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Why the IRS draft update for gambling tax reporting matters

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The Sports Betting Alliance announces Joe Maloney as the new President
Joe Maloney has been announced as the new President of the Sports Betting Alliance (SBA), making the move from the American Gaming Association (AGA). The current President of the SBA, Jeremy Kudon, wi...

Titus urges committee to advance FAIR BET Act restoring gambling deductions
Rep. Dina Titus (D-Nevada) has urged the House Ways and Means Committee to advance the Fair Accounting for Income Realized from Betting Earnings Taxation (FAIR BET) Act, legislation that would restore...

California Attorney General potentially gearing up to face prediction markets
California Attorney General Rob Bonta is reportedly preparing to take action against prediction markets. The news of the Attorney General’s possible decision to sign an amicus brief in connection wi...

French tennis player Quentin Folliot handed 20-year ban for match-fixing scheme
A French tennis player, Quentin Folliot, has been hit with a 20-year suspension from the game. Folliot was found to be a “central figure” in a match-fixing scheme that has seen five others suspend...

Honolulu police shut down illegal gambling operation, seizing cash and machines
The Honolulu Police Department has taken to social media to share they have shut down an illegal gambling operation on Kawaiaha’o Street in Honolulu, Hawaii. They say officers executed a search warr...

Australian ACMA blocks 12 illegal gambling websites
The Australian Communications and Media Authority (ACMA) has requested that internet service providers in the country block more illegal online gambling sites. A total of 12 sites have been requested ...

Underdog confirmed to be shutting down sports betting in North Carolina
Underdog is shutting down its sports wagering operations in the state of North Carolina next week, as confirmed by the North Carolina State Lottery Commission. The regulator shared the news on Wednesd...

Indian Tribes reach tentative agreement with Washington Gambling Commission on new electronic gaming proposals
The Washington Gambling Commission has reached a tentative agreement with two Indian Tribes which allows them to offer electronic table gaming. The regulator shared that it has reached an agreement wi...

Industry giants form coalition to defend and standardize US prediction markets
Kalshi and Crypto.com have announced they’re forming the Coalition for Prediction Markets, a new national alliance that brings together industry players like Coinbase, Robinhood, and Underdog in the...

Tennessee Sports Wagering Council hits two ‘illegal sportsbooks’ with fines
The Tennessee Sports Wagering Council (SWC) has slapped two ‘illegal sportsbooks’ with a $50,000 fine each. The latest fines to the two sportsbooks, called BetDSI and BetNow, take the fines issued...