| Posted by: ian_go at November 22, 2005, 9:42 pm | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
For anyone that missed the segment, here is what I feel a well written and accurate account. Found it at PokerNews.com
The long-running American television news program, CBS's "60 Minutes", ran a story on November 20th regarding the growth of the online gaming and poker industry. The advertisements and drop-ins that were done gave me great concern that they were going to rip the Internet poker rooms and casinos. After watching the segment, however, Internet gaming came off looking ery good and perhaps gave many something to think about in the political mainstream and the legal realm as well.
The fifteen minute segment led off the broadcast and the story was done, ery responsibly in my opinion, by eteran news journalist Lesley Stahl. Steve Lipscomb, the creator and owner of the World Poker Tour who has helped in the online poker boom, came on the program and was, in general, ery responsible in his comments regarding the legislation and regulation of Internet gaming. The pr... | | Read Entire Entry |
| Posted by: dominique at November 22, 2005, 12:38 pm | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
Quote: Originally Posted by Jetset
Sportingbet's US marketing guy has followed up on the program by making himself available to any media questions or interviews.
Ya well, I would like to know whether they are ever going to reimburse all the affiliates they stole from.
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| Posted by: colly at November 18, 2005, 12:29 am | | 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.
Grandmaster has made the point re personal taxes however the lucratove taxes come by gambling to be taxed at source on the casino's usually ia licence fees and some machine or gross percentage basis. This is one of the more ridiculous outcomes of the Aust Gov't banning internet for Australians (who would bet on two flys crawling up a wall). Meanwhile State Gov'ts are heavily dependant on gambling taxes and revenues through lotteries and in particular slots (or pokies as we call them) which can b... | | Read Entire Entry |
| 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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| Posted by: Tomcat at November 17, 2005, 10:27 am | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
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.
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| Posted by: ian_go at November 17, 2005, 9:58 am | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
I can't wait to see a 60 minutes beat up of the industry. The footage should be from the conventions in Vegas and Nice, and who knows where else. WOL should have handed out those T-shirts at the door of G2E LOL
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| Posted by: Bruce Hamilton at November 17, 2005, 9:08 am | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
Quote: Originally Posted by Jetset
Using his dad’s credit card, he gained access to a gaming Web site and quickly lost $100 playing roulette.
Something tells me Alex won't be getting his allowance this month.
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| Posted by: Jetset at November 17, 2005, 8:50 am | | Topic: Online Gambling on Sixty Minutes Forum: Winner Online |
ONLINE GAMBLING ON SIXTY MINUTES THIS SUNDAY
The usual sob stories but some industry comment too
American readers can tune in to some really interesting TV on Internet gambling this Sunday, when the respected CBS Sixty Minutes program takes a look at the phenomenon.
In pre-publicity material released this week, CBS says that so many Americans use their computers to gamble on overseas Web sites that if those irtual casinos were to be regulated and taxed by American authorities, tax revenues would be in the billions of dollars.
Lesley Stahl will be examining this contentious issue, and the legal status of the industry in the US on Sunday November 20 at 7 pm ET/PT.
Critics who want online gambling to be classified as illegal believe that the sites, legal in a growing number of foreign countries, can never really be effectively regulated, the press release reports. What’s more, they say, those sites can and do corrupt children and create more addicted g... | | Read Entire Entry |
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