Going back 43 years in time, land-based casino slot wins of $1,200 or more require a W-2G tax form. As a key industry governing body, the American Gaming Association wants this figure revised. If the current amount would be adjusted for inflation, the new figure would top $5,000. The AGA believes the benefits would be two-fold. It would alleviate paperwork for the Internal Revenue Service. It also avoid further contact between casino workers and casino patrons. Certain lawmakers tied to casino gambling interests in their home state also proposed a change. They want the law to reflect ‘current economic realities.’
Certain Ontario Lottery Winners Receive Their Winnings Via Mail
Lottery Prize Center outlets in the Canadian province of Ontario remain closed due to the coronavirus. This has caused a glut of unprocessed lottery payments. The Ontario Lottery and Gaming Corporation only processed payments by mail for wins of CA$9,999 or less. As part of a new collaboration with the Alcohol and Gaming Commission, the limit will be raised to CA$49,999. This should help to clear quite a few unpaid wins. The goal is to avoid trips to Toronto and paying winners in a safe manner. The expiration date for unpaid lottery tickets has been extended six months.
Aristocrat Leisure’s Latest Innovations Protect Land-Based Casino Interests
The coronavirus outbreak has had a major impact on the land-based casino industry. It has also boosted the interest in real money casino gambling online. In the middle of everything is gaming giant Aristocrat Leisure. A big part of its business is online slots and digital gaming. Yet, most of the company’s annual revenue and profit comes from land-based casino floors. The company believes both aspects of the gaming industry have a bright future. That is why the design team at Aristocrat is using innovative features in every new game release. A new Wide Area Progressive Jackpot system in the US is the latest land-based innovation.
DraftKings’ Stock Value Increases on Alternative Sports Betting Events
No NBA, NHL or MLB games to bet on at DraftKings, no problem. The daily fantasy league and online sports betting company has switched gears due to the coronavirus. Instead of those live sports betting options, Russian table tennis and Korean baseball are filling the void. So is betting on esports as a viable alternative. Throw in the recent NFL Draft and NASCAR Cup Series racing. These are two other things that have attracted the betting public’s attention. The company went public on April 24. Recent share price is around $29 with projections to $35 from select Wall Street analysts.
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