In this clip from LSR Podcast episode 63, Matt, Adam and Dustin discuss the possibility of repealing the federal sports betting tax and why it is important for legal sportsbooks in the US.
You can find all the latest news about the federal sports betting tax and the full podcast episode at LegalSportsReport.com. It is where we cover the legal online sports wagering industry, including sports betting sites and daily fantasy sports in the US.
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The LSR Podcast is your weekly look at the latest US sports betting news. Host Matt Brown leads the discussion with LSR managing editor Adam Candee and industry analyst Dustin Gouker.
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Before November, the only gambling legal in Tennessee was the lottery, but now people in Tennessee can use multiple apps to sports bet.
Video Rating: / 5
I keep reading on LSR about how states legalizing sports betting are charging hefty taxes on each transaction. How do casinos and sports books make a profit is they take in a 10% vig as their initial profit, only to then turn around and pay 10% or more in state taxes?
from online casino, I started with $3,000. My total transaction winnings shows 65,000 then my total bet shows $68,000.(accumulated overtime). I never withdrawn any money from my account. Is the 65,000 is considered income?
Do I have to include the wager when reporting my winnings? I would never do this, but say I bet $1000 to payout $1100 on a Sportsbook app. Do I have to report $1100 or just $100 to my total at the end of the year?
LSR is the best