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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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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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