Taxes on Online Gambling


In 2013, New York Republican Congressman Peter King introduced the Internet Gambling Regulation, Consumer Protection Act, which would create a single federal standard for online gaming. The bill would also create a new office of “gambling oversight” attached to the Treasury Department. The bill’s proponents argue that uniform standards would make expansion strategies easier and gambling legalization easier.

In addition to being convenient, online gambling is more cost-effective than visiting a casino. While traveling to a casino can be fun, online gambling is especially convenient if you want to play slots on your mobile phone or place a sports bet. No matter what your motivation, online gambling is a great way to win money and have fun while doing it.

Online casinos often accept online bank transfers from selected banks. However, not all banks support this option. If you are planning on using an online casino that accepts these deposits, make sure you check the specific bank’s acceptance policies. Many of the more regulated gambling sites accept these transfers. To make sure your bank is listed, check your online banking account’s settings and enable online bill pay. In most cases, your personal banking information will not be shared with an online gambling site.

Despite the legalization of online gambling, the industry still pays taxes. Each state collects taxes on the revenue generated by casinos. Some states even charge fees for casino operating licenses. The casino industry also pays entertainment taxes. These taxes are on top of the corporate taxes that casinos pay to the state. Despite the spike in online gambling in New Jersey, the overall tax revenue from the gambling industry remains stagnant in most states.