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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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BOS agrees with KV’s/KO’s advertising assessment of “Trisskrapet” in TV4

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The Swedish Trade Association for Online Gambling (BOS) agrees with the Swedish Consumer Agency’s (KV) and the Consumer Ombudsman’s (KO) assessment that the daily scratch card commercial “Trisskrapet” in TV4 is an advertising feature, and thus not an editorial feature. BOS welcomes that KO is now ending that part of the process.

If Svenska Spel does not stop the advertising elements, BOS looks forward to KV following up on its earlier call to Svenska Spel to comply with the provisions on advertising identification and broadcaster declaration in section 9 of the Marketing Act and the information obligation in ch. 15. Section 3 of the Gambling Act with information on the 18-year-old age limit and where to turn in case of gambling problems.

– The Swedish gambling market must be characterized by a high level of consumer protection. A cornerstone of good consumer protection is that people are clear about what constitutes gambling advertising, i.e. that they are not tricked into thinking that an advertising feature would instead be an editorial feature. The daily “Trisskrapet” on TV4 has been anything but clear on that point, and we welcome that KO now finally establishes that the features constitute advertising and nothing else, says Gustaf Hoffstedt.

– Now it remains for Svenska Spel to introduce the mandatory consumer protection labelling of Trisskrapet. Since the company has not shown any excessive eagerness to introduce this voluntarily, KO should ensure that this happens as soon as possible. Every day and every “Trisskrapet” that does not contain the mandatory consumer protection label is another lost day for a safe and secure gambling market, Gustaf Hoffstedt concludes.

The post BOS agrees with KV’s/KO’s advertising assessment of “Trisskrapet” in TV4 appeared first on European Gaming Industry News.

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Expanse Studios Launches in Bulgaria with Inbet

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Expanse Studios, a leader in online gaming innovation, has secured a Bulgarian iGaming license and is now live on Inbet’s website. This expansion brings Expanse Studios’ popular game offerings including turn-based strategies gamified for iGaming, classic slots, traditional card games and the highly-acclaimed ones like Titan Roulette, Clown Fever Deluxe, Wild Icy Fruits, White Wild Whale and Joker Poker to Bulgarian players.

Diverse Gaming Portfolio Now Available to Bulgarian Players

With the Bulgarian market entry, Expanse Studios introduces a versatile gaming experience to Inbet’s platform. The offerings include a dynamic range of games tailored to diverse player preferences:

  • Turn-based strategy games: Leveraging gamification, these games transform traditional strategy gameplay into engaging iGaming experiences, suitable for both novice and experienced players.
  • Classic slots: Players will enjoy a variety of themed slots that combine traditional gameplay with modern graphics and sound.
  • Traditional card games: A selection of popular card games offer something for every card game enthusiast.
  • Titan Roulette: This standout feature, known for its immersive experience and innovative design, continues to be a favorite among roulette players.

Commitment to Quality and Compliance

Expanse Studios not only cultivates a diverse gaming library but also adheres to stringent regulatory standards to ensure a secure and fair gaming environment. The acquisition of the Bulgarian iGaming license is a testament to Expanse Studios’ commitment to compliance and excellence in the gaming industry.

The partnership between Expanse Studios and Inbet marks a significant milestone in Expanse Studios’ expansion efforts. By combining Expanse Studios’ innovative gaming solutions with Inbet’s established market presence, both entities are set to offer a superior gaming experience to players in Bulgaria and potentially beyond. As Expanse Studios continues to develop and release new games monthly, Bulgarian players can look forward to a continually evolving and enriching gaming landscape.

The post Expanse Studios Launches in Bulgaria with Inbet appeared first on European Gaming Industry News.

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Week 17/2024 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming

Belatra Games, the specialist online slots developer, is on point with its latest sharply designed game, Golden øks. This Norse-inspired adventure carries on from the popular Axe of Fortune title that hit the market at the turn of the year. Golden øks is set against a 5×3 layout and is brought to life with a powerful soundtrack to heighten the atmosphere.

Endorphina, has announced the release of its brand-new title, Jolly Queen, which will join its portfolio on April 27th. Jolly Queen is a 5-reel, 5-row fruit slot with 50 fixed paylines, introducing players to the lifestyle of the nobles. On top of the aristocratic ambiance, Jolly Queen provides players with Free Games, allowing them to master the reels.

Evoplay has released Candy Craze, a vibrant slot stacked with features and modifiers, including the powerful Gum Drop Multiplier which boosts win potential. Set amidst the backdrop of sumptuous sweets within a cloudy landscape, the 5×5 cascading reels title gives players a sugary rush when the Gum Drop Multiplier activates, revealing a mystery value at the end of each winning spin up to x100, enhancing the chance for wins during the main game and Free Spins.

Yggdrasil, a leading iGaming publisher, has revived the gold rush in a jackpot-filled game that embodies the spirit of old west prospecting in Gold Frontier Jackpots FastPot5™. Fans of lower volatility slots with straightforward mechanics that get fortune seekers right to the heart of the action are tasked with gathering keys to enter the treasure bonus game.

Relax Gaming is offering players some opulence in its latest release Sultan Spins. This high volatility slot sees its gold-trimmed reels set against a sprawling desert metropolis. Players have the chance to rack up riches via an entertaining free spins feature and lucrative local jackpot.

Greentube has introduced its latest title in the popular Diamond Link ™ series, Diamond Link ™: Mighty Dwarves Inc. Set deep in underground mines, this adventurous 5×3 slot is packed with innovative features for ample chance to win across its 25 paylines when players spin the reels adorned with hammers, hard hats and laser symbols.

Get your eyes ready because it’s time to take a trip to the pet centre to meet the ugliest, quirkiest, wildest-looking pets you’ve ever seen in the brand new slot, Fugly Pets, from Stakelogic. Fugly Pets takes players to a banged-up old pet store to explore its collection of weird and charming, downright ugly pets. Meet a scruffy parrot, a catnip crazed kitty, and an unfortunate-looking little dog.

 

 

Load your tackle box, bait your hook and get ready to reel in the catch of the day in Fishin’ The Biggest from Apparat Gaming, the in-demand German software provider’s latest splash hit slot that sees players trawl the sea for free spins and massively multiplied prizes. Played over five reels, three rows and ten fixed paylines, Fishin’ The Biggest is a highly-volatile title with an outdoor angling theme.

Thunderkick has announced the launch of Midas Golden Touch 2, the highly-anticipated sequel to the acclaimed 2019 original. This latest release invites players to rediscover an enchanted realm where everything King Midas touches turns to gold. The 3×5 video slot boasts 15 paylines and showcases Thunderkick’s signature high-quality design and innovative features.

Belatra Games, the specialist online slots developer, has served up another classic with its tasty Chef’s Sticky Fruits slot. This latest release from Belatra’s studio  is a vibrant and juicy addition to its renowned catalogue of slots. It’s a 5×4 slot game bursting with colour that’s heightened with an upbeat, retro soundtrack that perfectly captures the essence of fun at the heart of every play.

3 Oaks Gaming has launched 3 China Pots: Hold and Win, the first time the company has integrated the popular 3 Pots mechanic within a Far East-themed title. The latest instalment from 3 Oaks to incorporate the 3 Pots functionality sees players transported to the allure of the Orient, where the Extra, Double and Multi modifiers influence the Bonus Game once activated.

Pragmatic Play has unleashed roaming wild re-spins and random guaranteed wins in Release the Bison. Symbols of the American frontier abound in this 5×4 slot, where hitting four or more rampaging bison triggers the wild re-spin feature, during which all wilds roam the reels to boost win potential.

Blueprint Gaming’s latest slot release tasks players to look for the leprechaun’s pot of gold under the water rather than at the end of the rainbow in Plenty O’ Fish, a 6×4 hybrid of sea creatures and shimmering rewards. Players must look to unlock a tackle box of treasure with a jaunty leprechaun being the key to wins, lurking behind a dynamically coloured underwater background that changes when the bonus game is triggered.

Booming Games has launched its latest sweet sensation to its collection of engaging slot games – Fruit Heaven Hold and Win™. This is a deliciously designed 5×3 slot game with 25 paylines, which promises players an exciting experience full of fantastic fruity features and Stacked Wilds.

Wazdan is multiplying jackpots in the follow-up to its top-performing game Mighty Wild™: Panther Grand Gold Edition. Venturing to the depths of the jungle where a black panther rules the reels on a 5×3 gameboard, the new edition provides even larger win potential. With the increased value of the Cash symbols and Cash Infinity™ symbols, there is also a more lucrative Grand Jackpot of 1500x the base bet.

The post Week 17/2024 slot games releases appeared first on European Gaming Industry News.

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