US Congress MAY allow online gaming
Bring it on.
If it did happen, surely real US books, not those based in Costa Rica will fight it out to get custom and it will be bonus heaven for quite some time.
Taxing online gambling? - heh! How?
Edit; read the article to the end looking for it, and was not disappointed; 'money laundering and terrorism' - just surprised those terms weren't in the first paragraph!
I am not so sure that it will be bonus heaven. It is likely to be a taxed business, probably heavily at that. So you would maybe end up seeing -120/-120 or worse lines. So 5Dimes and the likes would definitely survive.
But of course the average recreational player would play with the legal ones that will likely be easy to fund.
I think this bill has more to do with poker and not betting on sports. though.
I agree Nintendo, but I think if this does happen it can't be too much longer after that that US citizens are allowed to bet online on Sports, I can see why Indian reservations are opposed to online casinos as it affects their revenue stream, but I can't see where the protection is in the US on online sports betting.
It is not that out there. I believe Bulgaria has a 10% tax on winnings. In Norway you have to pay around 30% on winning bets/poker hands/slot winnings above ~£1000. They have it in the US too, but not sure if that applies to all the states.
Originally Posted by CountryLad
I am pretty sure France and maybe Italy have some sort of gambling tax system in place for both the bookies and the bettors.
In Sweden (and possibly all EU countries??) you have to pay taxes on winnings from bookies that does not have a EU licence. Or something like that. You can play and win as much as you want if the bookie has a EU licence though.
Of course it is very hard to tax actual people, it is much easier to go after the bookie and take them to the cleaners with taxes.
If you want to hold an account with www.eurosportbet.fr you need a french bank account (you can see this on the registration page) as winnings will be paid directly in to that. I was told that some tax issue was the reason behind this. This probably applies to all bookies that have a french licence. If you for some reason have a french bank account you are allowed to sign up there even if you don't live in France. Maybe not so easy to get a french bank account though.
Fair enough, and I guess most US residents would stick to the 'legal' ones. Look at the national lottery in the UK for an example of a bad value bet which rakes in the profits.
Originally Posted by Nintendo2k
They do tax the bookmakers in the UK - hence why Ladbrokes and WillHill are now offshore-based. They could also in theory change the laws in the UK to tax winnings but not allow losses to be taken into account, (but I reckon the precedent that would set for the tax system as a whole would mean that such a change would be strongly resisted. It would be such a different from the current way of working with tax here)
I belive that Ireland is to tax the bookies that take irish customers, essentially giving them an irish operating licence. I remember reading that they were taking steps that would almost force the bookies to adhere to their rules. I think Greece are thinking of doing the same.
In Sweden, to be allowed to advertise, the bookies are required to hold a Swedish licence.
So it is definitely getting tougher.
As for tax on winnings. No they would not have to take losses in to consideration. Norway does not do it and the US does not do it. If the government wants more money from you they will get it.
Analysts: Weakness in gaming industry continues - Wednesday, July 28, 2010 | 5 p.m. - Las Vegas Sun
Las Vegas is suffering, online is where it is at and Americans are going to be dragged screaming and kicking into the 21st century to realise it.
Definitely what do you expect, where money is the federal government has to find her way inn?
See what’s happening with tobacco companies, sugar related products..... . It just an opportunity for them to rake more money..... in the name of protecting the public