Category Archives: Gambling

NY Judge Rules Against DFS Sites

Posted on December 11, 2015 by Russ

New York Judge Manuel Mendez granted the New York State Attorney General a preliminary injunction that bans DraftKings and FanDuel from operating in New York. Both sites will appeal, but for now daily fantasy sports (DFS) is gone from the … Continue reading →

Posted in Gambling | Tagged | Comments Off on NY Judge Rules Against DFS Sites

Update on the Future of Daily Fantasy Sports

Posted on November 19, 2015 by Russ

So far, I’ve been accurate on my predictions. Back in February 2014 I wrote, Unfortunately, many states look at just an element of chance to determine if something is gambling. And there’s no doubt that daily fantasy sports have such … Continue reading →

Posted in Gambling, Massachusetts, New York | Tagged | 2 Comments

The Real Winners of the World Series of Poker (2015 Edition)

Posted on November 10, 2015 by Russ

Nine individuals came to Las Vegas over the last three days to compete for the championship at the World Series of Poker (WSOP). Who would be the lucky winner? And who really got to keep the money? Last year the … Continue reading →

Posted in Gambling | 8 Comments

DFS Gets the Boot in New York

Posted on November 10, 2015 by Russ

New York State’s Attorney General, Eric Schneiderman, sent a letter to DraftKings and Fan Duel ordering them to cease offering their Daily Fantasy Sports (DFS) wagers games to New Yorkers. According to both ABC and ESPN, Attorney General Schneiderman sent … Continue reading →

Posted in Gambling, New York | Tagged | Comments Off on DFS Gets the Boot in New York

Time Running Out on the Miccosukee Tribe’s Battle with the IRS

Posted on November 4, 2015 by Russ

I have sympathy when taxpayers battle the IRS over legitimate issues. Indeed, I’m all for fighting the IRS when they’re (imho) wrong. However, fighting quixotic battles when you are wrong isn’t a good idea. The Miccosukee Tribe in Florida is … Continue reading →

Posted in Gambling, IRS, Tax Court | Tagged | 1 Comment

The Wagering Excise Tax and DFS

Posted on October 20, 2015 by Russ

I’m focusing on the tax aspects of daily fantasy sports (DFS) this week. It’s beneficial for DFS participants for the activity to be considered gambling. For political reasons (“gambling is a sin”) and regulatory reasons (gambling is regulated, skill contests … Continue reading →

Posted in Gambling | Tagged | 1 Comment

The Future of DFS

Posted on October 18, 2015 by Russ

If you watch any sports television, you’ve almost certainly seen commercials for the two leading daily fantasy sports (DFS) sites, DraftKings and FanDuel. Last week the Nevada Gaming Control Board announced that DFS is gambling under Nevada law. The Nevada … Continue reading →

Posted in Gambling | Tagged | 1 Comment

How Should Multiple Buy-Ins for a Poker Tournament be Handled on a W-2G?

Posted on September 9, 2015 by Russ

Poker tournaments today have various forms. Some are “freeze-outs,” where you can only buy into the tournament once. Some have rebuys and add-ons, where if you lose all your chips you can rebuy into the tournament and if you’re in … Continue reading →

Posted in Gambling | Tagged | 2 Comments

Fail, Caesar! Update

Posted on July 23, 2015 by Russ

Yesterday US Bankruptcy Judge Benjamin Goldgar ruled that various lawsuits against Caesars Entertainment can go forward. Caesars Entertainment Operating Company (CEOC) is already in bankruptcy; this ruling increases the chances that Caesars Entertainment Corporation (CEC) follows CEOC into Chapter 11. … Continue reading →

Posted in Gambling | Tagged , | Comments Off on Fail, Caesar! Update

FBAR Due in One Week

Posted on June 23, 2015 by Russ

The Report of Foreign Bank and Financial Accounts (Form 114, the FBAR) is due on June 30th. The form must be electronically filed with FINCEN. Your tax professional may be able to do it through his software (we can) or … Continue reading →

Posted in Gambling, International | Tagged | 1 Comment