USA tax accounting office paperwork on 1040 form financial time tax form with payment taxes of government lottery

When Sports Bettors Win, So Does the IRS

When Sports Bettors Win, So Does the IRS

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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Stories of successfully resolved iGaming client issues and challenges.

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…

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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,…

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Massachusetts Gaming Commission Signals Intent to Regulate Sports Wagering Limits and Invites Operators to Join the Conversation

August 2, 2024

Massachusetts Gaming Commission Signals Intent to Regulate Sports Wagering Limits and Invites Operators to Join the Conversation

By: Abbey Block

At a public meeting held on August 1st, members of the Massachusetts Gaming Commission (the “Commission”) voiced their frustration with sports betting operators’ unwillingness to publicly discuss their position on the issue of bettor and wager limits. Although the Commission has yet to propose any rules that would limit the operators’ ability to impose wager limits on certain bettors, it has indicated its interest in…

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Protection or Censorship? – New Child Protection Law Sparks First Amendment Debate

July 31, 2024

Protection or Censorship? – New Child Protection Law Sparks First Amendment Debate

By: Abbey Block

As this congressional session draws to a close, legislators are debating a new bill aimed at protecting kids and teens from the dangers of the Internet and social media. If enacted, the bill known as the Kids’ Online Safety Act (“KOSA”), would impose a “duty of care” on online platforms, requiring them to take affirmative steps to mitigate harm to their users who are under…

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Google Now Allows Daily Fantasy Sports Advertisements in Limited States

July 18, 2024

Google Now Allows Daily Fantasy Sports Advertisements in Limited States

By: Jordan Briggs

On July 15, 2024, Google Ads updated its Gambling and games policy (the “Policy”)[1] to allow Daily Fantasy Sports (“DFS”) and lottery couriers to advertise in certain US states. Advertisers for DFS or lottery couriers must be licensed by at least one state and certified with Google prior to running these ads. Even after these steps, DFS advertisers may only advertise in seventeen states. The…

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Six Ways to Delay a Supplier’s Licensure to Service Gaming Operators

July 5, 2024

Six Ways to Delay a Supplier’s Licensure to Service Gaming Operators

By: Jeffrey Hamlin

Ifrah Law specializes in matters related to sports betting and gaming, so it is no surprise that we have helped many businesses apply for and obtain the credentials they need to service the gaming industry. Because gambling is generally a matter of state law, entities that want to participate in that industry must go through the licensure process in every state in which they want…

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Ontario Lottery Survives Legal Challenge by the Mohawk Council of the Kahnawà:ke

May 20, 2024

Ontario Lottery Survives Legal Challenge by the Mohawk Council of the Kahnawà:ke

By: Jeffrey Hamlin

The Ontario Superior Court handed a clean victory to Ontario’s internet gaming (“iGaming”) regulator and Attorney General last Monday, when it declared that Ontario’s regime for online gaming comports with Canada’s Constitution and Criminal Code. The much-anticipated decision disposed of a lawsuit that the Mohawk Council of Kahnawà:ke (the “Council”) filed in November 2022, alleging that (i) Canadian law prohibits lottery schemes (to include sports…

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