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Gamble and Report Carefully

There is no doubting the fact that the US government has it in for the online casino gambling industry – that has been evident throughout the Bush administration and even with President Obama in office, there is little hope that rapid changes will occur. But interestingly enough, gambling at the online casinos isn’t the only area of the internet gambling industry that has drawn attention in recent weeks. The Internal Revenue Service (IRS) has just recently reminded all gamblers and bettors that gambling wins are taxable…and yes, that even includes informal betting on the Super Bowl.

Gamblers all over the United States and even in the global betting community eagerly anticipate the festivities and excitement of gambling on this major US sporting event. It is a huge betting day…certainly one of the largest in the US. Gamblers and bettors from all over the country log onto the online casinos, put in bets at office pools, and head over to the legal betting venues to pick a team, pick a score, and pick any of a dozen of other possible areas.

The IRS looks at all of this betting – both legal and illegal and sees a pretty big payday if winners choose to adhere to the law and pay taxes on their gambling winnings. Gambling at the online casinos and internet betting sites is actually pretty easy for the government to track in many cases, so punters expecting a big payout onto their credit cards and bank cards should anticipate that the IRS wants a cut of that money. And while all gambling winnings are technically taxable, small betting in office pools isn’t really followed too closely…it’s the online gambling that the IRS is focused on this year.