Joseph Sack’s Post

The odds are slim that you’ll be waiting with bated breath today for news from a Westminster Media Forum, but if you work with gambling brands, there’s a lot at stake. There are some phenomenal statistics related to the gambling industry, but the most telling one is that since the inception of the National Lottery, almost half of all adults now gamble once a month. And yet, the Lottery isn’t officially considered gambling, doesn’t come under the jurisdiction of the Gambling Commission, and will get little or no attention in today’s discussions. If they come into play, then last years’ proposals of a statutory levy and a gambling ombudsman may mean the sector has to adapt an awful lot, but it’s a safe bet to say it’ll all mean little to the Lotto. https://lnkd.in/gADP6rfs

Before you establish your Lottery, make sure you head over to the Gambling Commission website, where you’ll find a host of great resources on the different types of raffles and lotteries you can run, and the rules you need to follow, to stay in line with government guidelines. To find out more click here. tinyurl.com/ytnmwdyu

Income from other sources falls under Section 56 sub-section (2) of the Income Tax Act and includes income from lottery, bank deposits, gambling, card games, sports rewards, and other sources. #incomefromothersources #incometaxfiling #incometax

Income from other sources falls under Section 56 sub-section (2) of the Income Tax Act and includes income from lottery, bank deposits, gambling, card games, sports rewards, and other sources. #incomefromothersources #incometaxfiling #incometax

  Anton Kuchukhidze, the chairman of the Ukrainian Gambling Council, emphasizes the need to adopt appropriate licensing conditions for lotteries: "The current situation in the gambling industry is very interesting and at the same time disturbing, as illegal operators are taking a position of strength and actively attacking licensed companies. The most active in this regard are lottery operators, who have been continuously increasing the volume of their illegal activities. That is why it is necessary to adopt appropriate licensing conditions for lotteries as soon as possible. They should not only provide for license fees commensurate with other types of gambling, but also impose strict sanctions for imitation gambling without the appropriate licenses". Link https://lnkd.in/dFw92EHp

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Gambling: How Small Bets Can Cost You every year? Ever wonder how much those small daily bets really cost? The average American might spend between $5 and $20 each day on gambling, whether it’s scratch-off tickets or a quick spin on a slot machine at the gas station. It may not seem like much, but if you’re spending just $10 a day, that adds up to over $3,600 a year. Over 20 years? That’s a staggering $73,000! This estimate could vary based on personal habits, but it’s a reminder of how those small expenses can grow into something much larger over time. https://lnkd.in/ebSYGEsS #GamblingHabits #HiddenCosts #FinancialAwareness #DailySpending #MoneyMatters #PersonalFinance #LongTermImpact #USA #unitedstates #lottery #casino #personalfinance #wastemoney #debt

As legal sports gambling continues to grow, so does the need for casinos and other gambling-sanctioning organizations to ensure they comply with IRS reporting regulations for gambling winnings and losses. The IRS requires casinos to report W-2Gs for gambling transactions, and individual states often do as well.  For an individual who placed a bet, the threshold for reporting winnings on form W-2G is fairly high, with winnings being at least $600 or more and at least 300 times the amount of the wager. Learn more here → https://lnkd.in/e-zZGS48

For players experiencing gambling issues, the highs can be just as difficult to deal with as the lows. Winning, losing, borrowing, chasing… each has its unique difficulties. We want to help players navigate these tricky situations, and our A to Z of safer gambling has been designed to do just that 👇 www.dbyloi.com #PlayerProtection #SaferGambling #LivedExperience

This highlights just how much intensity gambling can introduce intoYOUR LIFE whatever your level of experience is and whatever your profit or loss figure is. Take care of yourself especially if your experiencing a rollercoaster type of session