Connect with us
SOFTSWISS

Gambling in the USA

New tax rules to boost betting on racing in the US

Published

on

New tax rules to boost betting on racing
Reading Time: < 1 minute

US race betting industry projects betting handle to go up by 10 percent due to new taxation rules on punters’ winnings.

 

The US Treasury Department and the Internal Revenue Service (IRS) announced last week new rules for pari-mutuel proceeds and the race betting industry have started celebrating. According to the National Thoroughbred Racing Association (NTRA), new regime could boost annual pari-mutuel handle by up to 10 percent, or a yearly extra of US$1 billion.

The IRS will take into account a bettor’s entire investment in a single pari-mutuel pool instead of only considering the amount wagered on the correct result, when determining the amount to be reported or withheld for tax purposes, CalvinAyre reports.

New rules declare that punters that place multiple wagers on one pool will now have the full value of their stake applied to their winning wagers for tax purposes. Regarding on-site betting, the regime states that every wager placed in a single pool must be made on the same tote ticket and pool bets placed through advance deposit wagering sites will also have the same tax benefits.

Racing operators have up to 45 days starting last Wednesday to adjust their systems but many of them are expected to do so in advance of that date.

Ted Gay, Churchill Downs Inc’s ADW site TwinSpires president, said that the new tax rules are “a very big win” for pari-mutuel racing and stated: “The reduction of wagering dollars withheld from circulation means more money for our players, which means more handle for the industry, our partner tracks, and horsemen. These changes will improve the economics of the sport at every level.

Continue Reading
Advertisement




Stake.com

Gambling in the USA

Gaming Americas Weekly Roundup – July 8-14

Published

on

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

The CT Lottery has launched its iLottery platform. Players can participate in the fun of online lottery and their favourite draw games by visiting ctilottery.org or by downloading the CT Lottery mobile app on the iOS platform (Android app to follow next month). The app comes with exciting new features that allow players to personalise their lottery experience, such as saving favorite numbers and wagers, grouping preferred games for easy purchasing and setting limits for wagering and time spent on the app.

Talking Stick Resort, an enterprise of the Salt River Pima-Maricopa Indian Community (SRPMIC), announced that it was named “Best Casino” in azcentral.com’s 2024 Community Choice Awards. The casino-resort was nominated along with three other casino properties in the Valley by the public as part of the East Valley, Best of the Desert portion of the awards programme.

International Game Technology PLC announced that IGT PlayDigital recently added the highly anticipated Prosperity Link game to its iGaming content library in the US. This development makes the widely recognised casino game available for commercial iGaming operators in Pennsylvania, Michigan, New Jersey, Connecticut and West Virginia.

Raketech has announced that the Company has reached an agreement to divest its non-core US advisory business. The total sale proceeds amount to USD 2.25 million settled partially on closing and via an ongoing revenue share agreement.

Partnerships

NetBet Mexico and popular online gaming provider Octoplay have announced an agreement that will make Octoplay’s games available for NetBet Mexico customers to enjoy. Despite only being founded in 2022, Octoplay has rapidly established itself as an influential member of the iGaming industry, developing multiple entertaining and popular slots such as Lollicat, Eternal Clash and Shaolin Panda Chaos Reels – which are among the flagship new Octoplay titles being made available to NetBet Mexico customers.

SCCG Management, a leading global advisory firm in the gaming industry, has announced a sponsorship partnership with Blurify, an award-winning expert in software development with a niche focus on the iGaming sector. This collaboration aims to leverage SCCG’s extensive client partner ecosystem and deep market insights with Blurify’s technological expertise to explore new opportunities and drive innovation in the gaming industry.

International Game Technology PLC has announced that its subsidiary, IGT Global Solutions Corporation, has signed a seven-year contract with the Colorado Lottery to install all-new world-class products and solutions. The contract is expected to run through July 12, 2032, and includes seven, one-year extension options. As part of the new contract, the Colorado Lottery will receive IGT’s Aurora central system, replacing the current lottery central system.

JCM Global (JCM) has installed its award-winning iVIZION bill validator and ICB Intelligent Cash Box system at the historic Fair Grounds Race Course & Slots in New Orleans. JCM upgraded its UBA bill validator to iVIZION and installed ICB on each of the 620 slots at Fair Grounds. Previously, JCM installed its GEN5 Thermal Printer at Fair Grounds, and now with iVIZION and ICB, the path is open for the property to take full advantage of JCM’s FUZION technology in the future.

Continue Reading

Gambling in the USA

Innovative Technology Americas welcomes Jeff Tash, Business Development Manager

Published

on

Reading Time: 2 minutes

 

Innovative Technology Americas, Inc. welcomes Jeff Tash, Business Development Manager for North America. Jeff will focus on the amusement and vending industries, identifying and generating new sales opportunities. Innovative Technology specializes in note handling equipment and age and identity verification technology.

Welcoming Jeff to the US team, Lauren Fabbri, Business Development Manager for the gaming side of the business, said, “Jeff joined us back in March and hit the ground running spending his first day in the Innovative booth at the Amusement Expo show in Las Vegas!  Jeff has settled into life at Innovative Technology and is already connecting with our amusement and vending customers across America and Canada.”

Commenting on his role, Tash said, “I am really enjoying working for Innovative! The overwhelming support and enthusiasm from both the team and our customers on my first day at Amusement Expo validated my choice to join ITL. I’m up to speed with all our products and really enthusiastic to share them with the many contacts I have in the industry.”

Fabbri continued, “Jeff has 15+ years in the amusement industry, primarily with OEMs in a sales and business development role, so has an extensive book of contacts including manufacturers, distributors, route operators and parts providers. He will be responsible for monitoring industry trends, identifying growth opportunities and emerging markets, conducting product demonstrations and facilitating strong client relationships.  Jeff has phenomenal relationships and has already demonstrated his ability to motivate decision makers when representing us at trade shows, meetings and events.”

Concluding Tash said, “I am eager to provide reliable and innovative product solutions to the amusement industry and customers, and continue to ensure note handling remains at the forefront of the amusement and vending industries. I am excited to collaborate with Lauren and the rest of the North American team in the growth of the GAV (Gaming, Amusement, Vending) markets. Innovative is an organization with a strong sense of purpose and a passion to support its employees, and I am privileged to be a part of this.”

 

Continue Reading

Gambling in the USA

AGA Announces Gaming Hall of Fame Class of 2024

Published

on

Reading Time: 4 minutes

 

Allen, Feldman, Nutton to be Inducted

Today, the American Gaming Association (AGA) announced the Gaming Hall of Fame Class of 2024, honoring three leaders who have made significant contributions to the industry:

  • Jim Allen, Chairman, Hard Rock International; Chief Executive Officer, Seminole Gaming; Former Chairman, American Gaming Association
  • Alan Feldman, Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming, UNLV International Gaming Institute; Former Executive, MGM Resorts International
  • Debi Nutton, Board Member, Everi Holdings; Executive Coach-Consultant; Former Casino Operations Executive, MGM Resorts, Wynn Resorts

“From helping transform tribal gaming and pioneering responsible gaming research to blazing new paths in casino operations, Jim, Alan and Debi have been integral to shaping the modern gaming industry,” said AGA President and CEO Bill Miller.

Since 1989, the Gaming Hall of Fame has recognized gaming icons and leaders for their enduring influence on the industry. The Class of 2024 will receive recognition at an invitation-only induction ceremony held during G2E 2024 in Las Vegas this October.

“The Gaming Hall of Fame honors leaders that have had a distinct impact on our industry’s success,” added AGA Chairman of the Board and Everi Executive Chairman Mike Rumbolz (Gaming Hall of Fame Class of 2022). “This year’s inductees have met and exceeded this threshold throughout their careers and continue to do so in their current work. We look forward to celebrating their achievements at G2E 2024.”

Hall of Fame honorees are selected by an independent panel of gaming executives. This year’s selection committee members include:

  • Maureen Adams, EVP, Gaming, Churchill Downs Inc.
  • Jay Dorris, President and CEO, Wind Creek Hospitality
  • Siobhan Lane, EVP and CEO, Gaming, Light & Wonder
  • Alex Dixon, CEO, DRA and Co-Founder and Co-Chair, African Americans in Gaming
  • Mark Lipparelli, Chairman, International Center for Responsible Gaming
  • Kirsten Clark, Executive Director, International Association of Gaming Advisors
  • Lauren Bates, Chair, Global Gaming Women
  • Dr. Brett Abarbanel, Executive Director, UNLV International Gaming Institute
  • Mike Rumbolz, Executive Chairman, Everi and Chairman of the Board, AGA

Jim Allen, Chairman, Hard Rock International; Chief Executive Officer, Seminole Gaming; Former Chairman, American Gaming Association

A gaming and hospitality industry veteran with more than 44 years of experience, Allen currently serves as Chief Executive Officer of Seminole Gaming and Chairman of Hard Rock International and Hard Rock Digital. He also recently served as Chairman of the Board of Directors of the AGA. Since 2001, Allen has overseen all gaming, hospitality and entertainment operations for the Seminole Tribe of Florida, including leading the tribe’s 2007 acquisition of Hard Rock International, the first acquisition of a major international company by a North American Indian tribe. Under his leadership, Seminole Gaming and Hard Rock International have grown their global business footprint and their leadership in U.S. casino gaming, winning numerous awards for excellence in operations, hospitality and employment. Allen has also led the expansion of the company’s entertainment offerings to sports and sports betting, including the 2020 launch of Hard Rock Digital—an online and retail sportsbook and internet gaming platform—and partnerships with Formula One Racing in both Miami and Las Vegas, Red Bull Racing, Lionel Messi, and Hard Rock Stadium which hosts the NFL’s Miami Dolphins. Allen also lectures at many professional conferences, governmental programs and college campuses and makes frequent appearances on CNN, CNBC, Bloomberg, Fox Business and other financial news networks.

Alan Feldman, Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming, UNLV International Gaming Institute; Former Executive, MGM Resorts International

Alan Feldman currently serves as Director of Strategic Initiatives and Distinguished Fellow in Responsible Gaming at UNLV’s International Gaming Institute, where he is at the forefront of developing programs and policies that enhance industry knowledge and regulatory practices around responsible gaming. During his 30-year tenure at MGM Resorts, Feldman was instrumental in launching GameSense, a pioneering initiative that now promotes healthy gambling behaviors across all MGM U.S. properties. Feldman is also a globally sought-after speaker on responsible gaming and holds key advisory roles in the industry, including serving as Chair Emeritus of the International Center for Responsible Gaming, where he formerly served as Chair of the Board. Feldman’s significant contributions have been recognized with awards such as the Gaming Professional of the Year by the Casino Management Association in 2002 and a Lifetime Achievement Award in Gaming Communications from the American Gaming Association in 2009.

Debi Nutton, Board Member, Everi Holdings; Executive Coach-Consultant; Former Casino Operations Executive, MGM Resorts, Wynn Resorts

Nutton currently serves as a Board Member at Everi Holdings while also helming her business as a gaming consultant and executive coach. Her career in the gaming industry began in 1980 as one of the few female dice dealers on the Las Vegas Strip. She notably contributed to the opening team of The Mirage in 1989, where she distinguished herself as the sole female dice pit manager at the time. Over her 24-year tenure with MGM and Mirage, Debi rose to Senior Vice President of Casino Operations and Marketing for MGM and Bellagio before assuming the role of Executive Vice President of Casino Operations at Wynn Resorts in 2013. Today, she is shaping the next generation of gaming as an executive coach-consultant, advising the industry on leadership practices and casino operations. A founding board member of Global Gaming Women, Debi has received numerous accolades, including the 2018 Great Women of Gaming Lifetime Achievement Award, the 2009 Casino Enterprise Management Great Women of Gaming Proven Leader Award, and being named a “Woman of Distinction” by the National Association of Women Business Owners in 2007.

 

Continue Reading
Advertisement
Alpha Affiliates
Advertisement

EveryMatrix

Advertisement

Launch your iGaming business swiftly and effortlessly with our comprehensive turnkey solutions

Advertisement
Stake.com
Advertisement
xbit4.com

Trending (Top 7)

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.