I love America. Guantanamo Bay is still open, people can still buy guns, and the government's first priority is to crack down on online poker sites. Excellent.
The interesting thing is, betting on horses is OK, betting on sports is OK, but online poker isn't. Interesting.
The Artful Dodger wrote:I love America. Guantanamo Bay is still open, people can still buy guns, and the government's first priority is to crack down on online poker sites. Excellent.
The interesting thing is, betting on horses is OK, betting on sports is OK, but online poker isn't. Interesting.
the boost to the local economies where it is OK to bet on horses and sports has nothing to do with their legality. nothing at all.
Dan Lambskin wrote:as far as horse-racing the government takes a nice chunk out of those pools, so of course they're OK with it
Funny thing is, if the government taxed and regulated every pot won on US-based poker sites, the chances of winning substantially dwindle, long-term.
If indeed the crackdown of non-US based sites leads to legalization of US-based sites and taxed as such, online poker wouldn't really be a worthwhile effort.
Dan Lambskin wrote:as far as horse-racing the government takes a nice chunk out of those pools, so of course they're OK with it
Funny thing is, if the government taxed and regulated every pot won on US-based poker sites, the chances of winning substantially dwindle, long-term.
If indeed the crackdown of non-US based sites leads to legalization of US-based sites and taxed as such, online poker wouldn't really be a worthwhile effort.
I'm not positive but I think most of the taxing would be a percentage of the rake and come out of the sites pockets. The sites are still in favor of this because of how much easier it would be to move money and the large number of new players that would bring to the game. Most professional online players already pay income tax on winnings so I don't think it would change how profitable online poker can be.
jfg wrote:OK, I'll go open a casino tomorrow in your neighborhood and see how fast it gets shut down. Playing poker isn't illegal, putting money on poker is illegal. Why do people think that the internet is beyond all laws? Just because it's hosted overseas doesn't mean you're magically lifted overseas and out of US jurisdiction. I think you should be able to bet as much as you want, any day of the week in your own home, at a bar, or on the computer. But as the laws stand now, it's pretty cut and dry to me that it's illegal.
My bad, I didn't realize your opinion overrides decisions made by US courts. I'll have to remember that next time you refuse to admit that you're wrong about something despite all evidence pointing to the contrary.
Dan Lambskin wrote:as far as horse-racing the government takes a nice chunk out of those pools, so of course they're OK with it
Funny thing is, if the government taxed and regulated every pot won on US-based poker sites, the chances of winning substantially dwindle, long-term.
If indeed the crackdown of non-US based sites leads to legalization of US-based sites and taxed as such, online poker wouldn't really be a worthwhile effort.
I'm not positive but I think most of the taxing would be a percentage of the rake and come out of the sites pockets. The sites are still in favor of this because of how much easier it would be to move money and the large number of new players that would bring to the game. Most professional online players already pay income tax on winnings so I don't think it would change how profitable online poker can be.
yeah in racing they takeout roughly 20-25% out of the overall betting pool to cover taxes, operating costs, etc then if you hit a big enough win ($600 is a rough guideline but there may be additional complexity depending on the type of bet) you get to pay income tax on it as well
so with poker i assume the site would take money from the rake to pay the government, and you'd also get a W2-G for any big tourney you won or something like that
Dan Lambskin wrote:so with poker i assume the site would take money from the rake to pay the government, and you'd also get a W2-G for any big tourney you won or something like that
Even if the legality of collecting your payout is in question, the earnings are still taxable. And with how gambling income is taxed (money won is gross income, money lost is a deduction) the IRS can take you to the cleaners.
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