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When Sports Bettors Win, So Does the IRS
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October 7, 2024
When Sports Bettors Win, So Does the IRS
By: George Calhoun
Sports betting and adjacent industries have exploded in the United States. One area that continues to cause confusion is the taxation of these businesses – both for the companies and the individual players. For individual bettors, the IRS has clear rules on gambling income that predate the recent explosion of the sports betting industry. In short, the proceeds from a successful sports wager are taxable income and taxed like any other ordinary income. Losses can be deducted if you file an itemized return, but such deductions cannot exceed winnings. Unfortunately, each bet is treated separately. You cannot lump bets together to net your transactions. That means bettors must keep records of their wins and losses to file an accurate return.[1]…
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Illinois Expanding Regulations over Gaming Ads
October 2, 2024
Illinois Expanding Regulations over Gaming Ads
By: Jordan Briggs
The Illinois Gaming Board (“IGB”) adopted a new proposed uniform advertising regulation for sports wagering, casino gambling, and video gaming operators at its September meeting. Sports wagering is already subject to certain advertising and marketing restrictions, captured in “Rule 340.”[1] IGB proposed amendments to strengthen Rule 340 for sports wagering, and, for the first time, proposed to extend Rule 340 to casino gambling and video…
Maryland Regulators Pick Away at Latest Fantasy Offerings
September 6, 2024
Maryland Regulators Pick Away at Latest Fantasy Offerings
By: Robert Ward
On August 29, just as football fans were gearing up for the 2024-2025 NFL season, the Maryland State Lottery and Gaming Control Agency issued a new round of proposed regulations for both sports betting and daily fantasy sports. The proposed sports betting regulations address a wide range of topics, from geolocation and multifactor authentication to wind-down procedures for sportsbooks.[1] The proposed daily fantasy sports regulations,…
ADA Accessibility Guidance for the iGaming Industry
April 5, 2022
ADA Accessibility Guidance for the iGaming Industry
By: Jake Gray
The broader gambling industry is transitioning into an increasingly online and mobile-based industry. Proliferation and popularity of online and mobile sports betting have evinced a burgeoning consumer demand for web-based gaming options. As the internet gaming (“iGaming”) market expands, gaming companies need to follow the Department of Justice’s (“DOJ”) new Guidance on web accessibility under the Americans with Disabilities Act (“ADA”) to ensure customers’ adequate…
Fantasy Sports Passes the Test: New York High Court Rules Fantasy Sports Are Legal
March 22, 2022
Fantasy Sports Passes the Test: New York High Court Rules Fantasy Sports Are Legal
By: Steven Eichorn
In the lull of a midweek break from March Madness, New York’s highest court made noise Tuesday when it finally handed down its fantasy sports ruling, confirming that fantasy sports contests are legal in the state. Fantasy sports players might not have even noticed it was a question: Tens of millions of people play fantasy sports in the United States and Canada alone, and the…
Advertising and Marketing in Ontario’s New Online Gambling Market
March 16, 2022
Advertising and Marketing in Ontario’s New Online Gambling Market
By: Sara Dalsheim
On April 4th, 2022, Ontario’s new internet gambling (igaming and sports betting) market will launch. To support operators in their advertising efforts prior to the launch, the Alcohol and Gaming Commission of Ontario (AGCO) published highlights from the Registrar’s Standards for Internet Gaming. These standards also address what affiliates and third parties must do to operate in the Ontario market, and reveal a standard more…
Key Canadian iGaming Figures Host Advertising Regulatory Webinar
March 10, 2022
Key Canadian iGaming Figures Host Advertising Regulatory Webinar
By: A.J. Collins
On Monday, March 7th, IAB Canada, the main trade association responsible for digital advertising advancement in Canada, and thinkTV, the company responsible for clearance of television advertising in Canada, co-hosted a webinar focusing on the applicable standards for advertising of iGaming in Canada. Also present were representatives from the Canadian Gaming Association, the Alcohol and Gaming Commission of Ontario, and iGaming Ontario. President of the…
The Rise of Legalized Sports Gambling: Michelle Cohen Moderates NYU Sports Law Colloquium Panel
March 9, 2022
The Rise of Legalized Sports Gambling: Michelle Cohen Moderates NYU Sports Law Colloquium Panel
By: Jake Gray
In less than four years since the Supreme Court struck down the federal ban on sports betting, thirty states have legalized sports betting with more expected to come in the near future. The proliferation of betting across the country gave rise to a host of questions addressed at the NYU Sports Law Association’s 11th Annual Sports Law Colloquium, where Ifrah Law partner Michelle Cohen hosted…
