US Confirms Online Gambling Tax Gains

Legalization and taxation of the online gaming industry in America would yield significant taxation revenues. The online gaming industry has been saying this, the online gaming experts have been saying this and the online gaming industry associations have been saying this for more than a year now. However, for the first time an official agency of the United States government has come out in support of the above statement.

:confused:

Lol when you're down a few trillion nothing like a taxation freeroll;-)

Legalization and taxation of the online gaming industry in America would yield significant taxation revenues. The online gaming industry has been saying this, the online gaming experts have been saying this and the online gaming industry associations have been saying this for more than a year now. However, for the first time an official agency of the United States government has come out in support of the above statement.

:confused:Sweet, maybe they are starting to wake-up and smell the positive influence online poker could have for the economy.:thumbsup

Lol when you're down a few trillion nothing like a taxation freeroll;-)

lol yeah and maybe the us gov. can stop the sites from robbing us in the dark of night running off with our earned money be nice too see.

Legalization and taxation of the online gaming industry in America would yield significant taxation revenues. The online gaming industry has been saying this, the online gaming experts have been saying this and the online gaming industry associations have been saying this for more than a year now. However, for the first time an official agency of the United States government has come out in support of the above statement.

:confused:
[FONT="Franklin Gothic Medium"]I make an assumption that this examination concerned taxing the players, not the poker rooms. As they are almost all offshore they'd be beyond the IRS' reach would be my guess unless they decided to [re-]establish a US-based presence. . .

If they will be taxing players winnings, then what would they be taxing? Only money actually withdrawn from your account or anything that represents winnings credited to your account? [My guess would be the latter.] And what about tournament dollars that some rooms use? Would they be taxed like real money? After all, if used they could result in a real money award. . .

And, who would be responsible for reporting this information to the IRS, the poker room -- maybe generating a 1099-G for you -- or the player, sort of on the honor system if under a certain amount, like lottery winnings. What about losses? Would the poker rooms be able to provide you proof of your losses to offset winnings or is that up to the player to prove?

Still a lot of questions about implementation and enforcement of these ideas and still, it seems, concerns for the player community when they do. In return for these tax dollars we'd be generating what sort of protection as consumers would we be gaining? Any??

And right now thinking about this is making my head hurt. . .[/FONT]

Yeah if they can find a way to make there CUT they will legalize it sad the only way our government gets interested is when they can get more of our money😡

Isnt it like 80-90 billions over 10 years??

Bount time

I believe poker should be legal .poker is a game of skill and people should be able to spend their money how they want too.

Poker should be legal but it's not 100% skill but it really doesn't matter whether it's 20% 50% or 90% skill, everyone should be able to participate in poker and how they want to use their money.

Everything is fine until someone gets an addiction. That's really the only part of poker I feel is sensitive. That's why poker sites and casino operators in online presence not only should have links on the homepage for players with an addiction but clear graphics inside any software as well.

Why should only poker be legal ?

Why are we so focused on calling it a game of skill, because we see a way of getting poker legalized if we can prove it is.

I want to play slots if I want to and not have someone tell me what I can and cannot do.

So now when we have all the cards on the table...

Is it okay to go to Las Vegas and play slots there or poker for that matter ? Apparently!

If it could help generate revenue then why not help in the fight to improve for the betterment of poker😡

For me poker is a game of skill, deception, aggression and luck as well. Smart playing can be helpful to get ahead of the others but involvement of luck cannot be ignored.

“If the luck was not influencing the poker I always would win " - by Phil Hellmuth

Much like the liberals who will not take the steps to increase gov revenue because they are trying to level everyone's playing field to the detriment of the whole country, there are quite a few elected who believe they have to protect us from ourselves and of course increase their own power base.

The added revenue will not be enough to overcome them deciding what our moral/ethical base should be.

Much like the liberals who will not take the steps to increase gov revenue because they are trying to level everyone's playing field to the detriment of the whole country, there are quite a few elected who believe they have to protect us from ourselves and of course increase their own power base.

The added revenue will not be enough to overcome them deciding what our moral/ethical base should be.

What's ethical and moral should be left upon the individuals and society. If people want to play, lose and enjoy it that's fine by me until and unless it is not affecting their health or economic condition.

I think if you see the US move further to the side of online gambling in any form, they will require transactions that must be reported to the government in some fashion for them to legalize and tax it. The honor system is something they are sort of stuck with when you go to a land based casino in some other state or country, but they are taxing the casinos in most of those instances on some level.

In the case of online gambling, they don't have any piece of the action at all. In order to gain any sort of real foothold in the realm of taxation and being able to track it at all and expect to collect taxes on this money, they will again go to the existing system of taxing the land based casino. How? I think you're going to see a company like "Neteller" or similar company start associating itself with currently US land based casinos. Those casinos will put up their own sites using existing templates, and possibly seeing particular online sites partnering with US casinos to get the US dollar. There is already cooperation with these big casinos when there are tournaments, and many of them already have good working relationships. I'm not sure how the business structure would work out, but I'd say the average customer would deposit just like they do now, and the US branch of the site, or the partner casino would pay the tax on their profit like they do now. Now, winnings? The truth is that the majority of the winners won't be big winners. I don't see how the sites and casinos would be able to send out the thousands of 1099s that all these small winners would require for taxation purposes. The tax structure should really include some sort of minimum net profit before taxation. I'm not sure $600 is enough, but it would definitely cover a bunch of your micro limit people. Maybe $4,000? That would weed out quite a bit more. Then the casinos are only sending out relatively few 1099s and saving a lot of money in tracking and reporting this stuff to the government, while the government is still raking in the taxes on the casino and the big winners.

Anyway, no matter how it happens, it would be great if I didn't feel like a criminal when I wanted to play cards. It's my money...money that has already been taxed by the government before I even spend it someplace else where it will also be taxed again...and even if I gamble to my detriment, it's not the government's job to "fix" me or keep me from hurting myself. They are already taxing me to death, but they don't try to fix that painful reality. Good luck out there.