. Canada has a rich online game history. In Canada, casinos are some of the most popular entertainment activities. Larger casinos offer real money betting while smaller casinos have gaming hours.
Industry
The evolution of online gaming in Canada
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Gambling Fiction Books You Will Like

There are many books about gambling fiction that are entertaining for non-GamStop players. The majority of games at UK casino sites without exclusion are animated.
Religion
Gambling Fiction Books You Will Like

How Much Tax Do Casinos Pay Uk?

The tax rate on UK casinos' profits will rise from 15% to 21% on 1 October 2019. The income tax rates for winnings from poker, poker and blackjack can range between 15 and 50%. The tax for land-based slots varies from 5% up to 25%.
Finance

Antiquated jackpot reporting threshold close to being raised

$1,200 jackpot reporting threshold has been the threshold since 1977. The threshold is supposed to trigger a hand-pay and take the machine out of service. A bill introduced by the Congressional Gaming Caucus would raise the limit to $5,000. It would also provide guidelines for future increases based on the rate of inflation. It is co-sponsored by U.S. Representatives Mark Amodei (R-Nevada), Steven Horsford (D- Nevada), and Anthony Brown ( D-Maryland). The American Gaming Association (AGA) supports the bill.
Winnings
Antiquated jackpot reporting threshold close to being raised

Indy Gaming: Three years later, no action in D.C. to raise jackpot tax threshold

The gaming industry wants to increase the tax reporting threshold on slot machine jackpots from $1,200 to $5,000. The current threshold was established in 1977. House Congressional Gaming Caucus filed bipartisan legislation to have Congress authorize the changes. It's an election year and Congress is deadlocked by partisan bickering. A $2,500 jackpot is a common amount in slot machines. In the past, a $200 jack pot triggered a shutdown of the machine. Now, it's commonplace. According to AGA, slot revenues accounted for $32.5 billion of $53 billion in gaming revenues produced by the nation’s commercial casinos in 2021.
Winnings
Indy Gaming: Three years later, no action in D.C. to raise jackpot tax threshold

Legislation would raise tax threshold for slot machine winnings

Legislation would raise the tax threshold for reporting slot machine winnings to $5,000. The current threshold hasn't been adjusted since 1977. American Gaming Association president and CEO Bill Miller supports the legislation. It is important and commonsense step to modernize gaming regulations. it supports our industry’s full recovery.
Winnings

Bill would raise slot jackpot tax report threshold to $5,000

Bill introduced by U.S. Reps. Dina Titus and Guy Reschenthaler would increase the threshold for IRS reporting of slot jackpots from $1,200 to $5,000. It would also provide a mechanism for future increases based on inflation. The limit has not been changed since 1977. American Gaming Association endorsed the measure. The bill is co-sponsored by Rep. Mark Amodei, Republican of Nevada, Steven Horsford, Democrat of California and Anthony Brown, Democratic of Maryland.
Winnings
Bill would raise slot jackpot tax report threshold to $5,000

Is Gambling Tax Free In Canada?

All bets won at horse races, sports betting, lotteries, online casinos and any other chance game in Canada cannot be taxable. If you earn interest from your winnings on the same form as your T5, you will be responsible for it.
Finance

02/28/22 Powerball jackpot winning numbers drawn TONIGHT ahead of huge 03/01/22 Mega Millions

The Powerball lottery offers a jackpot prize of $65million. Tuesday's Mega Millions lottery has a prize for $67.7million on offer. The Power Play option multiplies winnings by 10 times. The lottery gives tips to avoid getting scammed. It's easy to play 2by2. Mega millions protocols take more time than the actual drawing. There are only five states where 2 by 2 is available. They are Idaho, Kansas, Nebraska, North Dakota, and Wyoming. Power Ball is held on Mondays, Wednesdays, Saturdays and Tuesdays at 11pm ET.
Winnings
02/28/22 Powerball jackpot winning numbers drawn TONIGHT ahead of huge 03/01/22 Mega Millions

Will Canada Tax My Winnings At Caesar’s Windsor?

There is no tax on the winnings of bet races, sports bets, lotteries, online casinos, or other types of wagers. You are required by law to file a T5 form each year to disclose any interest you earn in winings.
Winnings

02/22/22 Mega Millions winning numbers drawn TONIGHT ahead of huge 02/23/22 Powerball jackpot

The Mega Millions jackpot is $75 million. Wednesday's Powerball jackpots is worth $45 million and $50 million as a cash prize. The Power Ball is played on Mondays, Wednesdays, and Saturdays at 11 pm ET. Lotto America is a feature of the PowerBall that costs an additional $1 to play. Non-US citizens can buy a ticket in states where Powerballs are not offered. Some Power Balls have had negative consequences after the draw. Jack Whittaker won the $315 million Powerplans in 2002 and died after being robbed and sued.
Winnings
02/22/22 Mega Millions winning numbers drawn TONIGHT ahead of huge 02/23/22 Powerball jackpot

02/15/22 Mega Millions jackpot winning numbers drawn TONIGHT after 02/14/22 Powerball prize

Tuesday's Mega Millions lottery has a top prize of $53 million. The draw comes after Monday night's huge Powerball prize worth $183 million, which was won by a player from Delaware. Lotto America is a feature of the Power Ball lottery that costs an additional $1 to play. Non-US citizens can play PowerBall in states where it's available. It's recommended that lottery winners get professional financial advice. They should inform the IRS if they win over $600. Some winners later revealed that winning the lottery destroyed their lives.
Winnings
02/15/22 Mega Millions jackpot winning numbers drawn TONIGHT after 02/14/22 Powerball prize

Los Angeles County casino pays $500K fine after gambler bet $100M in cash on marathonic sessions

Bicycle Hotel & Casino in Bell Gardens, California was fined $500,000 for not reporting a high-stakes gambler who visited the casino over 100 times in 2016. The casino also violated the law by filing the reports in the name of the gamblar's assistant. It was raided in 2017. The company has been operating since 1984. Its card games are poker, baccarat and pai gow. They have been featured on the televised World Poker Tour. Johnny L. Griffin III, the company's attorney, said the government confirmed there are no systemic faults within the compliance and reporting programs.
Poker
Los Angeles County casino pays $500K fine after gambler bet $100M in cash on marathonic sessions

01/31/22 Powerball jackpot winning numbers drawn TONIGHT ahead of 02/01/22 Mega Millions prize

According to the Mega Millions website, the second prize can be as much as $5million. Ticket prices for Powerball and Mega millions are $2. Scratch-off game prices vary depending on the game. People must be 18 or older to buy lottery tickets in most states. There are ways to purchase subscriptions to some lottery games. There have been lottery retailer apps that have launched in recent years. The age requirement for lottery purchases is 18. It's also a matter of state. Some states allow online lottery transactions. In some states, there are also ways of buying subscriptions.
Winnings
01/31/22 Powerball jackpot winning numbers drawn TONIGHT ahead of 02/01/22 Mega Millions prize

Online Gambling Maryland Guide

Online Gambling Maryland Guide is a guide to online gambling in Maryland. It includes reviews and rankings of the top offshore casinos and sportsbooks open to residents of Maryland and an overview of MD gambling laws.
Baccarat
Online Gambling Maryland Guide

A New Jersey Winner With The 3.5 Million Jackpot

Internet slots Australia is one of the most popular online games. There are many different types of games to choose from. Online games offer entertainment and chances of winning money.  Millions of jackpots have been won by some individuals playing online casino games and they are not a fallacy. They are real. People from different parts of world have won a huge amount of money on the game played.
Winnings
A New Jersey Winner With The 3.5 Million Jackpot

Rutgers Athletics Makes Jackpocket Its Official Online Lottery Partner

Rutgers University and Jackpocket reach a multi-year agreement to make Jack pocket the school's first official mobile lottery partner. Jack Pocket will be integrated into social media promotions via Rutgers Athletics channels and receive significant exposure through LED signage and an in-game video board feature inside Jersey Mike’s Arena during basketball games. The company already is a major advertiser on mega-watt radio station WFAN in the metropolitan area.
Lottery
Rutgers Athletics Makes Jackpocket Its Official Online Lottery Partner

Japan's Casino Regulator Is Changing the Rules in the IR Space

Local governments and their integrated resort (IR) partner organizations in Japan will shortly send their completed proposals to the National Diet. Local authorities in Wakayama, Nagasaki, and Osaka must offer up their IR proposals for evaluation by April 28. Integrated resorts will give the Japanese government 15percent of their gross gaming revenue (GGR) from those choices. The other 15% goes to Casino Regulatory Commission and the local prefecture that will organize the resort.
Covid
Japan's Casino Regulator Is Changing the Rules in the IR Space

New Singapore Gambling Duties Bill Increases Casino Tax Rates

Singapore's Parliament has released a new Gambling Duties Bill to streamline the country's gambling regulations. The amendments to the current Casino Control Act were originally discussed in 2019 as part of the Tourism Board’s agreement with operators Las Vegas Sands and Genting Singapore.
Finance
New Singapore Gambling Duties Bill Increases Casino Tax Rates

Jackpocket Expanding NJ Gambling Reach, Entering Online Casino Space

Jackpocket has gained online market access in New Jersey for its forthcoming online casino product through an agreement with Caesars Interactive Entertainment. Jackpocket is already running in 10 states, including New York, New Hampshire, and Texas. It is the first third-party lottery service to enter the online gambling space in the Garden State.
Poker
Jackpocket Expanding NJ Gambling Reach, Entering Online Casino Space

Thai parliament to launch study into potential IR development

The Thai parliament is set to launch a study into the introduction of casino gaming. The House of Representatives voted almost unanimously in favor of the proposal last week. It is not yet known how many casinos could be legislated for or where they would be located. Las Vegas Sands has previously stated it would like to develop a casino resort in Bangkok. Thailand is one of only three ASEAN nations without legal casinos. It has been estimated that as many as half of its adult population gambles via illegal means. LVS is flush with cash following the sale of Las Angeles assets earlier this year.
Politics
Thai parliament to launch study into potential IR development

$5000 Free at Texas Gambing Sites

The guide to online gambling in Texas includes rankings of the top ten offshore sites that accept wagers from Texas residents and an overview of current gambling legislation.
Bonuses
$5000 Free at Texas Gambing Sites

Konami Casino Division Returns to Profits

Konami's Gaming & Systems division returned to profitability in the March-September period of this year. The firm's sales had been hit by the pandemic effect, but restrictions on casino facilities in America were relaxed. Konami does well with its Synkros casino management system. New Resorts World Las Vegas facility opted to install the system and the division's business profit for the six-month period reached over US$16 million.
Travel
Konami Casino Division Returns to Profits

$9.4M Lottery Jackpot Won Via Jackpocket For NJ Woman

A Union County woman has cashed a $9.4 million New Jersey Pick 6 Lotto prize. It's the single largest legal-and-regulated win ever on a mobile device in the United States. New York became the first state to authorize lottery courier services. Lottery ticket courier Jackpocket reported its app has seen an 838% increase in active players this year.
Winnings
$9.4M Lottery Jackpot Won Via Jackpocket For NJ Woman

Osaka Declares MGM-Orix Consortium as Winner of Casino RFP

MGM Resorts International and Orix Corp were chosen as the consortium that will build a casino resort in Osaka. The consortium will have an investment budget of JPY1 trillion (nearly US$9.1 billion) and an initial opening to be from 2028 at the earliest to 2030. The exhibition space and hotel space requirements for the IR are more relaxed.
Travel
Osaka Declares MGM-Orix Consortium as Winner of Casino RFP

Indy Gaming: G2E roundup finds optimistic CEOs, where the next Hard Rock LV isn’t going and a push for non-smoking casinos

The word that was ubiquitous throughout the three-day Global Gaming Expo in Las Vegas was optimism. The gaming industry's top executives are focused on finishing 2021 on a high note and moving toward more normalized operations in 2022. Wynn Resorts' Matt Maddox is excited about the future of Las Nevada. MGM Resort's Bill Hornbuckle is also optimistic. The American Gaming Association released a “CEO Outlook” survey. 70 percent of the CEOs from casino companies and gaming equipment suppliers expect a better business situation in the next six months.
Sports
Indy Gaming: G2E roundup finds optimistic CEOs, where the next Hard Rock LV isn’t going and a push for non-smoking casinos

Jackpot! DeVito/Verdi Wins Big with Golden Hearts Games

DeVito/Verdi will drive traffic to Golden Hearts Games' new online promotional games platform. The platform offers cash payouts and prizes with a charitable twist. The online games category continues to experience explosive growth. According to Statista, the global online gaming market generated approximately $21 billion in revenues last year. It is a record 21.9 percent growth compared to the previous year, according to experts. Golden Heart's most popular offering is "Golden Hearts Bingo" with $5 - $250 cash prizes every game.
Winnings

SPECIAL REPORT: Where to now for Nagasaki and Casinos Austria? (part 2)

CAIJ signed an agreement to build a US$3.2 billion integrated resort in Nagasaki Prefecture. CAIJ has a history of running European clubs. Casinos Austria International has zero IR experience. As of 2021 there are still no integrated resorts in Europe. There is a Resorts World in Birmingham, but it's hotel has less than 200 rooms. Melco is building an IR in Cyprus, which is not open yet. PWC report says Europe is still not ready for integrated casinos. It's true that there's no IR development in the whole of Europe as of 2016.
Travel
SPECIAL REPORT: Where to now for Nagasaki and Casinos Austria? (part 2)

Gambling In New York: Everything You Need to Know

Gambling industry in New York is growing at an impressive rate. The industry's value is projected to reach $876 billion by 2026. Online casinos with great value propositions like Fair Go no deposit bonus codes have contributed to this growth.
Strategy Guide
Gambling In New York: Everything You Need to Know

Blow for Casino Plans as IR Opponent Wins Yokohama Election

Yokohama's new mayor, Takeharu Yamanaka, has opposed the idea of a casino resort. He will issue a formal statement soon making it clear that Yokohamas will not make a hosting bid for the integrated resort project. Japan legalized casino gambling in 2016. It paved the way for integrated resorts in the country.
Politics
Blow for Casino Plans as IR Opponent Wins Yokohama Election

Burke County gambling operation leads to hefty financial penalties

Grady Brandon Mobley, Daniel Cates and Joel Rees Jones pleaded guilty in March to violating the prohibition of illegal gambling. They raked in hundreds of thousands of dollars. Mobly was sentenced to five years' probation with a $340,000 forfeiture payment, $207,716 payment in restitution to the government and a fine. Cate was given three years probation and $100,00 forfeiture and fine, while Jones got four years’ probation.
Trust and Safety
Burke County gambling operation leads to hefty financial penalties

Todd DiMichele pleads guilty to gambling operation in Canton Ohio

Todd DiMichele, 49, made his initial appearance in U.S. District Court for the Northern District of Ohio via video conference on Monday and pleaded guilty in a bill of information. He is to be sentenced at 10 a.m. on December 6 by Judge Donald C. Nugent on charges of conspiracy to operate illegal gambling businesses and money laundering conspiracy.
Incidents
Todd DiMichele pleads guilty to gambling operation in Canton Ohio

Japan IR law, casino regulations, effective from July 19

Japan's Integrated Resorts Implementation Act is to take effect on July 19. The enforcement regulations of the Japan Casino Regulatory Commission will also take place on the same date. Local governments interested in hosting a large-scale casino complex with facilities for tourism and meetings are unlikely to open until 2026 at the earliest. The IR Implementation act was promulgated on 26 July 2018. It stipulated that the basic policy for the development of integrated resorts should be put forward within two years of its promulgation.
Travel
Japan IR law, casino regulations, effective from July 19

Caesars Palace will be the field-test site for Everi Holdings’ Jackpot Xpress

Everi Holdings Inc. and Caesars Entertainment Inc have agreed to field-test a new Jackpot Xpress management system at Caeresars Palace. The system will allow Caerse personnel to scan identification and create W-2G forms for players who win jackpots of $1,200 or more. It will be installed at all Caers Entertainment properties in Nevada and in other states if approved by the Nevada Gaming Control Board.
Winnings
Caesars Palace will be the field-test site for Everi Holdings’ Jackpot Xpress

The Philippines allows three domestic casino licences

Solaire Resort and Casino, Resorts World Manila and Okada Manila were allowed to start offering online services for table games and slots. The new licence system launched in the Philippines allows operators to offer gaming services to domestic players. Last week, Metro Manila extended its lockdown until 14 May. Nomura suggests it might not be enough. The Philippines has a fairly low vaccination rate with an increasing number of Covid-19 cases.
Covid
The Philippines allows three domestic casino licences

Updating jackpot threshold would be a win-win

The current threshold for reporting slot winnings to the IRS is $1,200. The current level is outdated and would be better for the economy. It would also reduce the amount of time needed to process the W-2G form. Congress will consider the proposal as part of the year-end spending bill. The Treasury Department will report back to Congress in 90 days. They will have to estimate the fiscal impact of it. Las Vegas gaming industry hopes Congress acts soon. There is a need for a boost in overcoming the pandemic and getting the Nevada economy back on stable footing.
Winnings
Updating jackpot threshold would be a win-win