I think something similar, their rules and regulations made sense when their economy was strong and there was no pandemic but if they keep pushing businesses to comply with their complex tax code then not only they are not going to get any tax from those companies but many that were dealing with them before could realize that it is not longer worth it for them and will just move on as many other companies did before them reducing the taxes the US government receives even further.
You make a good point and this is already the situation happening there (in the US), some companies have moved to New York City, etc to state with ease tax payment while some companies moved from the US to the Asian countries with ease tax payment.
Topic: Wyoming legalized online sports betting - crypto wagers allowed too (Read 534 times)
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April 25, 2021, 06:11:52 PM
The US regulations are so bad that this is not only happening to casinos but to almost any institution that manages money, there are many banks that do not accept citizens of the US anymore precisely for the very same reasons, and there are many investment firms, international lawyers and accounting firms and even companies that keep your gold have stopped accepting US citizens as customers and it is easy to imagine that casinos are following the same trend.
You proof your point, to us their rules and regulations is bad/burden but it seems to actually work for them despite it limit their chance of getting more tax from some companies which ought to operate on their soil and I think they need to ease the rules now that every countries are experiencing economic meltdown through the covid-19. April 25, 2021, 04:02:19 PM
The US regulations are so bad that this is not only happening to casinos but to almost any institution that manages money, there are many banks that do not accept citizens of the US anymore precisely for the very same reasons, and there are many investment firms, international lawyers and accounting firms and even companies that keep your gold have stopped accepting US citizens as customers and it is easy to imagine that casinos are following the same trend.
You proof your point, to us their rules and regulations is bad/burden but it seems to actually work for them despite it limit their chance of getting more tax from some companies which ought to operate on their soil and I think they need to ease the rules now that every countries are experiencing economic meltdown through the covid-19.
April 25, 2021, 04:02:22 AM
It depends from how the gambler can limit their expenses while inside the gambling house, whatever currency you are using without limitations
you'll find yourself losing a lot.
Better in the sense that you know how much money you are using since crypto keeps changing in value,
with USD you'll be able to know if you already exceeding from your budget.
You can convert vice versa and it's all about how you understand everything.
Many gamblers can not limit their expenses while they are playing gambling. If they see they lose and the money is not much, they will deposit some amount and continue playing gambling. If a gambler can limit their money, and let say, they will only use $20 every time they gamble and convert it into btc or altcoins, and they will use a limit that no matter if the coins amount still available on their wallet or not, they can stop gambling. you'll find yourself losing a lot.
Better in the sense that you know how much money you are using since crypto keeps changing in value,
with USD you'll be able to know if you already exceeding from your budget.
You can convert vice versa and it's all about how you understand everything.
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April 23, 2021, 04:04:52 PM
If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.
I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the UScould really be that relevant or much needed for todays situation.For making out some change of mind decisions then its a bit ideal rather than on sticking on the previous laws just because of some
useless ego or the people around arent still convinced on what are the pro's on accepting those neither online or physical casinos.They should be mindful on what are the potential
benefits that they could possibly get on such changes.
I read that Biden is planning to increase the tax rate this year.
April 22, 2021, 03:23:35 PM
If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.
I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the UScould really be that relevant or much needed for todays situation.For making out some change of mind decisions then its a bit ideal rather than on sticking on the previous laws just because of some
useless ego or the people around arent still convinced on what are the pro's on accepting those neither online or physical casinos.They should be mindful on what are the potential
benefits that they could possibly get on such changes.
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April 22, 2021, 01:55:09 PM
If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.
I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the US
April 21, 2021, 12:00:26 PM
I wonder how a state could possibly even ban a private company from accepting a particular currency?
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.
If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".
Everything under the law needs to implement once you've applied for legalization of your business, and I agree that any time the regulator can audit and ask for legal documents to see if the sportbook is complying with the laws.
Every process are important which means that everything should follow by the book, accepting and regulating the business and all those payment forms are require to follow the rules.
Your example is simple but direct to the point,.
April 21, 2021, 11:53:44 AM
I wonder how a state could possibly even ban a private company from accepting a particular currency?
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The private company can accept anything, including marbles, in exchange for their service if they want to but are they recognized as "legal tender"? Read about that.Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
.....
It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.
If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".
In simple words, regulators will not accept company financial reports that are priced in currency other than fiat or legally accepted payment methods hehe. It would be funny if the casino would pay their taxes in marbles or illegal drugs to renew their license since all their customers never paid in fiat or crypto. It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.
If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".
April 21, 2021, 11:17:12 AM
If taxes was the only thing against the US jurisdiction then I am sure that many casinos will still open their doors there, what happens is that the US regulations are so insane that casinos choose to avoid it completely and in the case of fiat casinos there are some fiat casinos that in their desire to avoid the US laws they avoid accepting any US clients at all as they do not want to bother to fill reports to the US government, but still I believe this is a step forward in the right direction.
I believe Silberman was right because taxes issue want not the main reason why some casinoes restricted the US resident/citizen and the last time I checked the UK seems to have high tax rate than the US but the reason is the lengthy and complicated laws of the US government not in gambling alone cause the same thing happen to other setting of business that operates in the US
April 20, 2021, 05:10:20 PM
I wonder how a state could possibly even ban a private company from accepting a particular currency?
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
It's not as simple as that, everything has to be registered and legalized, that's how regulators work. If they will regulate the sportsbook, they should also know the transaction inside, everything that goes in and out as they can always do an audit if the certain sportsbook is really complying with the rules they issued.
If a site accept an illegal drugs as a bet, would the government just allow that? no, because although sportsbook is legal but they are accepting illegal drugs which the word itself "illegal".
April 20, 2021, 04:52:39 PM
I wonder how a state could possibly even ban a private company from accepting a particular currency?
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
Makes absolutely zero sense to me. If a person/company wants to accept marbles as a form of payment, would there be any legislation that bans them from doing so?
The important part is the legalisation of online sportsbooks here. Not necessarily the fact that sportsbooks are allowed to accept cryptos - because there is virtually nothing barring them from doing so even without explicit consent from the government.
April 19, 2021, 05:46:43 PM
I think it's great that more and more governing forces and authorities are acknowledging crypto gambling as another form of gambling. But I don't think it's actually nice that they are specifically asking these gambling sites operating within their vicinity to cash in using fiat, "greenbacks" as they say, and then convert it into bitcoin or any other form of cryptocurrency right on to the site.
April 19, 2021, 05:17:32 PM
I think it's actually nice that Wyoming specifically included the "In lieu of greenbacks" statement in the clause. Personally, it's better if I know how much my money or earning is worth in fiat since that is what we use on the daily basis anyway. I think it's a nice feature that most gambling sites should add in theirs too. Although I think it's actually counterproductive for crypto that they'd have to cash in with fiat instead of crypto.
April 19, 2021, 04:37:17 AM
This is good news but I still prefer if websites would accept betting with Bitcoin and other crypto coins instead of converting to fiat.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.
All betting websites from Wyoming would still requiere from users to pass kyc verification and there is no way to preserve privacy so I would prefer full crypto alternative is possible.
Exactly.Anything thing coming from the governments cannot really be good for cryptos.As long as they force people to convert the amount of crypto to fiat and require kyc this is not good news.The good news would be if they passed a bill for permitting playing with crypto anonymously but this will never happen if any government is involved.
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April 19, 2021, 03:30:31 AM
Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.
That is his job anyways,. i would be mad if he wasn't involved because that means that he is wasting the taxpayers money. This will definitely increase the profits in gambling since there are options and people love options, the only problem is whether the gambling houses are going to adopt real fast on this bill.
April 18, 2021, 11:39:18 PM
The state of Wyoming has probably realized that it is not possible to ban online gambling. Online sportsbooks can be set up with very minimal effort and in very short time period. If the authorities ban one such online site, then the promoters can easily make a clone available in less than 24-hours. The government needs to admit that rather than prohibiting such activity, a mutually beneficial route would be to legalize and regulate them. Now Wyoming has taken this route and I hope the other states where online gambling is not legal will follow.
April 18, 2021, 11:34:52 AM
If you're from that State and you haven't heard this yet,
That "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.
Quote
House bill 133, which the governor signed Monday, lets sportsbooks accept “digital, crypto and virtual currencies” bets in lieu of greenbacks – so long as those cryptos can be converted to cash.
- https://www.coindesk.com/wyoming-accepts-crypto-bets-sports-gamblingThat "in lieu of greenbacks" means the USD value will be reflected in user's balance correct? That will probably disappoint crypto users there but it still good that they don't have to sell their crypto for fiat themselves so they can gamble on sportsbooks. Some platforms here does that too anyway.
I do believe that it is a fine law indeed. Honestly the conversion of cryptos to fiat is something which is inevitable there is honestly no way that you can use BTC and other cryptocurrencies everywhere, plus lightning network is still not a good idea. Therefore I do think the law was good and we should focus more on the betting being legal. I do think Government is trying to get funds from taxes and online sports betting is something which is over the top. They are already having an incoming war crisis so better keep their sources open.
That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.
The gambler can convert their USD into BTC and send it to the exchanges or other wallets to hold or sell at once. Having the conversion to USD will allow us to see how much money we have to make a plan about how much money we will use to gamble. But that will not work if that gambler can not manage his money. We can wait for the next update from that and hopefully, that can also attract many gamblers to back playing on that place.It's something that is already being done without such long process most sites show the users their bet value in BTC and also the balance too. If a gambler is using BTC or USD for sure he knows the conversion.
April 18, 2021, 10:44:26 AM
That's great, one more casino adopting crypto! And I, personally, don't think that conversion to USD on the account balance is bad, it's actually convenient in a way. If you gamble regularly and don't instantly withdraw all your winnings - it's good to get them fixed to USD, because with rapidly changing BTC price you actually risk losing money while it's on the website.
The gambler can convert their USD into BTC and send it to the exchanges or other wallets to hold or sell at once. Having the conversion to USD will allow us to see how much money we have to make a plan about how much money we will use to gamble. But that will not work if that gambler can not manage his money. We can wait for the next update from that and hopefully, that can also attract many gamblers to back playing on that place.It depends from how the gambler can limit their expenses while inside the gambling house, whatever currency you are using without limitations
you'll find yourself losing a lot.
Better in the sense that you know how much money you are using since crypto keeps changing in value,
with USD you'll be able to know if you already exceeding from your budget.
You can convert vice versa and it's all about how you understand everything.
April 18, 2021, 10:16:38 AM
Wyoming Governor played an important roles by making cryptocurrency part of the currency accepted by the Wyoming online sport betting site because the state will make more revenue through online gsmbling site because the crypto integration will increase the number of traffic for sport betting site within the state.
That is his job anyways,. i would be mad if he wasn't involved because that means that he is wasting the taxpayers money. This will definitely increase the profits in gambling since there are options and people love options, the only problem is whether the gambling houses are going to adopt real fast on this bill.Jump to: