Casino Talks

Posted by: GrandMaster at November 17, 2005, 4:00 pm

Topic: Online Gambling on Sixty Minutes Forum: Winner Online

Quote: Originally Posted by Tomcat
A HUGE fact overlooked in regards to potential tax revenue from online gambling is that a large majority of online players LOSE money to the casinos. Any gambling tax paid to IRS would be offset by gambling losses claimed as deductions. I highly doubt that $1.2 BILLION dollars is being passed up in tax revenue but that is just a figure pulled from air to justify regulation. But it gets sticky to regulate online casinos if they are based in non-US countries.

Gambling losses are only deductable as itemized deductions up to the amount of gambling winnings, unless you are a professional gambler. This means that gambling cannot reduce your taxes, if fact, you can lose money and still end up owing more taxes.

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