Americans gamble over half a trillion dollars illegally each year, AGA Report says

Comment #18

Coin Toss — Fri, 09 Dec 2022 02:35:58 GMT

One if the things being ducussed hjere is URS Regularuion 6 A (Alpha.)

A few years after Atlanric City opened the IRS told Nevada casinos they wanted them to report transaction oveer a certain amount, at tirst saying it was a measure to detect dope dealers, money launderers and terrorists.

There was a lot of static from gamblers asking the casinos if they were now defacto IRS agents and the casinos felt like that's what they were being told to be.

The amount changes but it's still... [ More ]

Comment #17

Bleudog101 — Thu, 08 Dec 2022 16:54:03 GMT

The IRS would never go for not taxing the first $5K which would be nice.

Your last sentence struck a nerve. Could swear I asked Todd where the lottery lobbyists are---if they exist. Looked up two lottery organizations and seem like non-lobbyists. They were more like national/international organization that has members. Like the American Medical Ass'n et al. That's the problem if no lobbyists exist nothing will change.

Comment #16

Stack47 — Thu, 08 Dec 2022 05:33:09 GMT

Raising the taxable limit from $1200 to $5000 on slot winnings isn't a bad thing for players. The problem is even the penny slot machines have jackpots over $5000. Players could record their profits and losses on the Schedule C form and say they are Professional Gamblers providing they can prove that there is a profit motive involved.

Who do we see about raising the taxable limit on pick 4 winnings to $5000

Comment #15

Bleudog101 — Wed, 07 Dec 2022 15:11:04 GMT

. The casinos want to raise the taxable amount and I quote To keep up with inflation ....whatever that means.

Comment #14

KY Floyd — Wed, 07 Dec 2022 07:50:44 GMT

The casinos are trying to get the IRS to raise the taxable limit from $1200 to $5K on slot winnings.

They're trying to change how often they have to report winnings to the IRS. All gambling winnings are taxable income. A higher reporting limit means there's no paper trail for the IRS to pursue you for tax evasion, but the casinos are only trying to reduce their paperwork.

betting off US soil is not illegal.

Betting from US soil (or water) is illegal. As long as you leave the US you... [ More ]

Comment #13

Coin Toss — Wed, 07 Dec 2022 02:17:01 GMT

The reason the states went to riverboars was that at the time they thought any outside of Nevada casinos 9with some exceptions, such as places that already had gambling, (such as poker rooms in Montana ) they had to be on the water. In Vegas we heard a lot about casinos in Sault St Marie, MI pre-riverboats but who knows?)

In Illinois at first the 'entrance fee' was $5 or $10 on weekedays and $15 on weekends. To those of us who went to the boats from Las Vegas , Reno, and other NV casinos not... [ More ]

Comment #12

jhenderson4070 — Tue, 06 Dec 2022 18:00:44 GMT

The only reason its an issue is because the Govt. is missing out on their extortion dollars. Illegal and unregulated gambling is a scourge on our society, taking advantage of vulnerable consumers, skirting regulatory obligations and robbing communities of critical tax revenue for infrastructure, education and more, AGA President and CEO Bill Miller said. Cities are ran like a business. Create your own revenue and stop trying to rob the citizens.

Comment #11

Bleudog101 — Tue, 06 Dec 2022 12:28:32 GMT

Funny you mentioned Riverboat gambling. In nearby Indiana they used to charge patrons $5 to go on the boat as we called them. Then casinos paid the state versus patrons eventually. The reason for Riverboats was to appease the anti-gambling folks in Indiana.

Finally Indiana voted that stupid law out and allowed casinos to move inland, though not all have made this costly move. Most of us miss 'the boat' @ Caesars S. Indiana

Comment #10

Holloway1969 — Tue, 06 Dec 2022 10:19:42 GMT

Mind you, this was 20+ years ago. I worked for an OTB. We checked with lawyers and Federal people, and placing a bet outside the US was very legit. We couldn't take any bets inside the United States. I feel they are lying because they don't get tax revenue from this. Unless laws have changed, which I doubt, betting off US soil is not illegal. Just because of the I.R.S. not getting their taxes does not make it illegal.

Comment #9

Stack47 — Tue, 06 Dec 2022 05:47:24 GMT

If the US would bring back the ball machine to all states

PB and MM both have live ball drawings as do several other states lotteries. And because each state decides its lottery's rules and regulations, the US government can't bring them back . How much of the estimated $511 trillion illegal gambling revenues effect states with RNG lottery drawings

Comment #8

Stack47 — Tue, 06 Dec 2022 05:44:09 GMT

The Kentucky pick 3 does pay $600 for $1, but players can't play on credit like they can with a bookie.

The AGA represents the legal gaming industry and is making an educated guess on the total amount of money wagered on all forms of illegal gambling. The pick 3 and/or policy game wagering is only a tiny part. Doubt your neighborhood bookie will book PB and MM wagers. In Nevada players can legally wager millions on just about every sporting event and over 20 other states allow online sports... [ More ]

Comment #7

Coin Toss — Tue, 06 Dec 2022 03:42:03 GMT

As legal gambling started spreading across the country, via tiverboat casinos at fitst, a lot of the opposition came from churches. Some churches were basing their stance on money won ganbling is ill gotten gains (Gomer Pyle), but the stiffest resistance came from Catholic churches, not based on moral turpitude but becuase they saw it as a threat to their bingo operations, especially churches in lesser populated places (where a lor of boats were) because they knew they were no longer going to be... [ More ]

Comment #6

justadream — Tue, 06 Dec 2022 02:38:32 GMT

Some people prefer the convenience of being able to gamble without leaving the house. Gas is too expensive to run out just for a ticket. California needs to step up their game or more people will be playing online.

Comment #5

david1691 — Tue, 06 Dec 2022 01:56:48 GMT

As for lotteries do players want 500 to 1 for winning from a lottery or 600 to 1 from a bookie? Maybe if states raised payouts to 600 to 1 there would be less illegal activity. Considering inflation, the two dollar minimum price point for a lot of these jackpot games has got to go. Maybe a minimum one dollar price point for jackpot games and better odds would attract more players.

Comment #4

ekem6078 — Tue, 06 Dec 2022 01:49:48 GMT

If the US would bring back the ball machine to all states, then people would believe in it being fair. The Lottery is rigged and isn't random. The US should go up on the winnings to 900 to 1. Then maybe people wouldn't gamble off shore.

Comment #3

Mata Garbo — Tue, 06 Dec 2022 01:32:04 GMT

What the AGA president does not understand is that there are millions of gamblers across the country who couldn't care less about the rules, license or regulations. Their only concern is does this website or machine payoff if I win

Comment #2

Think — Mon, 05 Dec 2022 22:17:10 GMT

What with Bidenflation the limit should be raised! Pretty soon that $500 will only get you a can of pop.

If they let me mail order tickets across state lines I would buy Massachusetts scratchers because they have the overall best instants while I would also get some from other states too.

I might also play online jackpot games from other states too.

I played illegal slots here once over 30 years ago. It was a 1910 fruit gum company 10 cent slot and it was in a governme... [ More ]

Comment #1

Bleudog101 — Mon, 05 Dec 2022 21:09:06 GMT

Call me what you want but I say GOOD.

The casinos are trying to get the IRS to raise the taxable limit from $1200 to $5K on slot winnings. Yet the debacle continues with lottery winnings taxed @ anything over $600. Makes a lot of sense doesn't it?

The US Government should abolish the 1962 law forbidding sports betting/lottery sales across state lines. IGT did win their case for sports betting though. Boat loads of cash for the US Treasury because folks are going to gamble be i... [ More ]

Americans gamble over half a trillion dollars illegally each year, AGA Report says

Lottery Post — Mon, 05 Dec 2022 19:22:56 GMT

Illegal operators capture a third of all gambling revenue, according to study

By Kate Northrop

According to a report published by the American Gaming Association (AGA), Americans gamble an estimated $511 billion every year through unregulated sportsbooks and websites.

Last week, AGA released a report on money spent in the unregulated sports betting and gaming market, which found that Americans spend more than half a trillion dollars on illegal gambling each year.

The findings are... [ More ]