The American Gaming Association has recognized Representative Dina Titus and Darin LaHood for her campaigns towards raising the threshold for reporting slot winnings tax from $1,200 to $5,000. Under federal law, casino patrons were previously obliged to report any slot machine winnings upwards of $1,200 or more, while the machine was removed from the casino and the patron signs a W-2G tax reporting form. Following the work of Titus and LaHood, the threshold of which patrons now have to report winnings would be pushed upwards of $5,000. Slot jackpots have gradually increased with inflation over recent years, however the $1,200…

Did you know that your gambling winnings in the UK are tax-free? You will never be taxed when you make a bet, nor will you ever have a proportion of your winnings taxed. There’s also no need to report your winnings; whenever you win a sports bet or a casino game, you get to keep 100% of the amount stated. Instead of taxing the players, the UK government has decided to tax only the operators of UK online casinos. Not great news if you were planning to open a casino, but it’s fantastic for any gambler looking to play at…

American Gaming Association (AGA) President and CEO Geoff Freeman released the following statement after the Internal Revenue Service (IRS) today released its final regulation on its 2015 proposal for tax reporting of slot winnings. “Today’s final IRS regulation is a big win not only for gaming companies and millions of casino visitors, but also for state and local governments who would have received fewer gaming tax dollars as a result of what would have been burdensome federal requirements,” said Freeman. “Our grassroots campaign mobilized thousands of casino customers, members of Congress from 11 states urged restraint and compelling research demonstrated…

The US state of New York is on track to generate more casino tax revenue than Nevada in the current year, according to a new report by the American Gaming Association (AGA). In 2015, New York collected $888.4 million (€803.2 million) in tax revenue, 2.8% more than in the previous year, while Nevada generated $889.1 million, 0.87% up on the previous year. However, according to the AGA, should trends continue, New York will overtake Nevada with this year’s figures and move into third place for collecting tax revenue from casinos within its borders. Pennsylvania is some way out in front,…

MassLive – At least two of the companies looking to win one of Massachusetts’ first casino licenses say the state needs to change how it taxes winnings to avoid discouraging people from playing and cutting into the take for the state and the casinos. Las Vegas-based MGM and Wynn want the state to repeal a provision requiring gambling facilities to report and withhold 5 percent for state income tax on certain winnings over $600. They say casinos in surrounding states all use lower, federal standards for income tax withholding, making them more appealing to regular players, casual day trippers and…

Foreign gamblers cannot be taxed on every winning bet they make in U.S. casinos when they end up losing money overall, a federal appeals court ruled on Tuesday, rejecting current Internal Revenue Service policy. The U.S. Court of Appeals for the District of Columbia Circuit ruled that the IRS must treat foreign gamblers the same way it taxes U.S. bettors when they visit a casino. “After a night of gambling, it’s no fun to walk out of the casino a loser,” wrote Judge Brett Kavanaugh for a unanimous three-judge panel. “But it’s even worse when the IRS, on your way…