6 ms·
It's about time internet gambling became available in the USA and this prohibition-type nonsense ended once and for all. I don't see why doing it on the casino
by arbuge 14y ago
It's about time internet gambling became available in the USA and this prohibition-type nonsense ended once and for all. I don't see why doing it on the casino floor in Vegas is fine but doing it at home isn't. Sure it's addictive but so is alcohol, and you don't have to step outside your home to drink that. The nanny state must go.
- Roybatty 14y agoAgreed on the nanny state must go. But the nanny state is much more than just banning internet gambling. The federal government is so big and intrusive in our lives these days, it's out of control...that's nanny state. And do we (the U.S.) really want to be socialist/nanny-state? Let the Europeans try that model.
- rosser 14y agoI don't see why doing it on the casino floor in Vegas is fine but doing it at home isn't. Because it's damned hard to tax gambling winnings when they happen outside the US government's jurisdiction. A brick-and-mortar casino in Vegas will issue you a 1099 if you win enough; a virtual casino in Antigua is under no such obligation.
- jessriedel 14y agoThe vast majority of the government's revenue through gambling comes from taxing the casinos. Taxes on personal gambling gains are trivial.
- arbuge 14y agoIf that was the rationale, then why aren't US virtual casinos (which are subject to IRS requirements to collect W9s and issue 1099s) allowed? There are tons of affiliate marketers online making money from non-US affiliate networks. By the same logic we should ban affiliate marketing in its entirety too - none of those networks issue 1099s...
- pyre 14y ago1. It's online gambling is easier to ban than affiliate marketing networks. 2. Attacking traditional vices like gambling can be a political slam-dunk. Just the same as counting the number of convictions under your belt to appeal to 'law and order' types of voters. 3. US casinos probably make some amount of political contributions. Banning foreign gambling sites cuts competition.
- jlgreco 14y agoHow does that work when you "win" but have actually lost? If I go into a casino, spend 20k, then win back 15k, have I actually lost more than the difference 5k because that 15k is taxed?
- hovenj 14y agoI don't know how the casino handle it in practice, but theoretically, if you can itemize, you'll get it back at the end of the year (up to the extend of your winnings). http://www.irs.gov/taxtopics/tc419.html http://www.irs.gov/taxtopics/tc419.html http://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-You-Claim-Gambling-Losses-on-Your-Taxes-/INF14370.html http://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Can-...
- deleted 14y ago[deleted]
- logn 14y agoFor amateurs, the IRS has a concept of gambling "sessions". You net your win/loss within a session. You report the total of all winning sessions as income, and itemize your losing sessions (which can't exceed wins). States and cities have varying laws. Basically most states with casinos allow you to do the same as on federal returns. Those without require you to report all wins as income and not deduct losses, effectively making it impossible to gamble with any regularity (since you could easily owe taxes on $200k of income, of which you only saw $10k... or worse, -$10k). Pros can simply net their wins/losses (while maintaining a record-keeping notebook). To qualify as a pro you have to derive almost all income from gambling. Gamblers get worried when people want to close tax loopholes (such as itemized deductions for certain things). They can come scarily close to losing their way of making a living.
- jonpeda 14y agoyou can't buy alcohol at home, for one. Someone has to check ID.
- lucian1900 14y agoYou can brew alcohol at home, however.
- arbuge 14y agoYou can buy alcohol on the internet (wine.com etc.) and those guys seem to have no problems checking IDs.