Due to budget cuts due to the COVID-19 pandemic, the gambling sector, together with the US authorities, is looking for new ways to pay taxes and restore the Treasury. The issue of allowing sports betting and online casinos is on the agenda.
It is noted that all major American sports have not yet resumed competition. At the same time, NASCAR, European football, and Korean baseball came out of quarantine and continued events.
However, despite the above, fanduel Group CEO Matt king said that the States still face unprecedented financial problems, and also expressed hope that the legislation on sports betting and online gambling will meet common sense criteria that will be taken into account by the authorities.
Eilers & Krejcik Gaming managing Director Chris Krafcik said the pandemic will accelerate the expansion of the sports betting and online casino segment in the next two years. According to the expert, these directions will provide the States with new revenue in the form of upfront license fees, as well as in the form of taxes to the budget after some time.
It is important to note that some States do not allow online betting. In total, 18 us States allow gamblers to use the services of bookmakers, and only four States allow gambling in online casinos. Today, the governments of Massachusetts, Louisiana and Ohio support the legalization of sports betting. Recently, the authorities of California, where the budget deficit reaches $54 billion, spoke about the decision to consider legalizing betting in November. Currently, it is allowed to take bets in two tribal casinos in North Carolina, as well as in four casinos in New York.
Professional poker players from the United States will be required to declare their winnings
The US authorities said that professional poker players will be required to declare winnings that were received from gambling. The new rules will take effect in 2019.
The changes include not only a reduction in certain tax rates, but also an increase in the individual alternative minimum tax.
Also, all players who play poker on a professional level will report their winnings using a special application called Profit or Loss from a Business.
Some players will be provided with a special form that will allow them to receive certain benefits for winnings. For example, benefits will be granted if the net winnings are $ 600 or higher. But gambling establishments will have to keep 24% if the amount of net winnings exceeds five thousand dollars.
Recall that the largest prize pool in the history of online poker tournaments will be played on MILLIONS Online. The guarantee of the event, which will be held in the partypoker poker room from November 25 to December 5, 2018, will amount to $ 20 million. The prize pool will be higher if the tournament collects more than 4,000 entries.