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Gaming Control Board

Win a Sporting Wager? You can Bet it's Taxable

Did you place a bet on the Super Bowl or recently pick up a lottery ticket? Don't feel guilty. Gambling is inevitable.That was the determination in 1976 of the Commission on the Review of the National Policy Toward Gambling, which spent three years studying gambling in the United States."No matter what is said or done by advocates or opponents of gambling in all its various forms, it is an activity that is practiced, or tacitly endorsed, by a substantial majority of Americans," the report noted almost 40 years ago.Judging by the continually expanding gambling options across the country, Americans' support of gambling hasn't waned. Almost every state and the District of Columbia sanction some sort of gambling.The reason is the same one that tempts bettors: money. The gambling industry is an important part of many states' economies. Gambling proceeds also help fund education programs or special state projects.Then there are the taxes. In most states, tax collectors get a portion of resid...

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  1. Lottery companies cash in as China raises bet on punters

    Every day during his lunch break, Chinese businessman Shen Bin buys three lottery tickets for about 33 cents apiece and then watches to see if his chosen numbers fla...

  2. Caesars exits Boston casino project, says unit under federal probe

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    Ultimate Gaming Chairman Tom Breitling on legalizing online poker.

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  7. Cash in On Online Gambling?

    Nevada State Gaming Control Board Chairman A.G. Burnett and GLU CEO Niccolo de Masi on the future of online gambling.

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