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Gambling News - 'Irs'
Industry
November 5, 2024
Kansas Bettors, Oblivious of Gambling Tax Regulations
The Internal Revenue Service (IRS) is having a hard time keeping tabs on gambling winnings, according to a recent study we reported on last month. The results of the study showed a large number of gamblers in the US failed to report their winnings, which caused the IRS to miss out on roughly $1.4 billion […]
Industry
October 11, 2024
South Korea’s Kangwon Land Aims to Become Global Integrated Resort
Across the globe, integrated resorts (IRs) help gather live entertainment, gaming, hospitality and other amenities, all available at a single location. Helping attract tourists from all across the globe, such establishments are an important business driver, creating not only new jobs but contributing millions and even billions to local economies. Kangwon Land Intends to Continue […]
Industry
October 9, 2024
Public Hearings in Thailand Yield 45 Key Suggestions for IR Bill
Integrated resorts (IRs), offering luxury accommodation, entertainment, shopping and gambling amenities enjoy a growing popularity across the globe. Despite the strict regulations regarding casino gambling across Asia, IRs are identified as a popular form of business that can boost tourism and generate additional tax revenue. FPO Completes Public Hearings on Integrated Resort Proposal Thailand is […]
Industry
October 7, 2024
Study Reveals IRS Faces $1.5B Tax Loss Due to Unreported Gambling Winnings
A fresh study shows that many gamblers not reporting their winnings has led to the IRS missing out on almost $1.5 billion in taxes from 2018 to 2020. TIGTA Report Reveals Major Tax Shortfall as Thousands Fail to Report Gambling Winnings The Treasury Inspector General for Tax Administration (TIGTA) found that thousands of people did […]
Industry
October 4, 2024
JP Morgan Foresees $2.5bn-$5bn Annual Revenue for Bangkok’s IRs
Thailand, a country that strictly bans gambling except for state-controlled horse races and an official state lottery, will soon hit the refresh button in this department thanks to an important preliminary framework from the Parliament endorsed by Prime Minister Srettha Thavisin’s cabinet in April. The daring framework, which included up to five licenses for IRs […]
Industry
October 3, 2024
Jamaica: Government to Reopen Bidding for St. James IR License
For more than a decade, the government in Jamaica has been exploring options that may boost tourism and visitation. One concept that captured the attention of lawmakers is the development of integrated resorts (IRs) that can include hotel accommodation, dining and shopping outlets along with other amenities, including casino gambling. The New Bid for an […]
Industry
May 10, 2024
IRS Is Considering Raising the Slot Gaming Tax Form Threshold
A Internal Revenue Service (IRS) proposal could change how slot machine players’ winnings are taxed, raising the tax form threshold. Under the current system, casino winnings are considered taxable revenue. In fact, winning more than $1,200 playing slots will automatically trigger a W-2G tax form. This threshold has remained unchanged since 1977 but a […]
Industry
January 11, 2024
IRS Investigates Former Pace-O-Matic Executive, Seizes Cash
For several years, the legality of skill games, devices that offer a form of entertainment similar to slots but requiring skill, has been a hot topic in Pennsylvania. On one side, Pace-O-Matic, a leading developer of skill games, argued that such devices can help small businesses, while on the other, there’s no active regulation about […]
Business
January 12, 2023
Integrated Resorts with Casinos Back on the Table for Thailand
Integrated Resorts (IRs) can help cities boost their visitation and tourism. If the resorts offer casino gambling, those activities deliver fresh tax revenue for local and government structures and at the same time decrease the share of the black market. Casinos Expected to Take 5% Of Integrated Resort Areas Now, a new report released by […]
Casino
March 4, 2022
IRS Slot Threshold May Grow by 300% If SLOT Act Passes
Two co-chairs of the Congressional Gaming Caucus, Dina Titus and Guy Reschenthaler introduced the Shifting Limits on Threshold Act (SLOT Act) in an attempt to adjust the outdated Internal Revenue Service (IRS) reporting limit for single-spin jackpots to today’s inflation. The SLOT Act Could Trigger a 300% Threshold Growth Nevada’s Dina Titus representing the Democrats […]