Topic: Arizona has legalized fantasy sports betting! - page 2. (Read 505 times)
Thats a horrible bias against the smallest citizens then, the largest transactions will belong to the rich who can employ an accountant to do it all for them and justify that whole expense. If you put a red tape paperwork burden on the very smallest participants in an economy you create an imbalance and effectively criminalize a population for wanting to do normal business. Its unfortunate if that is the case, I would think the only defense of the poorest is they are too small to be of concern on any particular charge but thats a poor way to run a legal system by suspended threat with every citizen potentially guilty by default.
I am not a US citizen, so I cannot correct you, but I think that some threshold exists. But reaching this threshold may look different for different states, as I heard in some states the order is absolutely absurd: for example, if you won 80 bets of 10 dollars while losing 90 bets of 10 dollars, then from the tax point of view you won 800 dollars. Although it is obvious that you ended up losing $ 100.
I don't know whether there is a threshold. At least for the cryptocurrency users, there is no threshold. In the United States, the cryptocurrency users are supposed to include all their cryptocurrency transactions in the tax return, no matter how small they are. So even if you are doing a cryptocurrency trade worth $5 or $10, you need to show that in the return. I guess the same rule is used for gambling as well. As per my information, you can't club together all the transactions and make a single entry. Separate entries need to be made for each transaction, even for very small amounts.
It's one thing for sure if a country or state declares any type of betting as a legal activity and that is to generate another revenue for their government.
That's usually really the reason why they do that because they can't ignore to imagine that how much they would be missing if they're not going to act on it fast and just let it pass.
Hopefully, in this pandemic, that can still contribute to the country and give more revenue for the country. It could be a strategy to attract people who like gambling to come to the casino, the casino will get revenue and pay the tax, and the country will get the tax. Hopefully, the government is ready to see many people visiting the casino and spending more money because people will think that gambling can be their fortune to make money.That's usually really the reason why they do that because they can't ignore to imagine that how much they would be missing if they're not going to act on it fast and just let it pass.
AFAIK, in most states of the US, they're almost back to normal so passing this legality about fantasy sports betting will truly contribute to their government.
What you've said is what is the usual thing that happens for the casinos and its relations and contribution to a country's economy.
I do not know much about US tax legislation (I think very few people are a specialist who knows everything since each state has its own peculiarities), but as far as I know, the duty to report their income lies with the citizen. In the absence of a KYC, it seems easy to evade taxes in this case, but the punishment is pretty severe (up to jail time) so I don't know if the risk is justified.
I know that the US tax system is very strict. But there has to be a threshold above which they need to report the wins? I don't think that the IRS will be pissed off if someone doesn't report his win of $10. From what I understand, there is a threshold of $600 on Form 1099-MISC. Any miscellaneous income under this threshold is not taxable (I am not an US citizen, and please correct me in case I am wrong). I guess it is possible to classify these small wins as miscellaneous receipts. And in case you win a big amount, then you can report it in your return.
I am not a US citizen, so I cannot correct you, but I think that some threshold exists. But reaching this threshold may look different for different states, as I heard in some states the order is absolutely absurd: for example, if you won 80 bets of 10 dollars while losing 90 bets of 10 dollars, then from the tax point of view you won 800 dollars. Although it is obvious that you ended up losing $ 100.
I do not know much about US tax legislation (I think very few people are a specialist who knows everything since each state has its own peculiarities), but as far as I know, the duty to report their income lies with the citizen. In the absence of a KYC, it seems easy to evade taxes in this case, but the punishment is pretty severe (up to jail time) so I don't know if the risk is justified.
I know that the US tax system is very strict. But there has to be a threshold above which they need to report the wins? I don't think that the IRS will be pissed off if someone doesn't report his win of $10. From what I understand, there is a threshold of $600 on Form 1099-MISC. Any miscellaneous income under this threshold is not taxable (I am not an US citizen, and please correct me in case I am wrong). I guess it is possible to classify these small wins as miscellaneous receipts. And in case you win a big amount, then you can report it in your return.
Good for the people that are in AZ. They don't have to go elsewhere just to be able to gamble. To be specific with fantasy sports, by just doing a little search.
There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
They are on the process on making things legal, the sports and casino games because they know there’s a lot of gamblers on their area and it can really generate profit to them. Its good to hear that some gamblers are really into Fantasy sports, this is a good start for them to gamble legally without any fear of being caught, now they can focus on choosing their players and have a good bet.There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
That's usually really the reason why they do that because they can't ignore to imagine that how much they would be missing if they're not going to act on it fast and just let it pass.
Good for the people that are in AZ. They don't have to go elsewhere just to be able to gamble. To be specific with fantasy sports, by just doing a little search.
There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
They are on the process on making things legal, the sports and casino games because they know there’s a lot of gamblers on their area and it can really generate profit to them. Its good to hear that some gamblers are really into Fantasy sports, this is a good start for them to gamble legally without any fear of being caught, now they can focus on choosing their players and have a good bet.There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
That's usually really the reason why they do that because they can't ignore to imagine that how much they would be missing if they're not going to act on it fast and just let it pass.
Hi OgNasty, can you give an example of popular fantasy sports betting? I gotta be honest, I heard of this but I have not played this type of game and I don't know what kind of betting sites in the crypto space that are offering this kind of game.
Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Maybe next time before you ask this kind of question requesting for a link to the news just use that same time you waist in typing the question here to google what you are looking for as that will safe so many people time to read more reply here my brother. OG has answered your question by giving you explanation of what fantasy sports is all about and though didn't provide you the link but here is the link to the news https://www.legalsportsreport.com/arizona/Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Don't be harsh. The user is asking for a betting site that offers fantasy sports that accepts crypto.
I looked at the link you provided, checked the first 5, and didn't saw crypto as one of their payment methods.
If you can found one, then it would be awesome to share it here.
as per botnake's post , he also ask for the link of the news and thats what XCANA supplied ( not the link for fantasy sport betting sites that accepts crypto ) although your right that XCANA is a bit harsh there , Botnake is only asking and there is nothing wrong with that , who knows maybe he dont know what to google and find the wrong links ? but it will be more sure if OgNasty is the one that shares it .
@XCANA some users will prefer to post here than to research for the answer directly because it opens a discussion , not to mention it gives them incentive if they are in a campaign .
I thought that sports betting was legal across the United States. So I was wrong about it. But then another question arises. How they are going to calculate the tax, if the sportsbook is not mandating KYC for its users? Unless the user himself mentions about it in his tax return, the IRS may be unaware of these transactions. And it gets really complicated, because many of the sportsbooks are based in off-shore tax havens such as Dominica and Cayman Islands and they are not required to provide any information to the US authorities.
I do not know much about US tax legislation (I think very few people are a specialist who knows everything since each state has its own peculiarities), but as far as I know, the duty to report their income lies with the citizen. In the absence of a KYC, it seems easy to evade taxes in this case, but the punishment is pretty severe (up to jail time) so I don't know if the risk is justified.
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I agree.
Seems like their Government started to accept that gambling industry is indeed contributing a lot of money in the economy, especially right now that we are just slowly rising up from the pandemic. Entertainment is very important to the majority of population since everyone is still at home being afraid to get infected by the virus. I hope Arizona will continue to legalized gambling industry to help its own economy to rise up again and build more things to make their country even more productive.
Seems like their Government started to accept that gambling industry is indeed contributing a lot of money in the economy, especially right now that we are just slowly rising up from the pandemic. Entertainment is very important to the majority of population since everyone is still at home being afraid to get infected by the virus. I hope Arizona will continue to legalized gambling industry to help its own economy to rise up again and build more things to make their country even more productive.
In the Philippines, the impact of gambling has brought about billions and billions of profit over the past year from gambling revenue alone. Imagine if other gambling establishments were to be recognized and legalized, the impact and profit could be an essential factor in dealing with poverty and education in the country. But the boundary has to be seen on which activities and establishments should be legalized.
However, I like the move of the Arizona government towards the online gambling site in the subject but I hope they set certain rules and regulations that will prevent people from addiction.
I agree.
Seems like their Government started to accept that gambling industry is indeed contributing a lot of money in the economy, especially right now that we are just slowly rising up from the pandemic. Entertainment is very important to the majority of population since everyone is still at home being afraid to get infected by the virus. I hope Arizona will continue to legalized gambling industry to help its own economy to rise up again and build more things to make their country even more productive.
Seems like their Government started to accept that gambling industry is indeed contributing a lot of money in the economy, especially right now that we are just slowly rising up from the pandemic. Entertainment is very important to the majority of population since everyone is still at home being afraid to get infected by the virus. I hope Arizona will continue to legalized gambling industry to help its own economy to rise up again and build more things to make their country even more productive.
In the Philippines, the impact of gambling has brought about billions and billions of profit over the past year from gambling revenue alone. Imagine if other gambling establishments were to be recognized and legalized, the impact and profit could be an essential factor in dealing with poverty and education in the country. But the boundary has to be seen on which activities and establishments should be legalized.
I thought that sports betting was legal across the United States. So I was wrong about it. But then another question arises. How they are going to calculate the tax, if the sportsbook is not mandating KYC for its users? Unless the user himself mentions about it in his tax return, the IRS may be unaware of these transactions. And it gets really complicated, because many of the sportsbooks are based in off-shore tax havens such as Dominica and Cayman Islands and they are not required to provide any information to the US authorities.
KYC I think is mandated, especially on the site that OP mentioned, the Draftkings.
According to their terms: "DraftKings, Inc. will take appropriate steps to prevent unauthorized withdrawals from consumer Accounts. Users are subject to an automated Knowledge Base Authentication ("KBA") verification process provided whenever a user attempts to withdraw funds".
Don't know how taxation works there but it should a have tier depending on winnings.
I guess its a move because they are now allowing this kind of fantasy sports betting, today there are different platforms that support this kind of game to give a different perspective to their users and to give more entertainment. This kind of bet i guess need knowledge regarding to the team or the player you want to play or bet with by this, of course, there's a possible meta team that can conquer the other teams and becomes overpower they need to make sure it becomes balance.
Hi OgNasty, can you give an example of popular fantasy sports betting? I gotta be honest, I heard of this but I have not played this type of game and I don't know what kind of betting sites in the crypto space that are offering this kind of game.
Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Maybe next time before you ask this kind of question requesting for a link to the news just use that same time you waist in typing the question here to google what you are looking for as that will safe so many people time to read more reply here my brother. OG has answered your question by giving you explanation of what fantasy sports is all about and though didn't provide you the link but here is the link to the news https://www.legalsportsreport.com/arizona/Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Don't be harsh. The user is asking for a betting site that offers fantasy sports that accepts crypto.
I looked at the link you provided, checked the first 5, and didn't saw crypto as one of their payment methods.
If you can found one, then it would be awesome to share it here.
Hi OgNasty, can you give an example of popular fantasy sports betting? I gotta be honest, I heard of this but I have not played this type of game and I don't know what kind of betting sites in the crypto space that are offering this kind of game.
Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Maybe next time before you ask this kind of question requesting for a link to the news just use that same time you waist in typing the question here to google what you are looking for as that will safe so many people time to read more reply here my brother. OG has answered your question by giving you explanation of what fantasy sports is all about and though didn't provide you the link but here is the link to the news https://www.legalsportsreport.com/arizona/ Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Happy to know that you can access your money which stuck there but I am not really a supporter of fantasy sports which is kind of selective scam tricks involved there as far as I know also you have to be very careful with the amount you bet, its better as long as your bet amount is less.
Long as there's some regulators that can look on the fairness of the game, I think that it's a really safe for you to spend your money and play there. I think you can probably ask them regarding that because they're obligated to publicize that information.
I thought that sports betting was legal across the United States. So I was wrong about it. But then another question arises. How they are going to calculate the tax, if the sportsbook is not mandating KYC for its users? Unless the user himself mentions about it in his tax return, the IRS may be unaware of these transactions. And it gets really complicated, because many of the sportsbooks are based in off-shore tax havens such as Dominica and Cayman Islands and they are not required to provide any information to the US authorities.
Good for the people that are in AZ. They don't have to go elsewhere just to be able to gamble. To be specific with fantasy sports, by just doing a little search.
There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
There are a lot of players on it that will like this legalization made on that state.
Yeah, another cash cow for the state.
Happy to know that you can access your money which stuck there but I am not really a supporter of fantasy sports which is kind of selective scam tricks involved there as far as I know also you have to be very careful with the amount you bet, its better as long as your bet amount is less.
In Arizona since September 9, the legalization of casino games and sports betting is developing, and it will continue to develop but at a slow pace.
This type of culture is an example for some countries that are planning to eliminate everything related to the advertising of gambling, as is the case of Spain and India, I suppose it is due to protection measures, but the fact that in Arizona This system is implemented, it is an example to the world.
The news of prohibition is more popular than that of Liberties, this type of news should be repeated in the media and on social networks every day, so that people see the other reality.
This type of culture is an example for some countries that are planning to eliminate everything related to the advertising of gambling, as is the case of Spain and India, I suppose it is due to protection measures, but the fact that in Arizona This system is implemented, it is an example to the world.
Quote
According to the state Legislature, Arizona should get about $15 million from sports betting. That money will go to the state’s general fund, which is the state’s main bank account used for running state agencies. The state is estimating the sports betting industry is worth $134 million a year.
Source: https://www.12news.com/article/news/politics/sports-betting-goes-live-arizona/75-ecaff4eb-0da2-4b96-a6bf-1e4c4b0c22a6#:~:text=The%20Arizona%20Legislature%20added%20sports,go%20into%20effect%20on%20Sept.The news of prohibition is more popular than that of Liberties, this type of news should be repeated in the media and on social networks every day, so that people see the other reality.
I agree.
Seems like their Government started to accept that gambling industry is indeed contributing a lot of money in the economy, especially right now that we are just slowly rising up from the pandemic. Entertainment is very important to the majority of population since everyone is still at home being afraid to get infected by the virus. I hope Arizona will continue to legalized gambling industry to help its own economy to rise up again and build more things to make their country even more productive.
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