Tag: gambling-taxes
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Betting Sites Without Tax Per Bet (Unlike FanDuel and DraftKings in Illinois)
FanDuel and DraftKings will begin charging Illinois customers a 50-cent fee on every online wager starting Sept. 1, 2025. This “gaming tax surcharge” is meant to recoup newly passed state levies and will disappear if Illinois reverses the tax law. BetMGM and Hard Rock have also responded to the gaming tax surcharge with changes of…
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IRS Watchdog Uncovers $13 Billion in Unreported Gambling Winnings
A new report may raise the eyebrows of gamblers and tax collectors alike. An independent IRS watchdog group, Treasury Inspector General for Tax Administration (TIGTA), reports that nearly 149,000 Americans with gambling winnings over $15,000 didn’t file tax returns between 2018 and 2020. These gamblers won over $13 billion, resulting in unpaid taxes of around…