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CEO of the American Gaming Association Opposes New US Gambling Tax Proposal

Thursday June 18,2015 : A.G.A. CHIEF OPPOSES NEW U.S. TAX PROPOSALS (Update)
 
Freeman tells hearing that operators are not in favour of tracking proposal.
 
Geoff Freeman, CEO of the American Gaming Association, told a hearing on new IRS tax proposals Wednesday that his membership was not in favour of the taxman's plan to use player loyalty cards in electronic tracking for tax reporting purposes.
 
Freeman said that such a project would create very significant challenges because the complex marketing systems involved were not designed or equipped for this purpose, and it would be badly received by casino customers. He also pointed out that the proposal is inconsistent with existing state requirements.
 
“While we recognize the IRS’ concerns and objectives, we question the need to impose mandatory, across-the-board use of the player-tracking tool for tax reporting purposes,” the gaming executive said.
 
“Rather than mandating across-the-board use for tax reporting, we believe a more targeted approach is possible for achieving the IRS’ objective.”
 
Freeman went on to propose the creation of a voluntary electronic player tracking plan that could be used for slot tax reporting, provided that casino operators are given sufficient lead time.
 
The Association reiterated its opposition to an IRS proposal that the tax reporting threshold for winnings be slashed by half to just $600. So far there have been 13,000 objections to this proposal since it was first publicised in March this year.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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