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Taxation, Technology and Online Sports Betting Revolution in the USA

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The world of gambling in the United States is an ever-evolving landscape where millions of American adults seek their fortunes yearly. Beyond the thrill of winning, a complex web of regulations, taxation and technological advancements shapes the gambling experience.

Taxation of Gambling Winnings in the USA

Gambling in the United States is not just about luck; tax implications are involved. The U.S. Internal Revenue Service (IRS) ensures it gets a slice of your gambling success. If you strike it big, the payer will withhold 24% of your winnings before handing them to you. This withholding is mandatory for certain winnings and is reported to the IRS with Form W-G2, which records the transaction.

But here’s a glimmer of hope for gamblers – you can deduct gambling losses from your taxes if you itemize your deductions. However, there’s a catch: you can only deduct losses up to the total amount of your reported winnings and you must provide official documents to support your claims.

It’s worth noting that not all gambling winnings are treated equally. Slot machines and bingo, categorized as games of chance, are subject to the 24% withholding tax. In contrast, table games like blackjack and craps, considered skill-based games, do not have immediate tax withholding. Nevertheless, players are still obligated to report their earnings when filing taxes.

Adding another layer to the taxation puzzle, some states require you to declare your gambling winnings. Most states tax all income generated within their borders, making it essential for winners to adhere to state-specific regulations.

The Rise of Gambling Technology in 2023

The taxation of gambling winnings at the top online casinos in the USA sets the financial backdrop for the evolving gambling landscape. As players navigate the complexities of IRS regulations and state-specific requirements, the rise of gambling technology in 2023 ushers in a new era of immersive and secure gaming experiences.

In recent years, technology has been a game-changer in the gambling industry, transforming how people engage with games of chance. Here are some of the key technological advancements reshaping the gambling landscape:

  • Virtual Reality (V.R.) and Augmented Reality (A.R.): These technologies bridge the gap between physical and online gambling experiences. V.R. offers immersive gameplay, enabling players to interact with the casino environment. You can now spin slot wheels, toss chips in blackjack and even see fellow players at the poker table, all from the comfort of your home.
  • Live Dealer Casinos: Live dealer casinos elevate the online gambling experience by providing real-time interactions with professional dealers. This innovation adds authenticity and engagement, making players feel at a physical casino, all from the comfort of their homes.
  • Facial Recognition and Protection: Facial recognition technology is entering the gambling industry, simplifying identity verification and enhancing security. From logging in to confirming deposits, facial recognition streamlines processes without compromising safety.
  • Predictive Data Modeling: Predictive analytics is becoming increasingly sophisticated in gambling. Casinos now use data to understand players’ preferences, tailor experiences and optimize efficiency, resulting in more personalized and efficient services.
  • No Wagering Casinos: No-wagering casinos are on the rise, allowing players to experience the latest gambling technology without the risk of losing their initial deposits. These casinos focus on gaining player loyalty rather than just an initial financial transaction.

Online Sports Betting in Kentucky

In the gambling landscape of the USA, a significant development has occurred in Kentucky. As of September 28, 2022, online sportsbooks can legally accept bets in the state, opening up a new frontier for gambling enthusiasts.

Five licensed online sportsbooks have already started accepting registrations in Kentucky, with three more licensees preparing to launch soon. This provides Kentucky residents with eight options for online sports betting. To participate, individuals must register with their chosen sportsbooks, a simple process that involves identity verification. The minimum age for sports betting in Kentucky is 18, although some sportsbooks may set a higher age requirement.

Looking Ahead

The future of gambling in the United States holds exciting possibilities. With technology continuing to shape the industry and more states considering legalizing various forms of gambling, the landscape is evolving rapidly.

Whether you’re a seasoned gambler or just someone intrigued by the industry’s developments, it’s an exciting time to keep an eye on what’s next in American gambling. Stay tuned for further updates on this ever-changing landscape.

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Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview

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In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The leading technology company, with over 15 years of expertise in iGaming and number one in crypto-optimised software, shares its analysis of the dynamic crypto landscape.

According to industry research, the global iGaming market is projected to double by 2030 at a compound annual growth rate of 11.7%. Revenues are expected to exceed 140 billion euro, with a significant share attributed to crypto gambling. 

SOFTSWISS, as the innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, experts analyse the data gathered from over 600 crypto-friendly brands powered by the company.

iGaming Market Overview

Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%. 

The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.

State of Crypto

The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sum surged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%)  decreased by 3.9 p.p.

The comparative analysis of the 2023 Crypto Bet Sum against  the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.

“The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions,” shares Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.

Crypto Bet Stabilisation

The average fiat bet remained steady at around 0.82 euro throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro, the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros. This indicates a certain level of stabilisation in the average crypto bet throughout 2023. 

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The dynamics of the average crypto bet align with crypto market fluctuations. When digital currency values stabilised in H2 2022, the average crypto bet also levelled out. Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. Operators should consider this to increase project profitability.”

Cryptocurrencies Rating

The Top Five most operated digital coins in iGaming landscape have remained stable during the last two years. 

In 2023, the cryptocurrency structure looks as follows:

  • Bitcoin – 73.3%
  • Ethereum – 9.9%
  • Litecoin – 6.6% 
  • Tether – 4.6%
  • Dogecoin – 3.1%

In Q4 2023, Bitcoin experienced a slight decline by a 5.7 p.p. compared to Q3 2023. Conversely, Ethereum and Litecoin showed growth of 4.7 p.p. and 2.2 p.p., respectively, during the same period.

Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalisation in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”

 

About SOFTSWISS 

SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

 

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MGA Games joins forces with Solverde.pt, consolidating its presence in Portugal

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MGA Games, developer of localised slot games for global operators, has taken another step in its bid to expand in Portugal. The innovative provider of online casino slot games has completed the integration of part of its production portfolio into Solverde.pt, one of the main operators in the country. It is the largest online casino in Portugal, with more than 2,000 games, including slot games, Roulette, Blackjack and French Bank.

From this moment on, Solverde.pt players can enjoy MGA Games’ greatest hits, including Velho Oeste Mania Megaways, Paulo Futre The Last Gladiator, Elisabete Moutinho Capitã Nemo, Fanny Rodrigues Golden Throne and Popeye Caça Tesouros, among others. Megaways, 5-reel and 3-reel slot games that stand out for their excellent animation, quality of graphics and latest technology. A catalogue to be updated regularly for all Portuguese casino players.

With this agreement, the renowned online casino operator Solverde.pt will continue growing and acquiring fame and notoriety among the most demanding players, thanks to the quality of MGA Games productions.

Sérgio Pascoal, Solverde’s Head of R&D, says: “We are thrilled to introduce MGA Games, a leading Spanish studio in the world of iGaming, to our casino, bringing to our players their expertise in game branding, showcasing personalities from the realms of sports, reality shows, and media entertainment.” He added that “With a commitment to being different, MGA Games promises a unique and exciting journey and that’s what we always aim to bring to our players at Solverde.pt”.

Javier Lanfranchi, Sales Director at MGA Games, comments: “We are confident that our localised slots games will impress Solverde.pt players and make them feel the true excitement of the game. “We share a passion for entertainment, and we reflect this by offering top-notch content of great value to operators.”

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WA.Africa Market Expansion: WA.Technology’s Vision Unfolds at SiGMA Africa

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WA.Technology proudly confirms its attendance at the upcoming SiGMA Africa 2024 iGaming event. WA.Technology is enhancing its footprint across Africa via fresh iGaming experiences tailored for the African audience with its newly upgraded WA.Platform and African-specific WA.Africa omnichannel platform.

WA.Technology will present its full spectrum of B2B iGaming solutions at Booth 04S at the second edition of SiGMA Africa.

It takes place 11 – 13 March at the Sun Exhibits – GrandWest Casino and Entertainment World, in the heart of Cape Town, South Africa. Thousands of visitors can explore the latest trends in African iGaming and network over three days and enjoy insightful panels alongside the SiGMA Africa Awards.

Central to WA.Technology’s showcase will be the WA.Africa platform, specifically engineered to address the unique needs and preferences of the African market. WA.Africa emphasises omnichannel flexibility, seamlessly integrating mobile, retail, and online gaming experiences enhanced with AI-driven customisation and gamification powered by a knowledgeable regional team.

WA.Africa is part of a joint venture with respected African iGaming experts NE Group. NE Group has an established presence in Africa and has substantial expertise in creating successful platforms explicitly designed for the African market.

WA.Africa incorporates various versatile and captivating features to drive traffic for increased acquisition, engagement and retention while offering enjoyable tailored experiences for players, including:

  • Retail and online functions applied to land-based operations.
  • Mobile-first responsive design.
  • Data-driven BI reporting and dashboard tools.
  • Real-time performance tracking engine.
  • Certified live feed and odds feed integration.
  • Intelligent and flexible PAM.
  • Reactive CMS and CRM capabilities.
  • Auto and manual bonus management system.
  • Risk and trading management through Sportradar MTS
  • Wide range of adaptable betting features.
  • Automated KYC, fraud, and responsible gaming system.
  • Multi-affiliate system.

WA.Africa’s flexibility makes it ideal for operators looking to enter or expand within the region. Thanks to WA.Africa’s market specialists, the platform ensures operators can offer their customers a rich and engaging experience for African players and positions WA.Technology as a key player in the continent.

Visitors will also discover the updated WA.Platform, now more engaging and rewarding after significant enhancements. Highlighted at ICE London 2024, it introduces player-centric innovations such as a Casino AI tailored to individual behaviours, an AI-powered, localised CMS, and extensive customisation for brands and players. With improved back office support, advanced reporting, a versatile dashboard, a user-friendly site editor, upgraded security, and a contemporary design, WA.Platform ensures a personalised, secure, and immersive gaming experience for all users.

WA.Technology continuously seeks betterment, as demonstrated by new game options from WA.Fantasy and WA.Lottery – two of WA.Technology’s fastest-growing verticals – that proved popular hits at ICE London 2024 in an exciting fantasy and lottery free prize giveaway. Explore these innovative gaming solutions firsthand at SiGMA Africa Booth 04S.

At the recent SBC Summit Rio, poker enthusiasts enjoyed a unique, free-to-enter tournament hosted by WA.Technology that served as an ideal prelude to the Brazilian event.

WA.Technology’s fully optimised sports betting vertical WA.Sports will attract significant attention. WA.Sports provides an extensive range of betting options on global sports events, 500,000 pre-match and 360,000 live events,
complemented by the latest features such as live betting, cashout options, and tailored demographic marketing for African audiences.

Attendees can also learn more about WA.Casino, the ultimate end-to-end solution for launching a bespoke, feature-rich online casino that provides access to 6800+ games and 70+ top providers through a single API integration. Its complete customisation, rapid go-live capabilities, and extensive managed services ensure superior client satisfaction and player experience.

SiGMA Africa celebrates the continent’s immense growth potential and WA.Technology is eager to highlight its diverse range of unique, bespoke and client-centric products and services that meet the specific needs of African operators and players.

For more information about WA.Technology and its full spectrum of iGaming solutions, arrange to meet the team at Booth 04S during SiGMA Africa.

 

 

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