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US Federal Tax For Online Gambling

Friday November 15 ,2013 : U.S. FEDERAL TAX STRUCTURE PROPOSED FOR ONLINE GAMBLING
 
A familiar name and a well-known legislative proposal.
 
Remember Rep. Jim McDermott and his Internet Gambling Regulation and Tax Enforcement Act several years ago designed to complement one of Rep. Barney Frank's many attempts to achieve federal legalisation of online gambling?
 
Frank has retired, but McDermott is still in Congress slugging away with an updated and renamed bill - Internet Gambling Regulation and Tax Enforcement Act 2013 - which is now being proposed as a companion measure to that of Rep. Peter King and his attempt earlier this year to launch a federal legalisation bill.
 
The online gambling action group Safe and Secure Internet Gambling Initiative broke news of the new McDermott initiative Friday, applauding the politician  and describing his proposals as "...a sensible approach to collect much-needed new revenue for federal and state budgets."
 
“With the pending Internet gambling bills, Congress can put in place broad consumer protections and capture significant new government revenues without having to raise taxes,” said Michael Waxman, spokesperson for the Safe and Secure Internet Gambling Initiative.
 
“It’s shocking that Congress has decided to leave in place hypocritical laws that allow some forms of online gambling activity, such as betting on horse racing, but prohibits others, like poker and bingo. You’d be hard pressed to find another industry pleading for a chance to offer online the same activities permissible offline, and be taxed fairly to do so.”
 
Waxman, who has studied the new bill, says that it creates a 12 percent deposit tax paid by licensed operators, not players. The federal government would collect 4 percent of the tax, while qualified states and tribes that participate in the federal regime would receive 8 percent.
 
The online gambling tax payable to states and tribes is dependent upon the location of the customer in the respective qualified state or tribal area at the time the customer makes a deposit. This is consistent with the point of consumption tax methodology being implemented in the UK.  
 
Rather than using the complicated Gross Gaming Revenues (GGR) methodology as a basis for tax calculations in a multi-jurisdiction environment, a deposit tax is optimal for the Internet gambling market, says Waxman.
 
A deposit tax is paid up-front, creates transparency and readily supports revenue calculation and distribution across multiple jurisdictions based on a place of consumption methodology.    
 
The expansion of Internet gambling is projected by 2020 to generate upwards of $9.3 billion in revenue, the same amount of revenue as generated by Las Vegas and Atlantic City markets combined today, according to Morgan Stanley.
 
Waxman points out that since the Department of Justice’s opinion in late 2011 that Internet gambling activity is not prohibited under federal law unless it involves sports, three states have moved to offer intrastate Internet gambling with other states eager to follow suit.
 
"Already there is discussion of interstate compacts which would effectively mirror a fragmented federal regime, if ever agreement could be reached on the finer detail, but with duplicate costs in participating states. To date each state has approved varying offerings, suitability criteria, consumer protections and tax structures. The federal regime proposed by Rep. King would offer a uniform regulatory framework to control the activity and protect consumers. While Rep. McDermott’s bill would offer a uniform, effective tax regime," says Waxman.

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Gambling News :

Tain Fast Bet - Our readers will recall Tain recently increased the number of live events it covers each month to 23,000, covering both traditional markets such as football, tennis and US sports and the more obscure curling, biathlon and Water Polo.

Olympic Entertainment Group Mobile Gaming - In its full-year 2016 report, Olympic Entertainment Group (OEG) has informed the establishment of a Malta-based company registered to facilitate its intended expansion into remote gambling.

Circus Evolution HD Slot - Malta-based content provider World Match has released its first title of 2017, “Circus Evolution HD”, a 5-reel, 3-row, circus-themed adventure offering Free Spins, Wilds and a Bonus Game.

Kindred Group Gets EU Recommendation on Consumer Protection - Kindred Group (formerly Unibet) has become the first operator to successfully meet the requirements of the EU Recommendation on Consumer Protection and Responsible Gambling following an external audit.

17 Crown people still detained - Reports from China over the weekend suggest that the 17 Crown people still detained could be looking at another twelve months of imprisonment as investigations into their alleged and still unspecified crimes drag on

SB1400 Virginia Poker Skill Game Bill - Her bill SB1400 is currently with the Senate General Laws and Technology Committee, whose 15 members will decide whether to progress it or condemn the Senator to another year of failure.

Pennsylvania Video Gaming Association - With the focus on Pennsylvania as the most likely next US state to legalize online gambling as part of a general gambling expansion measure, reporters noted this week the emergence of a new lobbying group in the state - the Pennsylvania Video Gaming Association.

Stiffer Problem Gambling Penalties in UK - The Guardian newspaper reports that the UK Gambling Commission plans to unveil new enforcement strategies on problem gambling and money laundering prevention this month, laying down tougher penalties for operators who fail to tackle these issues.

Malaysian police Destroy over 5000 Gambling Computers - Malaysian police in Kajang have destroyed 5,042 computer sets seized in online gambling raids over the past two years, explaining that the action is designed to take the machines out of circulation.

Spartan Poker vs SpartanPoker name War - Pokerguru, which owns the brand SpartanPoker.com, has threatened to sue the Indian Poker Championship over its use of the title Spartan Poker, and recently published a notification that it is not associated with the IPC version of the brand.

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