Tag: tax

Profiting from the profiteers - How the US Government are planning to tax online gambling when it regulates
casino blog
30 January 2012

Back in the summer of 2011, the Internet Gambling Regulation and Tax Enforcement Act (H.R.2230), which is a federal bill, was introduced and referred to the Committee by Rep. Jim McDermott.

If it the bill gets passed (which is currently still in the early stages of the legislative process), it will not receive a warm welcome because of the steep taxation that will affect both the operator and the player. Most bills do not make it past the committee stage but if it does, it appears as though players will certainly not be able to gain from it. In fact, quite the opposite will happen.

This bill will modify the 1986 Internal Revenue Code and is solely aimed at taxing and regulating Internet Gambling.

Operators of online gambling portals will still have to apply for a separate gaming license for the particular US state that they seek to operate their business from. The legislation will mean that operators are obliged to collect tax details and data from their registered users and details of all of their cash wagers. This information that they collect will then have to be relayed to auditors.

Read the rest of this entry »

What is the UIGEA
casino blog
19 August 2008

What is the UIGEAMany disappointed gamblers gather together to discuss their country’s ban of internet gambling. On October 13, 2006, President George W. Bush signed a bill into affect that banned internet gambling. More specifically, banks and other credit cards, e-wallets, etc, which transfer the money back and forth. Though many see it as a clear-cut case of Christian values being forced upon a “free” country, the logical see it as nothing more than the government’s way of cracking down on tax evasion.

If a person visits one of the United States’ legitimate casinos, i.e. one of the Trump monstrosities in Atlantic City, then he or she is taxed on their winnings. But if that same person has free reign to slowly drain $50,000 from their internet account, $3,000 at a time, how would it be taxed? Regardless of what is true and what is false, this situation is sticky for all gambling lovers.

This Nation of Nations, which was constructed to be an equal opportunity land, by the people and for the people, has always been about the few, discarding the many. In ancient Rome, members of the senate would crucify a citizen for not paying homage to the gods. Even in Tudor England, 2,000 years later, men and women were slaughtered for not abiding to the chosen faith.

Read the rest of this entry »