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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,…
TCPA Plaintiff Loses—Express Consent Given to Health Insurance Plan Trumps Claim
May 19, 2014
TCPA Plaintiff Loses—Express Consent Given to Health Insurance Plan Trumps Claim
By: Michelle Cohen
In a recent case in the U.S. District Court for the Eastern District of Missouri, the district court held that the plaintiff’s Telephone Consumer Protection Act (“TCPA”) claim should be dismissed. The court ruled that the plaintiff gave prior express consent when she agreed to the terms of her health insurance plan, which stated that the company could share her number with other businesses who…
New York to Cash In with its Online Poker Bill
May 16, 2014
New York to Cash In with its Online Poker Bill
By: Ifrah Law
Introduced as “S 6913” on March 29, 2014, New York’s online poker bill will allow for poker only, both cash and tournament play. The bill allows New York to enter into liquidity-sharing arrangements with other states. As of now, the bill authorizes 10 online poker licenses that are good for 10 years. The licensing fee is $10 million and the tax rate is 15% of…
State of Opportunity
May 16, 2014
State of Opportunity
By: Ifrah Law
Online gambiling is up and running in New Jersey and it’s off to a strong start, providing a welcome shot in the arm for ailing Atlantic City. Lawyer Sarah Coffey offers some early analysis. Gambling-Insider-State-of-Opportunity
The Law According to NJ
May 16, 2014
The Law According to NJ
By: Ifrah Law
Jeff Ifrah and Sarah Coffey of Ifrah Law explain everything you need to know about the New Jersey iGaming regulations. Gaming-Intelligence-The-Law-According-to-NJ
Potential Jackpot for Pennsylvania: State’s Analysis of iGaming, Sports Betting, and Fantasy Sports
May 7, 2014
Potential Jackpot for Pennsylvania: State’s Analysis of iGaming, Sports Betting, and Fantasy Sports
By: Ifrah Law
Today, the Pennsylvania Legislative Budget and Finance Committee released a long anticipated report entitled “The Current Condition and Future Viability of Casino Gaming in Pennsylvania.” Last December, the Pennsylvania State Senate passed a resolution calling for a study, which has been viewed as an important step in expansion of gaming in the state to include online gaming and other potential revenue streams. There has been…
