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Reply To: Casino CEO sees chance for Internet gambling

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#716080
Anonymous
Inactive
Quote:
Nobody’s mentioned that there would still be 11 states where gambling online is illegal.

Does anyone think that those states will fall in line if the federal level laws change. According to everything I’ve read on this subject, state takes precedence over federal – so?

What would likely happen is that the federal government, if it changes direction, would draft a general set of guidelines to cover situations where states aren’t already regulating gambling (very few) – and ultimately it would end up being each state deciding whether or not they will allow it. There would also likely be a federal levy or duty on all wagering, plus individual state taxes if that state allows gambling.

Because of the levy, they would probably let the tax reporting slide. It does not make sense for them to require each casino to report a $1200 win like they do in the land based casinos, just so that the gambler can be taxed – the gambler is ultimately responsible for reporting his own taxes anyhow. By collecting from each licensed operation, their chances of collecting the revenues increase significantly anyhow.