Business
January 12, 2023
Integrated Resorts with Casinos Back on the Table for Thailand
Integrated Resorts (IRs) can help cities boost their visitation and tourism. If the resorts offer casino gambling, those activities deliver fresh tax revenue for local and government structures and at the same time decrease the share of the black market. Casinos Expected to Take 5% Of Integrated Resort Areas Now, a new report released by […]
Casino
March 4, 2022
IRS Slot Threshold May Grow by 300% If SLOT Act Passes
Two co-chairs of the Congressional Gaming Caucus, Dina Titus and Guy Reschenthaler introduced the Shifting Limits on Threshold Act (SLOT Act) in an attempt to adjust the outdated Internal Revenue Service (IRS) reporting limit for single-spin jackpots to today’s inflation. The SLOT Act Could Trigger a 300% Threshold Growth Nevada’s Dina Titus representing the Democrats […]
Legal
August 23, 2021
Brazil Signals Strong Intent to Bring Back Land-Based Casinos
Brazil is looking to speed up the introduction of integrated casino resorts in the country after a rapporteur for Bill 4495 was appointed last week. Legislative Preference for the Bill Senator Veneziano Vital do Rêgo was appointed by the President of the House, Senator Rodrigo Pacheco, as the Plenary Rapporteur for Bill 4495, known as […]
Industry
June 24, 2021
Gambling, Crypto Entrepreneur John McAfee Dead at 75
John McAfee, software entrepreneur, gambling fan and cryptocurrency promoter has allegedly committed suicide while waiting to be extradited from Spain to the US. He was expected to face charges of tax evasion, fraud and more, and the extradition order was just issued a day before his death. McAfee Rides a Wave of Success John McAfee […]
Sports
December 24, 2020
Former Indians Crowe Sentenced to Probation and Restitution
Trevor Crowe, former outfield player of Cleveland Indians from the Major League Baseball (MLB) was sentenced Tuesday to serve 3 years of probation for declaring false tax returns and evading taxes related to illegal gambling. Evading Illegal Gambling-Related Taxes US District Judge Patricia Gaughan issued the sentence taking into account the guilty plea the former […]
Industry
October 20, 2020
IRS: DFS Entry Fees Should be Subject to Federal Excise Tax
The industry of daily fantasy sports (DFS) is facing a significant threat to its very existence, a comprehensive analysis of recent developments outlines. And that threat comes from the internal revenue service (IRS) which came up twice for the last 4 months with statements that DFS represents wagering and should be subjected to federal excise […]
Legal
October 4, 2020
Still No Action from the IRS and Treasury on Slot Jackpot Limit
The slot jackpot threshold for reporting to the IRS was established back in 1977. Any win, equal or greater than $1,200 needs to be reported with IRS Form W-2G by both patrons and casinos. Despite that the gaming industry urged for changes of the threshold, so far no actions were taken by the IRS or […]
Blockchain
September 15, 2020
IRS Wants to Trace Anonymous Crypto Tokens Such as Monero
The Internal Revenue Service (IRS) is looking to trace Monero transactions and is currently conducting a call for proposals with $1 million allocated for fiscal year 2020. Giving Regulators the Tools to Trace Monero and Bitcoin While hackers demand hefty ransoms to unlock victims’ computers, Bitcoin has been crucial in finding anonymous cybercriminals who are […]
Sports
August 15, 2020
DraftKings & FanDuel May Face Millions in Excise Tax Annually
A major shake-up for the daily fantasy sports (DFS) industry is looming after the decision by the Internal Revenue Service (IRS) that the entry fees for the competitions must be subjected to federal excise tax, threatening to affect large DFS and sports book operators such as DraftKings and FanDuel. An internal memorandum from the Office […]
Legal
May 21, 2020
AGA Urges for Update of “Outdated” Jackpot Reporting Threshold
Presidential executive order gives the U.S. gaming industry an opportunity to push jackpot reporting threshold to $5,000, AGA says. New Presidential Order an Opportunity for Gaming in the U.S. The American Gaming Association (AGA) has welcomed a new executive order by U.S. President Donald Trump and his administration, in which they propose to target needed […]