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Tax on Internet Poker Tournaments
Wednesday February 13,2013 : TAX ON INTERNET POKER TOURNAMENTS
Nevada Gaming Control Board pushing for tax on net profits
The Nevada Gaming Control Board is pushing for a tax on net profits earned from online poker tournaments, apparently differentiating these events from similar live tournament projects in land casinos, which are untaxed.
NGCB chairman A.G. Burnett says that bill SB9, now with the state Senate Committee on the Judiciary, will change the status quo by the time the first licensed Nevada online poker operators are operational.
Burnett says that on-site tournaments are not taxed because they are promotional events for gambling institutions that require significant investment by the host.
Because interactive tournaments do not have the same expenses, such as utilities, floor space rental fees, food and beverages, they should not be exempt from tax and all costs, the chairman opined.
The proposed tax mooted in SB9 will not extend to prizes won by players gambling online.
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PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
China Lottery Sales Up in 2016 -
The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).
New chairman and a new director for 500.com -
Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.
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