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2 billion in such duties in 2018 alongside around 5 million in total revenues. Ample amount:The news service reported that the IRS now looks set to start defining these admission payments as sportsbetting wagers, which means that firms such as FanDuel Group and DraftKings Incorporated could see each entry fee subjected to a maximum 2% excise tax alongside an annual 0 charge for every person processing such transactions. Online Casino Considerable true blue casino free 200consequences:Kate Lowenhar-Fisher from the Nevada law firm of Dickinson Wright reportedly told Bloomberg that such a state of affairs could be ‘potentially business-destroying’ in some jurisdictions as it would equate to a hefty 20% tax on revenues. Online Casino The lawyer purportedly detailed that daily fantasy sports operators could furthermore be hit with late payment penalties for taxes they didn’t previously pay. Online Casino Lowenhar-Fisher reportedly told the news service…“This is one of the most significant events in the evolution of sportsbetting in the United States that has happened in a long time.

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”Litigious lifeline:However, Bloomberg reported that the IRS’ latest stance on daily fantasy sports is at odds with the 2007 ruling from the United States District Court for the District of New Jersey in the matter of Humphrey v Viacom. This court case purportedly found that such entry fees were outside the definition of a sportsbetting wager although it had focused on season-long fantasy games rather than one-off contests. Defective approach:Jason Robins, Chief Executive Officer for DraftKings Incorporated, reportedly used a Friday conference call with investors to proclaim that the IRS is ‘deeply flawed in its analysis’ of what actually constitutes a sportsbetting wager and that its latest stance will not be binding in court should a daily fantasy sports operator be audited. Online Casino Robins reportedly declared…“Our position continues to be, which we believe has been reaffirtrue blue casino free 200med through state legislatures and courts throughout the country, that daily fantasy sports is not wagering. Online Casino Online Casino We believe that the arguments at the federal level are incredibly strong.

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