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Old 06-23-2011, 10:38 AM   #1
garyscpa
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New Internet Gambling Tax Bill Introduced

http://www.accountingtoday.com/news/...191a:&st=email

"Online gambling sites would need to obtain an Internet gambling license and they would be taxed on 2 percent of the deposits they receive every month. States would also be able to tax the online gambling sites at a rate of 6 percent a month."
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Old 06-23-2011, 10:46 AM   #2
Robert Goren
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I sure that ADWs won't like it, but as an online poker player, I consider it acceptable. But is it still a very long way from becoming the law of the land.
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Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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Old 06-23-2011, 11:03 AM   #3
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I don't know how they could exist at 8% of deposits tax. I'm sure it would cut way down on rebates.
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Old 06-23-2011, 12:25 PM   #4
Robert Goren
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Quote:
Originally Posted by garyscpa
I don't know how they could exist at 8% of deposits tax. I'm sure it would cut way down on rebates.
As i understand it the tax would be on be on new deposits only. They would probably deduct it off top of the depositor's account when the deposit was made. More paper work for the ADW, but it effect on the bottom form an expense point of view is probably minimal. The effect on the number people making deposits could be another story. One thing is for sure gamblers would not be so quick to cash out their short term profits, if they knew they were going to hit with a reloading tax when they hit a losing streak.
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Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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Old 06-23-2011, 01:37 PM   #5
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Quote:
Originally Posted by Robert Goren
... But is it still a very long way from becoming the law of the land.
I'd expect any form of revenue generation to be fast-tracked by our usually inefficient government entities. But of course I say that partly because I live in Illinois, where even after raising the income tax rate from 3 to 5 percent, .gov still has their knickers in a twist trying to balance the budget....
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Old 06-23-2011, 03:47 PM   #6
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It may force many on-line wagering sites to go off-line and return to exclusive phone wagering in an attempt to protect a player's rebate level.

Now do we not only have CA raising takeout rates, we have the Federal government. What idiots!

As for the states, is there not already some level of tax in the takeout of each wager?

Last edited by Track Collector; 06-23-2011 at 03:49 PM.
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Old 06-23-2011, 07:56 PM   #7
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Good luck getting any tax hike all the way to this Presidents desk, he might have several pens lined up but will not get to pass them out.
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Old 06-23-2011, 07:58 PM   #8
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It may force many on-line wagering sites to go off-line and return to exclusive phone wagering in an attempt to protect a player's rebate level.
That doesn't work for the small volume player... cost per call is too high.
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Old 06-23-2011, 09:16 PM   #9
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Taxes

I feel sorry for all the TVG account holders
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Old 06-23-2011, 11:36 PM   #10
Robert Goren
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This is not about horse bettors. It is all about getting poker back on the web. Sorry to say it, but nobody cares about horse players anymore. Horse racing in the eyes of most people is a dead gambling game. Poker is a growing gambling game.
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Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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Old 06-24-2011, 12:41 AM   #11
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Originally Posted by Robert Goren
Poker is a growing gambling game.
Poker started to decline well before the FBI stepped in and began shutting access to these sites down.

That's what happens when all the "fish" lose their shirts...and don't think for a second there are all these long term winning poker players milling about as opposed to 99% of horse players with nothing but lint in their pockets.

Hell, a great many of these "pros" that you see bust out and have to be "staked" by someone to keep things going...

Spiderman in the news lately a case in point:

http://www.ibtimes.com/articles/1686...o-dicaprio.htm
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Old 06-24-2011, 03:05 AM   #12
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wow (@ any more takeout) & the Spidey Story- i know a west coast pro that has recently had good fortune...
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Old 06-24-2011, 07:16 AM   #13
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Originally Posted by PaceAdvantage
Poker started to decline well before the FBI stepped in and began shutting access to these sites down.

That's what happens when all the "fish" lose their shirts...and don't think for a second there are all these long term winning poker players milling about as opposed to 99% of horse players with nothing but lint in their pockets.

Hell, a great many of these "pros" that you see bust out and have to be "staked" by someone to keep things going...

Spiderman in the news lately a case in point:

http://www.ibtimes.com/articles/1686...o-dicaprio.htm
The online poker business was THRIVING before the sites were shut down.

The only noticeable "decline" was in in the viewing of the poker programs on TV...and that was because the commercials were getting more air time than the poker game itself was getting.

You keep on talking about those "busted-out poker pros"...but you conveniently leave out those poker players who have become MULTI-MILLIONAIRES from the game...and the many others who make a great living from the game year after year.

As a player who has spent much time in BOTH horse racing AND online poker...there is no doubt in my mind that poker is a MUCH better gambling game.

Many months ago - in a similar argument of yours - I asked for HORSE RACING'S equivalent to poker playing LEGENDS like Phil Ivey or Patrik Antonius in this country...and I am still waiting for a reply...
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Old 06-24-2011, 07:33 AM   #14
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The article doesn't make it very clear on what the players/bettors would be subject to in terms of being "taxed", only that the web site operators themselves would be subjected to the 2 and 6 percent tax on deposits - which of course would be passed on to the players, dinging you up front or via a reduction in rebates.

What kills me is this quote at the end:

" A quarter of the taxes collected by the federal government would be directed toward programs for disadvantaged and foster children."

It's always about helping out the kids when it comes to allowing that evil gambling to happen. What a crock.
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Old 06-24-2011, 08:01 AM   #15
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Originally Posted by Hoofless_Wonder
The article doesn't make it very clear on what the players/bettors would be subject to in terms of being "taxed", only that the web site operators themselves would be subjected to the 2 and 6 percent tax on deposits - which of course would be passed on to the players, dinging you up front or via a reduction in rebates.

What kills me is this quote at the end:

" A quarter of the taxes collected by the federal government would be directed toward programs for disadvantaged and foster children."

It's always about helping out the kids when it comes to allowing that evil gambling to happen. What a crock.
Yeah.

The Illinois State Lottery was also promoted as the savior of that state's schools.

The Illinois lottery turned out to be a triving success...but the school system is in complete disarray.
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