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Strategic Tax Planning for Crypto Gamblers

Not even experienced accounting veterans can tell for sure what the tax implications of cryptocurrency gambling in the U.S. are. They present a complex yet critical challenge, especially with new and evolving Treasury Department regulations, such as Form 1099-DA, designed to aid crypto owners and traders in understanding their tax liabilities. This…
Law
Strategic Tax Planning for Crypto Gamblers
KOLO

Rep. Titus seeks threshold hike for slot winnings tax

LAS VEGAS (AP) - A Nevada lawmaker is planning another attempt to raise the reporting threshold for slot machine winnings. Rep. Dina Titus told the Las Vegas Review-Journal that the landscape has changed dramatically since 1977 when Nevada was the only state offering legal casino gambling. Since then, whenever a slot player wins a jackpot of more…
Law
Rep. Titus seeks threshold hike for slot winnings tax
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AP News

Nevada lawmaker seeking tax hike for slot machine winnings

LAS VEGAS (AP) - A Nevada lawmaker is planning another attempt to raise the reporting threshold for slot machine winnings. Rep. Dina Titus to the Las Vegas Review-Journal that the landscape has changed dramatically since 1977 when Nevada was the only state offering legal casino gambling. Since then, whenever a slot player wins a jackpot of more…
Law
Review Journal

Dina Titus optimistic slot machine jackpot tax threshold bill will succeed

Rep. Dina Titus, D-Nev., plans to take another swing at an archaic tax formula involving slot machine winnings by raising the reporting threshold. Whenever a slot player wins a jackpot of more than $1200, the operator - a casino, tavern, restaurant or convenience store, or even airport personnel - are required to prepare a W-2G form that reports…
Law
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Review Journal

Nevada lawmaker optimistic slot machine tax threshold bill will succeed

Rep. Dina Titus, D-Nev., plans to take another swing at an archaic tax formula involving slot machine winnings by raising the reporting threshold. Whenever a slot player wins a jackpot of more than $1200, the operator - a casino, tavern, restaurant or convenience store, or even airport personnel - are required to prepare a W-2G form that reports…
Law
Nevada lawmaker optimistic slot machine tax threshold bill will succeed
Malta Today

UKGC teams up with the UK government to reduce access to unlicensed casinos

Even if it may seem that casino games and activities have just recently become popular, once the internet took over, that's not the case. Casinos have been around for centuries, and casino games have been around for even longer. Some researchers even believe card games emerged in eastern Asia, where China is today, as far back as the 11th or 12th…
Law
UKGC teams up with the UK government to reduce access to unlicensed casinos
Atlantic City Weekly

How increased tax form trigger would affect big slot winners

Slot machine and video poker players who have won jackpots of $1200 or more know the drill. When the winning combo appears, the machine locks up. A slot attendant checks things out, disappears for a few minutes and reappears with an IRS form W2-G for you to sign. Until you sign the form, the casino is not permitted to pay your jackpot. It's been…
Finance
How increased tax form trigger would affect big slot winners
The Street

Las Vegas, Casinos, Gamblers Await Huge IRS News

Imagine paying the same rate for anything that you did back in 1977. In that year, the average host cost $54200, a gallon of gas was $0.63, and $3 bought a dozen eggs along with a gallon of milk with change to spare. 1977 was also the year the Internal Revenue Service (IRS) set its standard for the level of slot machine jackpot that must be…
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Las Vegas, Casinos, Gamblers Await Huge IRS News
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Yogonet

Las Vegas Union asks Macau Govt. for land transaction records involving Genting and Treasure Island failed casino project

The International Union of Operating Engineers, Local 501 - which represents over 2000 members working in Las Vegas casinos- submitted a public record request regarding the land transaction involving Genting Group and Ao Mio Leong to the Land and Urban Construction Bureau (DSSCU). According to corporate filings, Mio Leongis one of a four-person…
Politics
Las Vegas Union asks Macau Govt. for land transaction records involving Genting and Treasure Island failed casino project
State College

Letters: Local Police Need Radar; Rein in School Taxes; Casino Opposition

Our local police departments need your help. Pennsylvania is the only state which does not provide local police with radar to enforce speed limits. Residents continue to express concerns about excessive speeding on local streets while our police are handcuffed with antiquated timing devices. House Bill 606, which authorizes local police use of…
Finance
KITCO

Crypto SWOT: Crypto gambling across internet casinos is a booming business

Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Luniverse, rising 2885.76%. According to an article written by Bloomberg, Circle Internet Financial, the issuer of USD coin, the second largest stablecoin, landed $400 million in funding from a group that includes Blackrock Inc. and Fidelity Management and…
Crypto
Crypto SWOT: Crypto gambling across internet casinos is a booming business
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The Times Of Northwest Indiana

Antiquated jackpot reporting threshold close to being raised

Every slot player knows the significance of a $1200 jackpot. Since 1977, it has been the threshold which triggers a hand-pay and alerts the casino that the machine must be taken out of service until the winner is paid by members of the staff and presented with a W-2G tax reporting form that is sent to the Internal Revenue Service. At one point a…
Winnings
Antiquated jackpot reporting threshold close to being raised
The Nevada Independent

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

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz Congressional representatives and the…
Winnings
Indy Gaming: Three years later, no action in D.C. to raise jackpot tax threshold
Review Journal

Bill would raise tax reporting limit for casino jackpots

WASHINGTON - Citing inflation, the Congressional Gaming Caucus filed a bill Thursday to raise the threshold when gamblers are required to report their slot machine jackpot wins to the Internal Revenue Service. The bipartisan bill filed by Rep. Dina Titus, D-Nev., and Rep. Guy Reschenthaler, R-Pa., would raise the $1200 trigger for reporting…
Finance
Bill would raise tax reporting limit for casino jackpots
Review Journal

Bill would raise threshold on IRS reporting for slot machine winnings

WASHINGTON - Citing inflation, the Congressional Gaming Caucus filed a bill Thursday to raise the threshold when gamblers are required to report their slot machine jackpot wins to the Internal Revenue Service. The bipartisan bill filed by Rep. Dina Titus, D-Nev., and Rep. Guy Reschenthaler, R-Pa., would raise the $1200 trigger for reporting…
Winnings
Bill would raise threshold on IRS reporting for slot machine winnings
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Las Vegas Sun

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

The gambling industry and some of its allies in Congress are renewing a push to decrease the number of slot machine jackpots that get reported to the IRS. Legislation introduced Thursday by U.S. Reps. Dina Titus, a Nevada Democrat, and Guy Reschenthaler, a Pennsylvania Republican, is being touted as a benefit to casinos, which would need to take…
Winnings
Bill would raise slot jackpot tax report threshold to $5,000
Macau Business

Las Vegas casino worker union calls for US federal investigation on gaming operators’ former ties with Suncity

A Las Vegas casino workers union has called for a coordinated US federal investigation into former junket operator Suncity and its former business ties with US-linked gaming companies. The public statement was issued by the International Union of Operating Engineers, Local 501, which represents over 2000 members, primarily construction workers who…
Land-based
Las Vegas casino worker union calls for US federal investigation on gaming operators’ former ties with Suncity
Gambling News

FinCEN Loosens Regulations Concerning Casino ID Verification

The Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department is bringing good news to casino customers as it loosens the regulations concerning ID verification. On Wednesday, FinCEN stated that the use of non-documentary means in order to ID their visitors will be permitted. Before this new regulation, casino staff were required…
Trust and Safety
FinCEN Loosens Regulations Concerning Casino ID Verification
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Toronto Star

The inside story of how the OLG lost control of Ontario’s online gambling market

Hundreds of dollars in sign-up bonuses. Candy-coloured slots and fast-paced games of blackjack and poker. And then... those intense dopamine hits that come with a big win. All from the smartphone in your hand. It's no surprise that over the past two decades, online gambling has grown into a massive global market. With billions in revenue going to…
Industry
The inside story of how the OLG lost control of Ontario’s online gambling market
Vegas Slots Online

K-Pop Icon Seungri Jailed for Pimping, Gambling Millions

Seungri is going to jail for three years for his illegal foreign exchange transactions involving millions gambled at Vegas casinos, and for pimping prostitutes in the Gangnam district (pictured above). [Image: Shutterstock.com] A military court in South Korea has sentenced Seungri, a former member of K-pop boy band Big Bang, to three years in…
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K-Pop Icon Seungri Jailed for Pimping, Gambling Millions
Vegas Inc

Updating jackpot threshold would be a win-win

A proposal to raise the threshold at which gamblers must report their slot winnings isn't going to make or break Las Vegas, but it would offer a bit of help for the Nevada economy at a time when we really need it. Gaming industry experts say they're optimistic that Congress will act soon on the proposal, which would increase the current level of…
Winnings
Updating jackpot threshold would be a win-win
Calvin Ayre

Imperial Pacific close to having an online gambling site to mismanage

Online gambling could be coming to the Commonwealth of the Northern Mariana Islands (CNMI) as a financial lifeline to Saipan's only casino operator Imperial Pacific International (IPI). On Tuesday, the CNMI Senate approved the final reading of House Bill 21-31, which authorizes the CNMI's three'senatorial districts' - Saipan & the Northern Islands,…
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Imperial Pacific close to having an online gambling site to mismanage
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