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How the US Govt could regulate the deposit/withdrawals of gambling sites

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  1. dealace1 dealace1 is offline @ UFC 115 via UB

    Mississauga
    Canada

    Posts: 1,042
    Joined: Jan 07

    Nov 24th, 2009 (11/24/2009 6:35pm)

    This seems like a fairly good solution if the sites and gov't could work together to implement. The government and retailers would obviously take their unfair share of the pie from the withdrawals and/or deposits but overall the idea seems implementable as the hard part of getting a network of retailers in place country wide with authorization to do age checks has already been done by the government run lotteries. The remaining work is all IT and should be quite easy to do.
    1. Players purchase tickets at the lottery retailers, printed at the terminals.
    2. Printed tickets have an activation code printed on the ticket.
    3. Players go online to a corporation run site.
    4. Players join online gaming by using activation code.
    5. Winners return with ticket to retailers for validation and to receive winnings.

    The patent etc. is available to view here: http://lottoip.com/game_with_us.html

    <a target="_blank" rel="nofollow" href="http://lottoip.com/game_with_us.html" >
    </a>
  2. DoubleS00ted DoubleS00ted is offline

    PR
    United States

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    Nov 24th, 2009 (11/24/2009 6:37pm) in reply to dealace1

    I think the government should track our deposits and transfers by monitoring our keystrokes and our web history on our computers. Then they could see how much we withdrawl/ deposit for tax purposes and could protect us from child predators and other internet threats.
  3. Leet8s Leet8s is offline usausausausausa

    New York City, NY
    United States

    Posts: 8,036
    Joined: Aug 06

    Nov 24th, 2009 (11/24/2009 6:39pm) in reply to DoubleS00ted

    Why does the government have to regulate this in the first place? There is no reason they should, they just want to get their greedy hands in tax money.
     
  4. Hitman Hitman is offline

    Joliet, IL
    United States

    Posts: 844
    Joined: May 06

    Nov 24th, 2009 (11/24/2009 7:19pm) in reply to dealace1

    You should already be paying taxes. The government shouldn't take any share of our deposits or withdrawals, to suggest such is massively ignorant. The government would tax the sites with corporate taxes etc, and could possibly have access to an accounting of players wins/losses by court order or audit procedure, which if that happens would mean all you US folks who have been blowing off your taxes could be royally screwed.
  5. dealace1 dealace1 is offline @ UFC 115 via UB

    Mississauga
    Canada

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    Nov 24th, 2009 (11/24/2009 7:32pm) in reply to Hitman

     
    Originally Posted by Hitman View Post

    You should already be paying taxes. The government shouldn't take any share of our deposits or withdrawals, to suggest such is massively ignorant.

    Have you won anything big at a casino lately?
    Thread Starter
  6. DeaconMike DeaconMike is offline

    Rockaway Beach, MO
    United States

    Posts: 429
    Joined: Nov 06

    Nov 24th, 2009 (11/24/2009 7:55pm) in reply to dealace1

    If you can file your taxes online and that's good enough, then there shouldn't be a problem for the suits in DC receiving a withdrawal notice from the poker sites when you take money out and cash a check or deposit it directly into your bank account.

    When I was receiving checks from google for ad revenue I got from writing for a financial blog I had, google always sent me a statement at the end of the year for tax purposes showing how much money they sent me. They also stated that this amount would be reported to the IRS and it was my responsibility to report that same amount and pay taxes on it.

    This could easily be done the same way by the poker sites.
  7. Hitman Hitman is offline

    Joliet, IL
    United States

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    Nov 24th, 2009 (11/24/2009 8:18pm) in reply to dealace1

     
    Originally Posted by dealace1 View Post

    Have you won anything big at a casino lately?

    If you're talking about mandatory withholding being taken and reflected on a W-2g in a live casino tournament, that's called paying your taxes and is reconciled when you file your personal income tax return for the year. And that has absolutely nothing to do with the OP's statement of deposits and withdrawals to online sites being taxed so maybe you could explain your point?
  8. Hitman Hitman is offline

    Joliet, IL
    United States

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    Nov 24th, 2009 (11/24/2009 8:25pm) in reply to DeaconMike

     
    Originally Posted by DeaconMike View Post

    If you can file your taxes online and that's good enough, then there shouldn't be a problem for the suits in DC receiving a withdrawal notice from the poker sites when you take money out and cash a check or deposit it directly into your bank account.

    When I was receiving checks from google for ad revenue I got from writing for a financial blog I had, google always sent me a statement at the end of the year for tax purposes showing how much money they sent me. They also stated that this amount would be reported to the IRS and it was my responsibility to report that same amount and pay taxes on it.

    This could easily be done the same way by the poker sites.

    Anyone who has actually paid taxes on their gambling winnings would understand why this makes no sense.

    According to what you just said player A deposits 1K on stars. They get crushed and lose, and deposit another 1K. They get crushed again and say screw it I'm cashing out the rest of my balance which at this point is $200 they have left. Your suggesting Stars reports to the IRS that they cashed out $200 and player A get taxed on it. A withdrawal notice for $200 is meaningless. Visit the Tax Q&A forum.
  9. DeaconMike DeaconMike is offline

    Rockaway Beach, MO
    United States

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    Joined: Nov 06

    Nov 24th, 2009 (11/24/2009 10:11pm) in reply to Hitman

    If you're in business and you have a loss for the year, you still have to report any income earned, correct? So if said player deposited $2k and then withdrew his last $200, he would show a loss for the year. How difficult is that?
  10. dealace1 dealace1 is offline @ UFC 115 via UB

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    Canada

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    Nov 25th, 2009 (11/25/2009 10:04am) in reply to DeaconMike

    Hitman, my point is really that the US government will continue to fight offshore gambling until such time as they can claw into the profits somehow. All morality/health society benefit issues go away once they get paid. eg) cigarettes, brick mortar gambling, horse tracks, booze, etc.

    So if they can find a way to take a piece at either end of the transaction they will be less likely to try and prevent it from happening.
    Thread Starter
  11. MadTiger MadTiger is offline

    Akron, OH
    United States

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    Nov 25th, 2009 (11/25/2009 10:06am) in reply to dealace1

    OP, I won't go into details for obvious reasons, but that system actually would make it EASIER for someone to launder money.
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