Within the first two months since online betting became legal in North Carolina, bettors had already wagered over $1 billion. But not everyone's happy. Bettors also filed about 85 complaints against gambling operators. That’s according to the state attorney general’s office and the state lottery commission. This story, and other local business news, on this week's BizWorthy. #charlotte #businessnews #news
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There is a range of different tax rates on online gambling. Thanks to legalized gambling across most of the US, the IRS now gets more notifications of taxpayers winnings. Good luck to you whether your winning wagers are from casino games or your favorite sports team success. Keep track of your payouts and bad wagers so we can report them on your Form 1040. #taxseason #sportsbetting #taxpreparationservices #singletontaxsolutions #taxpreparers #blackownedbusiness
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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
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| With the rise of legal sports betting and online gambling, more people are trying their luck. But did you know that gambling winnings might come with IRS reporting requirements? To stay informed and make sure you're compliant with the tax rules, check out our Insights Blog: https://bit.ly/3ALZS2l
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Skill machines and other gray market products are a never-ending dilemma for many states. Even Virginia, which theoretically banned them in 2020, continues to wrestle with the problem. Chav Vasilev reports: Now, two separate bills are underway to re-legalize the devices that never really went away. First, the pandemic delayed the implementation of the ban. Then there was a court battle. Finally, just last October, the state Supreme Court stepped in to affirm their illegality. But business owners are kicking up a fuss and the legislature is considering backtracking. The two bills differ in a few ways, most notably in that one of them would also allow for video lottery terminals. Either would be frustrating to the state's retail casinos, but possibly even worse for its chances of ever passing an iGaming bill. https://lnkd.in/ej48zxba #skillgamemachines #law #virginia
Virginia Legislators Consider Two Potential Paths to Skill Gaming Regulation
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Promoting Positive Play. Preventing Gambling Harm | Engagement Director at Better Change (Gibraltar) Ltd
My “£2 spin” on today’s announcement. I completely get why the decision has been made to bring online stake sizes inline with those offline (try saying that after a few beers, which you can spend as much as you like on BTW, just saying!) as well as putting in extra protections for 18–25-year-olds. But doesn’t it yet again seem like lazy legislation? I occasionally play slot games above a £5 stake (yes that’s right I am over 25) and whilst it won’t be a huge loss to me that I won’t be able to “legally” play this way, I do find it a real shame that our governments only strategy when it comes to safer gambling is to limit, block, ban and stigmatise. Shouldn’t we be educating players instead and working on effective prevention strategies as opposed to restrictive ones? It might also be worth pointing out that putting these restrictive measures in place might be a bit of an own goal as the government also aim to raise £60-£100 million through a mandatory levy 😮 Remember less GGY = less levy and not necessarily less harm! #PositivePlay
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With the rise of legal sports betting and online gambling, it's crucial to understand the IRS reporting requirements associated with your winnings. Discover the thresholds for different types of gambling and how to report your earnings accurately. Learn how to avoid potential penalties and comply with IRS regulations. For more information, check us out at https://bit.ly/4ddpUZY or click the link in bio.
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Addiction Economy Thought for Today - Number 2 of our 4 Drivers of the Addiction Economy is 'Predatory Marketing'. This is the epitome of that and my outrage perfectly articulated here by ✌️John Brown. If anyone spots others, do send by DM, love to see them. Thanks to Jane Shaw for the heads up about this one. All this is the work of the Labour Party and Tessa Jowell who decided to reclassify gambling as a leisure industry and allow it to do what it likes. We have the most lax rules in the world and I think the most harmed gamblers in the world as a direct result of this policy change. I will be doing a review soon of the gobsmacking book Vicious Games - Capitalism and Gambling by Rebecca Cassidy, which shows how UK gambling changed from high street bookies with blackout windows who respected their punters, to the digital world run by money men using addictive product design and predatory marketing techniques to hook their customers and don't care a jot what happens to them. Easily on a par with cigarette companies. The transformation of the UK market is such a perfect example of an Addiction Economy in action that we want to do a special case study on it. Here is the Consultation Draft of White Paper on the Economic Model in case interested. Love any feedback for final paper being finished next week. https://lnkd.in/enuF7_t4
I’m struggling to see how this is allowed. 1.3m people suffer with a gambling problem in the UK. What’s more, it’s clear the industry makes disproportionate profit from those considered to have a gambling problem. The gambling lobbyists will say that this is all a bit of fun, that for the most part, it’s an innocent flutter. But this advert on the Elizabeth line isn’t directed at the occasional bet maker. This is squarely aimed at someone who would consider the journey between Tottenham Court Road and Paddington time to make that one last bet. There’s no nuance. No joy. No ‘isn’t this just a bit of fun’ vibes. It’s predatory and sinister with gross performative small print advising caution. We wouldn’t stand for ‘have a swig of gin before Bond street’ or ‘mind the gap and shoot up’. All a bit sad 888holdings
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In Support of Protections relating to Gambling (which is amplified via online/phone gambling) - SHARPRANK fighting the fight! Research via SSRN _ "The Financial Consequences of Legalized Sports Gambling" [authors _ Brett Hollenbeck, Poet Larsen, Davide Proserpio; publ. July, 2024] CONSIDER _ Overall, we find that the legalization of sports gambling decreased consumer financial health. These results seem to be particularly pronounced when states legalize online betting, suggesting that the ease of access to gambling increases the problems associated with it. Moreover, we find that young men, particularly those in low-income counties, are most affected. > "While being able to place bets on your phone might add more spice to your weekly get-together to watch the game than nachos do, a new working paper by researchers at UCLA and USC found that legalized sports betting—especially online or mobile versions—has been bad for consumer health. With 38 states legalizing betting and $300 billion wagered since a Supreme Court ruling paved the way in 2018, the paper found that, in states that allow online access to betting: > Credit scores decreased by ~1%, suggesting a dip in creditworthiness > Bankruptcies increased ~28% > Debt transferred to debt collectors went up 8% " #SharpRank #blog #pressure #compliance #ThirdPartyValidation #IndustryGuardrails #Sportsbetting #sports #gambling #Transparency #ConsumerProtection #Research #MarylandGovernor
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New post from "Slow Boring" (subscribe) "Online sports betting hurts consumers" - New evidence makes it clear that more lawmakers need to take the issue seriously [Ben Krauss and Milan Singh] https://lnkd.in/ejF5G6vK #protection #onlinegambling #phonegambling #gambling #consumerprotection #ConsumerProtectionAct #ConsumerProtectionActUSA #marylandlegislature #ohiolegislature
In Support of Protections relating to Gambling (which is amplified via online/phone gambling) - SHARPRANK fighting the fight! Research via SSRN _ "The Financial Consequences of Legalized Sports Gambling" [authors _ Brett Hollenbeck, Poet Larsen, Davide Proserpio; publ. July, 2024] CONSIDER _ Overall, we find that the legalization of sports gambling decreased consumer financial health. These results seem to be particularly pronounced when states legalize online betting, suggesting that the ease of access to gambling increases the problems associated with it. Moreover, we find that young men, particularly those in low-income counties, are most affected. > "While being able to place bets on your phone might add more spice to your weekly get-together to watch the game than nachos do, a new working paper by researchers at UCLA and USC found that legalized sports betting—especially online or mobile versions—has been bad for consumer health. With 38 states legalizing betting and $300 billion wagered since a Supreme Court ruling paved the way in 2018, the paper found that, in states that allow online access to betting: > Credit scores decreased by ~1%, suggesting a dip in creditworthiness > Bankruptcies increased ~28% > Debt transferred to debt collectors went up 8% " #SharpRank #blog #pressure #compliance #ThirdPartyValidation #IndustryGuardrails #Sportsbetting #sports #gambling #Transparency #ConsumerProtection #Research #MarylandGovernor
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This #NFL football season, protect yourself by wagering safely and legally. "Sports betting has grown exponentially in the past five years and is more common than ever. While online gambling is easily accessible, it’s not always legal," said IRS Criminal Investigation Chief Guy Ficco. "As this year’s football season kicks off, IRS-CI special agents are continuing to monitor trends and using our expertise to root out criminal activity related to illegal gambling like money laundering and tax evasion.” Learn more about sports betting at https://lnkd.in/e8EMSaDS. #irsci #followthemoney
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