General Betting
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Reps. Barney Frank, D-Mass., and Jim McDermott, D-Wash., are leading a group that proposes to repeal the Unlawful Internet Gambling Enforcement Act, which is set to go into effect June 1. Their plan would legalize and tax online gambling.
"We have an activity going on illegally in this country and were pretending it doesnt exist," McDermott said. Internet gambling "people have said 'We want to be legal and were certainly willing to pay taxes,' and we need the money. On every count, this is a net positive."
http://medilldev.net/2010/04/house-leaders-want-to-legalize-tax-online-gambling/
An English-speaking nation of over 300 million suddenly being allowed to gamble on here should lead to interesting times.
"We have an activity going on illegally in this country and were pretending it doesnt exist," McDermott said. Internet gambling "people have said 'We want to be legal and were certainly willing to pay taxes,' and we need the money. On every count, this is a net positive."
http://medilldev.net/2010/04/house-leaders-want-to-legalize-tax-online-gambling/
An English-speaking nation of over 300 million suddenly being allowed to gamble on here should lead to interesting times.
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Wy don't you read your own link?
This is for betting in USA and taxing in USA.
Those savvy enough to have heard of Betfair are already betting on Betfair tax free.
"The bill calls for a 6 percent tax on all deposits to be paid to state and tribal governments made by residents of their jurisdiction. For example, if someone living in Missouri puts $1,000 into an online gambling account anywhere in the country, $60 would go to Missouris state government.
Additionally, 2 percent of all deposits would go to the federal government. The congressional Joint Committee on Taxation estimated the bill would generate $30 billion for state and tribal governments and $42 billion for the federal government over the next 10 years."
This is for betting in USA and taxing in USA.
Those savvy enough to have heard of Betfair are already betting on Betfair tax free.
"The bill calls for a 6 percent tax on all deposits to be paid to state and tribal governments made by residents of their jurisdiction. For example, if someone living in Missouri puts $1,000 into an online gambling account anywhere in the country, $60 would go to Missouris state government.
Additionally, 2 percent of all deposits would go to the federal government. The congressional Joint Committee on Taxation estimated the bill would generate $30 billion for state and tribal governments and $42 billion for the federal government over the next 10 years."
Those savvy enough to have heard of Betfair are already betting on Betfair tax free.
Not legally, they're not. If you had read the article yourself, you would have seen the bit about them wanting to be legal and pay taxes.
Not legally, they're not. If you had read the article yourself, you would have seen the bit about them wanting to be legal and pay taxes.
It is perfectly legal under UK and USA law to bet tax free on Betfair if you have a contact in UK placing the bets and who is registered with Betfair.
I don't know anything about gambling in the US, but from what I make of it a whole lot of people are using BF, which is deemed illegal over there. Surely that can't last much longer, what a draconian state of affairs! Having said that, isn't it similar in Australia with no in-play gambling allowed? Mind boggling!
There was a small hit in bet volume once the Bill went through a few years ago, but it lasted only a couple of weeks as people realised how ridiculously easy it was to continue betting.
cornubia: the full quote is actually "[i]Internet gambling people have said
I know somebody serving time in the Big House courtesy of the Good Ole US of A and its zealots. Pure protectionsim.
Strange from such advocates of a free market, seems free market is best untill johnny foriegner does it better.
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