📡 New York online sports betting licenses will be granted ...Sportsbooks will pay 51% tax rate,

 

[TerryP]

51%

Ya think that's fair?

It should be taxed just like bonuses at work: sliding scale, capped like tax on a new car purchase.

 

[TerryP]

BTW, I think that's bullshit.

And, I also think, "that's NY City."

 

[Max]

I know someone here is a tax guy. who is it? @rammerjammer him?

how much do you pay if you win in vegas? do you pay it then?

 

[Crimson&WhiteGecko]

BTW, I think that's bullshit.

And, I also think, "that's NY City."

100% agree on both counts.

 

[Crimson&WhiteGecko]

I know someone here is a tax guy. who is it? @rammerjammer him?

how much do you pay if you win in vegas? do you pay it then?

24%

Your gambling winnings are generally subject to a flat 24% tax. However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering pool (this can include payments made to the winner(s) of poker tournaments).

eFile on Gambling Winnings

 

[TerryP]

I know someone here is a tax guy. who is it? @rammerjammer him?

how much do you pay if you win in vegas? do you pay it then?

@It Takes Eleven is the tax guy. @rammerjammer is in medicine.

24-26%. Some will pull that tax at the window depending on amount.

 

[BamaFan334]

To me it's a gamble, you shouldn't have to pay taxes on money you're not guaranteed to win. You work a job, you're expecting to make money. You gamble, you're always on the worse side of the bet no matter what you want to tell yourself or how smart you think you are. They letting you write off your losses? Hey, if you don't win, oh well, but if you get lucky, we want your money. Bullshit, and that's coming from a gambler on a few levels.

 

[TerryP]

To me it's a gamble, you shouldn't have to pay taxes on money you're not guaranteed to win. You work a job, you're expecting to make money. You gamble, you're always on the worse side of the bet no matter what you want to tell yourself or how smart you think you are. They letting you write off your losses? Hey, if you don't win, oh well, but if you get lucky, we want your money. Bullshit, and that's coming from a gambler on a few levels.

..an advertisement for local bookies.

 

[BamaFan334]

..an advertisement for local bookies.

That's right.

 

[RangeGuy]

Paulie down at the corner market can get ya a better deal.

 

[50+yeartidefan]

The sewer systems in this country...
TAX. TAX. TAX