Casinos.co.uk: Casino News Archive
Wednesday 10th October 2007
Uncle Sam Needs You… And Your Winnings!
Casino owners across America are facing a potential nightmare for business as it was announced that, as of 4th March 2008, the IRS will be taking a cut from the earnings of players at brick and mortar casinos. If you thought it was only the online game the American government is picking on, this is an alarm call for every player in the States.
The Internal Revenue Service sent out a bulletin in September which stated that casinos would be required to withhold 25% of any poker tournament winnings over $5,000. It is unclear if any provision will be made towards cash games.
This is another blow to an industry which has already suffered during the Bush administration. In September 2006 the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed, which made it virtually impossible for American online players to fund their accounts. It does appear at the moment that the IRS will demand that players report their winnings on a W-2G form at the casino rather than compelling the casino to withhold the money at source. Theoretically, this means players will have the choice to illegally circumvent the new initiative, in the same way that Internet Gambling is largely un-enforced.
Source:OnlineCasinoNews
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