Gambling Loss Tax Deductions: No Luck Involved

CPA Practice

The IRS takes a broad view of what constitutes a gambling activity. This isn’t restricted to betting on the racetrack or dog track or high stakes at the casinos, although those count, too. It also encompasses lotteries, raffles, keno, poker games.

NY’s Cuomo Embraces Online Gambling; Shows Inroads Amid Pandemic


According to reports, Cuomo is set to unveil the proposal to legalize online gambling (he also seeks to legalize marijuana) in his state of the state address that is scheduled for next week. Economy Digital Payments iGaming Mobile Payments New York News Online gambling


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NJ’s Internet Gambling Revenues Soar To $80M In April


New Jersey’s big bet on online gambling has paid off, with revenues skyrocketing to a record $80 million in April. Not surprisingly, sports gambling revenues were way down as stadiums remained closed and most professional games were canceled due to COVID-19 restrictions.

UK Gambling Watchdog Outlaws Credit Card Bets


In an effort to rein in problem gambling, the U.K. Gambling Commission is banning the use of credit cards for placing bets, the BBC reported on Tuesday (Jan. The ban is slated to take effect on April 14, following audits of the gambling industry by the commission and the government.

Online Gambling And The Challenges Of Betting On Instant Disbursements


This is resulting in increased revenue for these online gambling platforms in states like New Jersey — trends in growth that may well continue after the crisis. The Impact Of COVID-19 On The Online Gambling Industry.

Ingo’s Edwards Plays The Inside Straight On Online Gambling


In 2018 the Supreme Court struck down a 1984 federal law that prohibited gambling in most states. While making the states the controlling authority in regulating gambling is an excellent idea, in theory, Edwards said, it does make for unworkable local guidelines.

Find Out If You Stay Out of The Stock Market Because You Don’t “Gamble”


Many people do not invest in the stock market because they think it is gambling and they do not “gamble.” Here are some scenarios to explore to determine if you are a gambler. Blogs

Path To World Series Brings Changes To Online Gambling


It’s not exactly high time for legal online gambling yet – that comes in early 2020, with the Super Bowl and then the NCAA college basketball tournament – but the betting season is certainly heating up on more ways than one. And that new fuel comes as the legal online and mobile gambling industry in the U.S. Indeed, the rise of online and mobile (legal) gambling is providing benefits to reloadable and store-value cards and is driving innovation.

Payments Innovation Fuels Rise In Football Gambling


It’s also the start of another football gambling season — one that involves mobile commerce and digital payments, and companies trying to innovate their way to success in this growing field of transactions. According to payments services provider FIS (via a report from ), “digital wallets will be the preferred method of payment for online gambling activities globally in three years, as further major legislative changes come to the fore.

Super Bowl Countdown Brings New Online Gambling Action From Barstool


The deal, according to Bloomberg, providing “the latest sign of convergence in sports, media and gambling. Similar deals have already happened, underscoring the appeal of bringing together gambling with other parts of the wider digital ecosystem.

Paytm Briefly Removed From Google Play Over Alleged Gambling Violations


Paytm, India’s eCommerce payment platform, was removed from Google’s Play Store after the global technology company alleged Paytm violated Google’s gambling policies, reported , but the app was later reinstated. “We

Online Gambling Surges As Consumers Turn To Digital Casinos Amid The Pandemic


Amid a pandemic that has shuttered brick-and-mortar casinos, the burgeoning online gambling or gaming space may make it through COVID-19 with less adverse financial effects than other verticals.

With Wynn’s $402M In Net Losses, Is Online Gambling The Future Of Gaming?


This is bringing about heightened revenue for online gambling platforms in states such as New Jersey — trends in growth that may continue beyond the health crisis. The report also noted that online gambling or gaming sites are expecting major growth in the U.S.,

Online Gambling Player Rush Street Wins Support of Blank Check Firm To Go Public


Chalk up another major deal for blank check companies, one of Wall Street’s hottest new trends, with online gambling and sports betting company Rush Street Interactive ’s announcement that it will be going public.

Deep Dive: How The COVID-19 Virus Is Impacting The Online Gambling Industry


Online gambling or gaming is one possible outlet, and the sector may even make it through the pandemic with less financial damage than other industries. Online Gambling Changes . Pennsylvania reported similar figures, with tax revenues from brick-and-mortar gambling declining to $50.5

Online Gambling Expands With FanDuel, DraftKings Product Launches


Bet on it: More gambling is coming to consumers’ mobile devices, including via companies that provide fantasy sports betting, thanks to a U.S. A review of the app in NJ Online Gambling said that “FanDuel seems to have passed on million-dollar attention-grabbing schemes for its sportsbook, instead focusing on ease of use, especially where payment processing is concerned. Already, that decision has led to some moves by major players in the global gambling industry.

IAC Invests $1B In MGM Resorts International, Plans To Boost Online Gambling


IAC , the New York-based global media and internet giant, is betting that an investment of $1 billion in MGM Resorts International will pay off in online gambling, according to a press release. Digital Payments IAC Investments MGM Resorts International News Online gambling What's Hot

Opening Bets: MGM Deals Foreshadow New Gambling Culture


Supreme Court struck down state bans on sports betting, MGM Resorts International has signed deals with the NBA and other operations that could mark the first chapter of the country’s new sports and gambling culture. But challenges remain — not the least of which includes how gamblers will place bets, and whether gambling really will spread to enough new domestic markets to significantly challenge the Nevada’s dominance. Gambling Challenges.

Online Gambling: Why Disbursement Options Are Not Keeping Up With Customer Expectations


Many are instead flocking to online gambling sites after the closure of all 989 commercial and tribal casino properties in the U.S. gambling] payment mechanisms is that ACH payouts are not instant,” Marceau said. The ways gambling winnings can be paid out in the U.S.

Google Play Policy Changes Will Extend Gambling Apps Across More Countries


New policy changes on Google Play will enable gambling apps to be available in its store in more countries effective March 1, extending availability to the U.S. Just four Google Play stores worldwide make gambling and betting apps available — Brazil, Ireland, France and the United Kingdom.

Authentication Provides The Real Action For Online Gambling


All the action on the legalized gambling front is putting authentication and verification services under a bigger spotlight – and making them major players in this growing area of digital payments and commerce. In a new PYMNTS interview, Karen Webster and Yossi Zekri, CEO of Acuant , an ID verification services provider, took a deep dive into the role such firms have (and will have) when it comes to online gambling – and how that role might evolve in the coming years.

Brandless: Procter & Gamble For A Digital Generation?


Serial entrepreneurs Tina Sharkey and Ido Leffler think they’ve got the next Procter & Gamble with their eCommerce grocery startup Brandless, an online platform where everything is off-brand, and it all costs $3 or less. Procter & Gamble (P&G) was created in 1837 by two brothers-in-law who made soap and candles. So growth by acquisition won’t help Procter & Gamble.

Real-World Experiences From Tourism To Gambling Are Going Digital


Gambling is another business that’s seeing customers unexpectedly taking to online alternatives. With U.S.

Wild Cards? Gambling, Payroll, Other Models Provide Fresh Fuel For Prepaid


Cards (as in prepaid, stored-value cards that consumers can use for gambling, payroll and a variety of other uses, many of them novel) are only half the battle. The real trick is to tie engaging consumer experiences to those cards, which is critical, as prepaid and reloadable cards continue to evolve — moving from plastic cards to mobile accounts that can adapt to an expanding portfolio of use cases, including payroll, online gambling or even consumer and business lending.

Online Sports Gambling Makes Bet On Faster Payments


In a new PYMNTS interview, Tom Cregan, CEO and managing director at EML , discusses the place of instant payments in the changing gambling ecosystem. But that’s not the case for online gambling, said Cregan, who noted, “It can sometimes take two or three days” for those winnings to get into gamblers’ accounts. That can cause annoyance for regular gamblers or those bettors who are loyal, or want to be loyal, to an online gambling company.

Bitcoin Daily: China Shuts Down Gambling Sites Using Tether; Japan's Soccer Star Debuts Own Crypto


In China, mass arrests are being made and online gambling rings shut down by a local branch of the Peoples' Bank of China (PBOC), according to a report by CoinDesk. The gambling activities involved the tether stablecoin. On P2P marketplace Paxful , traders are selling up to $16.2

New Jersey Shows The Good And Bad Of Gambling Payments Progress


Supreme Court for the spread of sports gambling if a particular state wants it. New Jersey is among the most advanced states when it comes to sports betting, so it serves as a reasonable canary-in-the-coal-mine model when judging the progress of digital, online and mobile payments for gamblers in the wake of that Supreme Court decision (the Garden State, in fact, was ringleader of the suit that led to the reversal of the gambling ban, which involved 17 other states).

Why Gambling Site 888 Is Betting On Automated Authentication


A recent decision by the Supreme Court of the United States ended a ban on legalized sports gambling, and has the potential to change how sports fans from coast to coast experience games. The court’s decision allows individual states to open online gambling to residents. Once a customer registers an account and makes a deposit, is tasked with holding and safeguarding those funds, and any additional money won, until they’re gambled away or withdrawn by the user.

Why Tech Firms Are Placing Bets On The Spread Of Sports Gambling


Supreme Court ruled earlier this year that states can allow sports betting, the world of gambling now promises to gain more of a digital edge. As one can easily imagine, that ruling, and the revenue it promises, presents money-making opportunities for such firms — not only for age authentication, but also in the compliance and risk management services that can keep online gambling providers from losing money, reputation and brand value.

Walmart Gambles On Youth And Ad Revenue With TikTok Bid


Walmart , Microsoft and TikTok. At the beginning of the year it was an unthinkable combination. As the pandemic set in, anything digital seemed like a good and potentially doable idea, including the aforementioned alliance.

Bitcoin Daily: Russia Blacklists Binance Over Data Distribution; China Says Illegal Gambling Uses Crypto To Move Funds Out of Country


In other news, illegal gambling gangs in China are using cryptocurrency to funnel over 1 trillion yuan ($146.6

The Tax Score of Winning


Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. Individual Tax Briefs Form W-2G Gambling Winnings

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Chinese Police Confiscate $1.5M In Crypto From World Cup Gambling Site


With a crackdown on gambling amid the FIFA World Cup, authorities in China have seized over $1.5 Police started an investigation into the unnamed gambling site after ads said that the platform would “accept international recognized cryptocurrencies, including bitcoin, Ether and Litecoin,” CoinDesk reported. Investigators then found out that the overseas site was using an online gambling model with digital currency payments.

Amazon Gift Cards Used In $2M Offshore Gambling Ring


But what if you need to run a multi-million dollar offshore illegal gambling setup? As it turns out, the enterprising souls in charge of an offshore gambling site needed a method to launder $2 million over the last few years, and Amazon gift cards were the solution they turned to, according to a warrant application recently filed by the Department of Homeland Security. Amazon Online gambling Retail What's Hot

Data Dive: Hacked Routers, Amazon Returns And Sports Gambling Gets A Thumbs Down


Amazon is rethinking returns, routers have been overrun by Russians and credit card issuers may not yet be betting on sports gambling, regardless of what the Supreme Court says. Issuers Take a Hard Pass on Sports Gambling. Backers of the state’s gambling initiatives want the credit card issuers to allow it. There is also the fact that payment processors – including Worldpay – and payment networks have been working to make it possible to gamble using a credit card.

Fast Action: Tennessee Sportsbook Bets Service Quality On Instant Payments


But perhaps his best quote comes from his other pastime, gambling: “I want people to understand, gambling is not a bad thing if you do it within the framework of what it’s meant to be, which is fun and entertaining.”. To an extent, that same spirit and intention is behind the recent spate of government approvals for online gambling. We’re bringing sports gambling out of the shadows,” she said. “A Michael Jordan is mostly known for one thing: basketball.

MGM Backs Off Acquisition Of British Gaming Platform Entain


If the acquisition had gone through, the new entity would have been one of the few gambling platforms to have a significant presence both physically and digitally. Entain is acquiring Swedish gambling firm Enlabs AB for around 2.80

Casino Reopenings Draw In Gamblers Despite Online Gaming Surges


And while gamers flock to the casinos in some states, in others they are swarming online gambling sites. New Jersey’s large wager on online gambling has reportedly paid off, with revenues reaching a record high of $80 million last month.

Deep Dive: Preventing Fraudsters From Gaming The System As Online Gaming Heats Up


Online gambling compliance experts are also predicting that cybercrime will sharply rise in the coming months. Eighty-eight percent of surveyed managers expect the health crisis to increase the threat of financial fraud in regulated industries, including online gambling. .

Mastercard Says Odds Favor Instant Payments For Online Gamers And Gamblers


It fits in that you want faster payouts for gaming and gambling.”. Faster Payments cross-border payments Digital Payments gambling instant payments Main Feature MasterCard Mobile Payments News online gamingMake no mistake.