March Madness in wrapping up. Baseball season is just getting started. That means tax season is here. When it comes to gambling and taxes there are some wide spread misconceptions. According to the American Gaming Association, March Madness is causing a nationwide betting frenzy, with nearly 70 million adults expected to wager up to $15.5 billion this year. However, a survey conducted found that 62% of taxpayers are uncertain about how to report money won from sports bets and gambling. According to that study, conducted by Jackson Hewitt Tax Services, 48% also falsely believe that cash winnings from sports bets…

As we head more deeply into 2023, the American sports betting industry continues to grow and evolve. The legalization of betting on sports in many states has led to a surge in online betting, with more customers turning to mobile apps and desktop platforms to make bets. What a time to be alive, eh? One of the biggest trends for the sports betting industry is the rise of in-play betting, which allows customers to place bets on games and events as they are happening, and giving them a more immersive and engaging betting experience. This trend is expected to continue…

New Jersey gambling revenue is keeping pace with the rest of the country. The state of Nevada kept their streak of billion dollar months rolling along int he month of January, and gambling across America set a record of $5.5 billion at the same time. Now, New Jersey has reported a jump of over 10% in their revenue. The Division of Gaming Enforcement reported that the casino win for New Jersey’s nine casinos came in at $215 million for February, which was a modest growth of 1.2% from last year. So far in 2023, those properties have generated over $425…

It was a banner year for the US gambling industry in 2022. That momentum appears to have carried over in the first month of 2023, as yet another record was set for revenue in a single month. Our friends at the American Gaming Association keep track of these sorts of things, and they report a combined $5.5 billion brought in this past January. These numbers show a year on year growth of over 21% and maintains the streak of 23 months of growth in a row. The continued growth of US gambling was apparent across all verticals in January, with…

Estimates from the American Gaming Association are that over $15 billion will be bet on March Madness this year, and that from nearly 70 million gamblers across the country. The growth of bets on the NCAA tournaments has been driven by a resurgence of bracket contests as well as Americans taking advantage of the expansion of legal online wagering. Three-fourths of online bettors say this will be the first time they bet on March Madness online. While 18 million more American adults plan to wager on March Madness compared to last month’s Super Bowl, Americans are expected to wager half…

Late last month, we reported on several violations of Massachusetts sports betting regulations from three operators in the state. One of those violations came when Encore Boston Harbor allowed bets to be placed on games for Boston College women’s basketball. Now, they’ve done it again. Encore admitted to their mistake when it happened before, blaming it on a technical glitch from a vendor’s platform. In an attempt to prevent the mistake from happening again, the casino stated that they had implemented additional measures. Obviously, those measures were not successful. So what happened? Well, according to the Encore, they turned off…

They’ve kept it going for nearly two years! Yes, January marked the 23rd consecutive month that Nevada gaming revenue streak has hit the billion dollar mark, according to a report from the Nevada Gaming Control Board. Now, let’s just hope that our reporting this doesn’t jinx them! The state reported revenue for the first month of 2023 to be $1.27 billion, which was nearly a 20% jump from the $1.07 billion they reported in January of last year. That increase was attributed to the continued recovery from the pandemic, as more Covid restrictions were lifted throughout the year. Casino profits…

It’s been about five years since the Supreme Court made the decision that opened up American sports betting. In that time we’ve gone from just one state with active, regulated sports betting to thirty-six. Not bad. Not bad at all! You can even find an updated, interactive map at the American Gaming Association. Now, if you live where it’s legal to bet on sports then you’re one of the lucky ones. There are still several across the country where you cannot place a bet on a sporting event legally. However, among the states where betting on sports remains unregulated there…