New US gambling tax

[mrmcnasty]

For US players. What’s everyone thoughts on the new tax rules when reporting losses? Only 90% allowed now.

Do we think this will push people un-regulated again? Maybe just the pros? I imagine most perennial losers won’t care much about this.

Wonder if this is a net positive for the un-regulated space. Leaning towards no.

 

[jyumni]

More people will be coming back to un-regulated

 

[Miz]

i think people will take liberties with respect to the definition of a "session" since it is up to interpretation.

 

[btcfan]

Clearly there is still a shot for this to get reversed retro to the 1st of the year. Both parties think it is crap. They just need to find the right spot to get this bill in to approve.

 

[5918mike]

If it's not reported I don't include it on my taxes, so far I have stayed below any amount to report at my local sportsbook.

 

[pragmatic]

i think people will take liberties with respect to the definition of a "session" since it is up to interpretation.

Which is already an interpretation.

Session tracking is "established" for slots & table games. So people have assumed they can also track their 28 Sunday NFL wagers as a session.

But it is only an assumption. As far as I know, there hasn't been a case/audit/guidance making it official.

 

[pragmatic]

If it's not reported I don't include it on my taxes, so far I have stayed below any amount to report at my local sportsbook.

Most people do. Unless you hit a 300-1 sports wager, there aren't any tax forms.

 

[Miz]

Which is already an interpretation.

Session tracking is "established" for slots & table games. So people have assumed they can also track their 28 Sunday NFL wagers as a session.

But it is only an assumption. As far as I know, there hasn't been a case/audit/guidance making it official.

yeah, i have understood that a "day" being a session is generally going to be accepted. I'd argue a week is acceptable (and helpful to minimize the impact of the retarded 90% rule)

 

[ferrisdamen]

Even fanduel and DraftKings don’t do a good job at helping gamblers with taxes and that’s for a very specific reason: they don’t expect people to win.

It’s just another way that shows legal gambling is a carnival game, and yes it’s a huge reason to just deal via a bookie or deal un-regulated instead of take your gambling activity into the regulated space where it gets all mucked up by stupid crap like this.

 

[Miz]

i think it'll just be an unenforced rule and things will be like they always have been. Are they really going to tax recreational players on phantom winnings... nah.

 

[titan]

Some good momentum back into the Fair Bet Act

https://twitter.com/x/status/2009407268941648173

 

[milwaukee mike]

historically the irs and states have considered each individual sports bet as a "session"... so they could essentially bankrupt every big bettor with this ridiculous rule... let's get it changed asap!

 

[giants]

Let's tax the bettor after each game day. No, after each game. NO, after each in-play wager is graded.

For some reason, noone thinks taxing each individual casino session (or a blackjack hand) would be considered reasonable. Why would sports be different?

Of course people will flock back un-regulated

 

[mrmcnasty]

I guess a better question would be, do we think it would only force the pros back to un-regulated? While the casuals keep losing legally.

Only asking cause I’m counting on a shaky book lasting 7 more years to get my full withdrawals. I’d love if more casuals flocked back to un-regulated just don’t know if that’s the case