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Online Popularity, Internet Fraud And The E-Gaming Provider
The e-gaming market is worth billions and whats more, the returns from this global market are growing all the time. The e-gaming provider today has a great opportunity to construct a profitable business and generate revenue for profit and for good causes. However, with a great opportunity comes some risk. The e-gaming provider does have to consider the growing problem of internet fraud. As the online gaming industry grows, so too will the market for criminals and fraudsters.
The online gaming market is worth more than $15 billion and millions of people around the world spend many hours playing every day. The popularity of e-gaming is divided pretty evenly between the genders. Both women and men take part in online games and gaming.
Online poker is one of the most popular e-gaming experiences. Players compete against each other in Texas hold ’em, seven-card stud and Omaha and the games are commonly offered as tournaments and as ring games. Players can play for free while they develop their skills but to win money they need to pay tournament fees or pay-to-play each game.
Another popular e-gaming activity is the online casino, where a number of traditional casino games such as roulette and blackjack are offered from individuals computers. Players also bet on sports online, from football and soccer to horse racing and hockey. Players have a variety of ways and reasons to bet on the Internet. Online lotteries are popular outflows from government-run lottery programs and provide customers with another way to play.
Betting takes place by credit card and winnings have typically been paid to the credit card or by wire transfer. However, regulations prohibiting players from using US credit cards for online gaming restrict this method of winning money. Many authorities are concerned about unsupervised electronic transfers that could be a cover for money laundering operations. Fraud is also a problem with criminals hacking into individuals accounts for the purpose of removing money, gaining access to personal details such as credit card numbers, and making unauthorized transactions with the details.
An increasing number of people now play on their cell phone or mobile devices. This development in the e-gaming industry is making more games available and enabling people to play in different ways. As the industry develops, phone and mobile devices could provide the main means of e-gaming for many people. There is a need to create extremely secure online gaming platforms, to protect users from the negative side of e-gaming. When customers are assured that their financial and personal details are safe, however they access the e-gaming site, they can pay and play with more confidence.
Genera Networks provides products, services and technology to the global lottery industry. Genera Networks acts for the e-gaming provider to provide information and advice on developing a better business. Find out more at http://generanetworks.com/
Gambling Winnings and the IRS
In the United States gambling winnings are considered by the IRS to be taxable income and must be reported on your federal tax return. Gambling income includes, casino winnings, winnings from lotteries, and horse races. Cash winnings as well as the fair market value of prizes such as cars and trips etc. are eligible for Gambling taxes. A payer is required to issue you a Form W-2G or Form 1042-s if you receive gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported as income even if no casino tax is deducted. Foreign nationals such as residents of Canada and the United Kingdom may be exempt from paying tax and be subject to a full casino tax refund due to provisions within their tax treaties with the United States. It is advised for Foreign Nationals claiming tax treaty provisions to use the services of an IRS Certifying Acceptance Agent to effect a US tax recovery. You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A . However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses in order to claim your casino tax refunds. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to IRS Publication 529, Miscellaneous Deductions, for more information.
Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings. Your diary should contain at least the following information. – The date and type of your specific wager or wagering activity. – The name and address or location of the gambling establishment. – The names of other persons present with you at the gambling establishment. – The amount(s) you won or lost. Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your losses through , wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment.
For specific wagering transactions, you can use the following items to support your winnings and losses. These recordkeeping suggestions are intended as general guidelines to help you establish your gambling winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.
Keno. Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records.
Slot machines. A record of the machine number and all winnings by date and time the machine was played. Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing. Casino credit card data indicating whether the credit was issued in the pit or at the cashier’s cage.
Bingo. A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. Supplemental records include any receipts from the casino, parlor, etc.
Racing (horse, harness, dog, etc.). A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. Supplemental records include unredeemed tickets and payment records from the racetrack.
Lotteries. A record of ticket purchases, dates, winnings, and losses. Supplemental records include unredeemed tickets, payment slips, and winnings statements.