Fighting H.R. 4777, the Internet Gambling Prohibition Act

[rtmlam]

Of course...not to say that about everyone, but, in my experience frequenting casinos, only winnings in a single session/spin totaling $1200 or more in DE or WV require paperwork..other than that the attendants come and pay you, no questions asked (and somehow I doubt that everyone is tallying their winnings and keeping record at tax time). Even State lotteries, I cannot keep count of the number of times I have heard someone play a Pick 3 or Pick 4 number on separate tickets, even if its 50 cents straight on 20 separate tickets (winnings would be $2500 per ticket, which can be cashed right away, no paperwork required)... because the person says "I'm not paying all those taxes". I have even seen people get highly upset if the clerk does not enter their numbers on separate tickets, and loudly state the tax reason.

Agreed, pretty much $1200.00 across the US with regards to documentation. It is also worth mentioning that winnings are deductible, but I believe only up to the level of losses so it can be a wash for many that frequently gamble.

[GrandMaster]

Agreed, pretty much $1200.00 across the US with regards to documentation.

The $1200 limit is federal law or regulation, so of course it is uniform.

It is also worth mentioning that winnings are deductible, but I believe only up to the level of losses so it can be a wash for many that frequently gamble.

You mean losses are deductible to the extent of winnings. The winning are taxable even if they don't generate any paperwork, it is just much easier to hide them.

[rtmlam]

The $1200 limit is federal law or regulation, so of course it is uniform.

You mean losses are deductible to the extent of winnings. The winning are taxable even if they don't generate any paperwork, it is just much easier to hide them.

Yes GrandMaster, you are correct. I had these swapped around. Thanks for clarifying.

[Dozer]

I think the government should get there hands involved to make some of these casinos legit. Pretty hard to fight a casino from overseas compared to being in the usa. I am not even sure this is an online casino in the usa and let the government take some profit from overseeing them and make it legal. I dont like the government getting into anything that it has to but maybe we would'nt see to many complaints on the complait board all the time. Just my 2cents / thats all i have left anyways after the way the slots have been treating me lately or should i say for the last 6 months.

[Westland Bowl]

Recent actions on this bill came last week. The Thomas registry said on May 5th, the bill was "Forwarded by Subcommittee to Full Committee by Voice Vote".

Here is a news release commenting on the action, using the title "House panel approves cybergambling ban" See http://news.com.com/House+panel+appr...3-6068432.html

[jetset]

No, I think this was just a reprise of earlier reports that the proposal had been adopted on a voice vote by the crime sub-committee of the House Judiciary Committee, taking it on to the next step of a full committee.

See Casinomeister News.

[Chatmaster]

I believe that the bill will run into a brick wall soon. The entire approach of the bill is wrong and the implications for the online industry (Non Gambling related) as a whole is phenominal. Besides due to the structure of the internet they will simply endanger their citizens of being exposed to more doggy outfits instead of protecting them.

[Westland Bowl]

The bill has picked up more co-sponsors and the total is now at 144 !! 6 more had signed up on March 14 and 15 and another 7 signed up May 10, yesterday.

Texas led with the most new co-sponsors with 4. The following states had one new co-sponsor: Pennsylvania, Tennessee, Kentucky, Florida, Michigan, South Carolina, Wyoming, Missouri and Georgia.

The bill has gained more visibility as it came out of sub-committee to full committee status. See my previous post above.

[Chatmaster]

Amazing how short sighted they are! The effect this could have on the entire internet industry is scary!

"Virtual betting parlors have attempted to avoid the application of United States law by locating themselves offshore and out of our jurisdictional reach," said Rep. Bob Goodlatte, a Virginia Republican who wrote the bill. The offshore companies use Internet sites that are "unlicensed, untaxed and unregulated,"

It seems like lying is fine, but online gambling that are in most cases LICENSED, TAXED and REGULATED are not. This guy lives on his own planet!

[sdaddy]

On Saturday Frank Fahrenkopf of the American Gaming Association appeared on the public affairs channel C-Span to discuss the proposed legislation in Congress on restricting internet gambling. His organization's position is that there should be a one-year study looking at if online gambling should be regulated. He also cited some interesting polling that showed that 80% of Americans would be against prohibiting internet gambling.

You can watch the 30 minute interview clip through this link.