by Giovanni Shorter | Apr 3, 2021 11:31 am | Sports Betting
All sports betting wins are considered taxable income and should be claimed on sports bettors’ taxes. The Internal Revenue Service (IRS) requires taxes to be filed if players earn $600 or more. Sports betting fans are able to deduct losses, but only to the amount of...
by Christina Monroe | Oct 22, 2020 11:37 am | Regulatory
The IRS has ruled that DFS contests are games of chance and not games of skills which means they are taxable as they would be considered a form of gambling. If the IRS does get the backing it needs to tax the market, they could see millions of dollars annually in...
by Andy Faust | May 28, 2019 4:16 pm | Regulatory
Three major commercial MA casinos have submitted a joint sports betting proposal to the state. The proposal would give casinos and DFS operators exclusivity to offer sports betting products. Sports betting would be taxed at a “single-digit” rate. SPRINGFIELD, Mass. –...
