Latest news with #SBCAmericas
Indianapolis Star
5 days ago
- Business
- Indianapolis Star
Threshold for tax reporting from slot wins raised by Trump tax bill
For gamblers, the impact of President Donald Trump's signature tax package is much like a night at the tables: you win some, you lose some. Tucked away in the nearly 900-page mega tax-and-spending bill is a provision that raises the minimum win slot-machine win that requires hand-payments and tax reporting at casinos. Signed into law on July 4, the One Big Beautiful Bill Act lifts the maximum win before casinos must issue a WG-2 form and shut down the machine to $2,000, up from the long-time figure of $1,200 and ties the threshold to inflation. The section takes effect in 2026 with the inflation index starting in 2027. American Gaming Association Senior Vice President of Government Relations Chris Cylke praised the provision to the gambling industry trade publication SBC Americas. "Raising the slot tax reporting threshold to $2,000 and indexing it to inflation is a long-overdue modernization that reduces regulatory burdens and improves the customer experience," Cylke said. The association noted in a 2022 press release that the $1,200 threshold was created in 1977. A Bureau of Labor Statistics inflation calculator indicates that the threshold would be over $6,600 in June of 2025 if it had been tied to inflation. Nevada Rep. Dina Titus (D) told Las Vegas CBS affiliate KLAS that the provision does not go far enough. 'While raising the slot reporting threshold to $2,000 is a step in the right direction, it is still inadequate," Titus, a champion of the SLOT Act that would raise the threshold to $5,000, explained. "The IRS Advisory Council recommended this threshold be raised over $5,000 and indexed to inflation." On the losing side, gamblers will be taking a hit courtesy of a separate tax provision in the newly created law. Starting in 2026, gamblers winning $1,000 can only deduct 90% of their losses, down from a previous 100% deduction. The amount of losses players can deduct is limited to their winnings, and deductible losses cannot exceed total winnings for the year. Titus introduced the My FAIR BET Act on July 7 to restore the 100% deduction for gamblers.
USA Today
5 days ago
- Business
- USA Today
Threshold for tax reporting from slot wins raised by Trump tax bill
For gamblers, the impact of President Donald Trump's signature tax package is much like a night at the tables: you win some, you lose some. Tucked away in the nearly 900-page mega tax-and-spending bill is a provision that raises the minimum win slot-machine win that requires hand-payments and tax reporting at casinos. Signed into law on July 4, the One Big Beautiful Bill Act lifts the maximum win before casinos must issue a WG-2 form and shut down the machine to $2,000, up from the long-time figure of $1,200 and ties the threshold to inflation. The section takes effect in 2026 with the inflation index starting in 2027. American Gaming Association Senior Vice President of Government Relations Chris Cylke praised the provision to the gambling industry trade publication SBC Americas. "Raising the slot tax reporting threshold to $2,000 and indexing it to inflation is a long-overdue modernization that reduces regulatory burdens and improves the customer experience," Cylke said. The association noted in a 2022 press release that the $1,200 threshold was created in 1977. A Bureau of Labor Statistics inflation calculator indicates that the threshold would be over $6,600 in June of 2025 if it had been tied to inflation. Nevada Rep. Dina Titus (D) told Las Vegas CBS affiliate KLAS that the provision does not go far enough. 'While raising the slot reporting threshold to $2,000 is a step in the right direction, it is still inadequate," Titus, a champion of the SLOT Act that would raise the threshold to $5,000, explained. "The IRS Advisory Council recommended this threshold be raised over $5,000 and indexed to inflation." Gamblers lose tax break in the 'Big Beautiful Bill' On the losing side, gamblers will be taking a hit courtesy of a separate tax provision in the newly created law. Starting in 2026, gamblers winning $1,000 can only deduct 90% of their losses, down from a previous 100% deduction. The amount of losses players can deduct is limited to their winnings, and deductible losses cannot exceed total winnings for the year. Titus introduced the My FAIR BET Act on July 7 to restore the 100% deduction for gamblers. "We should be encouraging players to properly report their winnings and wager using legal operators," Titus previously told USA TODAY in a statement. "The Senate change will only push people to not report their winnings and to use unregulated platforms."
USA Today
12-02-2025
- Business
- USA Today
Why did sportsbook owner Jake Paul think it was OK to offer Saquon Barkley a Ferrari?
Jake Paul offered to give Saquon Barkley one of his Ferraris if the Philadelphia Eagles running back could find a way to win Super Bowl MVP. A few days later, the video was gone. Paul made the offer in a video posted to the social accounts of his fantasy and sportsbook company, Betr, in the days leading up to the Super Bowl. As it turns out, that was a big no no in at least one of the two states Betr is licensed for sports betting. Ohio Casino Control Commission general counsel Andromeda Morrison told SBC Americas the advertisement was not in compliance with its sports betting regulations. As a result, Betr had to delete the video. 'As is common practice, the Commission reached out to Betr to ask them to remediate the non-compliant material,' Morrison said. 'Betr has complied with the request.' Now, look, I'm no expert on sports betting regulations, but it's not hard to see how Paul's offer to Barkley could be viewed as a conflict of interest. Intentional or not, the offer had the potential to drive Betr users and others within Paul's massive following to bet on Barkley. As we found out Sunday, that would have benefitted the house, as Jalen Hurts ended up winning MVP. So, why did Paul think it was OK? There's any number of reasons, but first, it's not the first time he's made such an offer. Last January, he offered a Ferrari to Joe Flacco if the quarterback could take the Cleveland Browns to the Super Bowl — in a video still posted to Betr's accounts today. Paul also simply may not have known. Virginia, the other state where Betr is licensed, had no issue with the ad, according to SBC Americas. Of course, Paul's ignorance wouldn't be a great excuse. As Betr's co-founder and most front-facing ambassador, it's his job to know accepted marketing practices everywhere. Which gets to the real root of Paul's tactics. He likely knew he was toeing a line, and that was the point. Betr accounted for less than one percent of Ohio's sports betting market share in the state's 2024 fiscal year report. It also owns less than one percent of the market share in Virginia. Betr desperately needs the attention, and Paul did something to get it. Was it worth the risk of being non-compliant? Probably, if the only consequence was a strongly-worded email. Then again, it likely didn't do much to help Betr's market share problem. That's a problem that needs a different kind of solution. Gambling involves risk. Please only gamble with funds that you can comfortably afford to lose. While we do our utmost to offer good advice and information we cannot be held responsible for any loss that may be incurred as a result of gambling. We do our best to make sure all the information that we provide on this site is correct. However, from time to time mistakes will be made and we will not be held liable. Please check any stats or information if you are unsure how accurate they are. No guarantees are made with regards to results or financial gain. All forms of betting carry financial risk and it is up to the individual to make bets with or without the assistance of information provided on this site and we cannot be held responsible for any loss that may be incurred as a result of following the betting tips provided on this site. Past performances do not guarantee success in the future and betting odds fluctuate from one minute to the next. The material contained on this site is intended to inform, entertain and educate the reader and in no way represents an inducement to gamble legally or illegally or any sort of professional advice. Gannett may earn revenue from sports betting operators for audience referrals to betting services. Sports betting operators have no influence over nor are any such revenues in any way dependent on or linked to the newsrooms or news coverage. Terms apply, see operator site for Terms and Conditions. If you or someone you know has a gambling problem, help is available. Call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800-9-WITH-IT (IN). Must be 21 or older to gamble. Sports betting and gambling are not legal in all locations. Be sure to comply with laws applicable where you reside. It is your sole responsibility to act in accordance with your local laws.
