Category Archives: Gambling

The Prediction Market Debate (CFTC vs States) Is Likely to be Settled Sooner Rather than Later

Posted on August 17, 2026 by Russ

On one side, there’s Kalshi, Polymarket, and all other companies offering prediction market sports wagers–err, sports predictions–allied with the Commodities Futures Trading Commission (CFTC).  On the other side, there are state regulators (and even a local regulator) who say that … Continue reading →

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The Real Winners of the World Series of Poker 2026

Posted on August 6, 2026 by Russ

Thousands of poker players (9,208 to be exact) came to Las Vegas over the Fourth of July weekend to enter the main event of the World Series of Poker (WSOP) all looking for the $10 million first prize. But that … Continue reading →

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Goldstein Gets Six Years at ClubFed

Posted on July 27, 2026 by Russ

The saga of former Supreme Court litigator Tom Goldstein concluded on Friday in Greenbelt, Maryland.  Mr. Goldstein was sentenced to six years at ClubFed and must make restitution of $3,103,427.  His bond was revoked at sentencing, and he was taken … Continue reading →

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Online Gambling and Cryptocurrency Mailing Addresses for 2026

Posted on February 13, 2026 by Russ

If you have one or more foreign financial accounts and you have $10,000 aggregate in those account(s) at any time during 2024, you must file the Report of Foreign Bank and Financial Accounts (the “FBAR”). This is Form 114 from … Continue reading →

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Can a Gambling Session Last a Year?

Posted on January 9, 2026 by Russ

The One Big Beautiful Bill (OBBB) added both good and bad for gamblers in the Tax Code. One item that’s bad is that gambling losses are limited to 90% of the gambling losses incurred.  Professor Bryan Camp (a professor of … Continue reading →

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The Good, Bad, and Ugly of 2025 Gambling Tax Law Changes

Posted on December 23, 2025 by Russ

With Christmas just two days away and Congress now on recess, we can look back at 2025 and accurately view the changes in tax law towards gambling.  There was some good, some bad, and one very ugly change. The Good: The … Continue reading →

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IRS Interprets One Big Beautiful Bill to Increase W-2G Threshold to $2,000

Posted on December 16, 2025 by Russ

As I reported back in July, §70433(d) of the Tax Code was changed by the One Big Beautiful Bill (OBBB): (d) APPLICATION TO BACKUP WITHHOLDING.—Section 3406(b)(6) is amended— (1) by striking ‘‘$600’’ in subparagraph (A) and inserting ‘‘the dollar amount … Continue reading →

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Kalshi Preliminary Injunction in Nevada Dissolved; Kalshi Likely Soon Gone from State

Posted on November 25, 2025 by Russ

This morning, a judge here in Nevada dissolved Kalshi’s preliminary injunction against the Nevada Gaming Control Board.  That injunction (now gone) prohibited Nevada from stopping Kalshi’s sports betting–excuse me–sports contracts from being offered in the state.  While I expect Kalshi to … Continue reading →

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Are Prediction Markets Sports Betting Products Doomed in the Long-Term?

Posted on November 20, 2025 by Russ

Prediction markets are another new phenomenon. Kalshi, PolyMarket, and others offer predictions on things like, “Will the Epstein Files be released by the end of 2025?”  They also offer sports predictions which I believe are clearly sports betting by any … Continue reading →

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The Real Winners of the 2025 World Series of Poker: Zero Is the Best Number

Posted on July 17, 2025 by Russ

This year’s main event of the World Series of Poker (WSOP) attracted 9,735 entrants each of whom paid $10,000 attempting to become the World Champion. This wasn’t a record (last year’s field had 10,112), but it was still the third … Continue reading →

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