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IRS Backs Off Gambling Tax Changes
U.S. TAXMAN RELENTS ON EXPENSIVE GAMBLING TAX PROPOSALS
American Gaming Association says IRS row-back is "a big win" for everyone.
Changes to tax laws on casino winnings proposed by the IRS in the United States would have been complicated and expensive to implement, and have been withdrawn, reports the Las Vegas Sun newspaper.
The proposals included new rules about how slot winnings should be reported, suggesting that the reporting ceiling be reduced from $1,200 to $600, and that casino operators use information captured by player loyalty card programs to report slot wins and losses to the IRS.
The industry countered by claiming that the changes would be very difficult and costly for casinos to apply, explaining:
* That loyalty card programs were not designed for that purpose and altering them would be costly for gaming companies;
* Players would resent this information being provided to the IRS and would probably be discouraged from signing up to loyalty programs;
* There could be administration difficulties; players often lose cards and sign up for new ones...and they frequently share cards with family and friends, making accurate reportage difficult;
* Regarding the reporting ceiling, operators pointed out that each time a player hits a $1,200 or larger jackpot, the slot machine has to be shut down while the casinos complete the IRS tax reporting procedure.
Because of this, the AGA estimated that lowering the threshold to $600 would cost a casino $300,000-$600,000 each year, depending on the size of the business.
The IRS accepted the arguments and both the loyalty card and the lowered reporting threshold proposals were dropped from the new rules.
Geoff Freeman, chief executive of the American Gaming Association said Friday:
“Today’s final IRS regulation is a big win not only for gaming companies and millions of casino visitors, but also for state and local governments who would have received fewer gaming tax dollars”.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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