Sen. Catherine Cortez Masto (D-Nev.) will also try to repeal the provision on the Senate floor this week, HuffPost has learned. The senator will ask for unanimous consent to pass her bill reversing the limit on tax deductions for gambling losses. Betway previously offered its sports betting product in a handful of states before exiting each of those last year. This newest incident continues the concerning trend of intensifying cyberattacks against the gaming industry that started in 2023’s ransomware attack against high-profile operators MGM Resorts International and Caesars Entertainment. Although the breaches resulted in multimillion-dollar losses, the broader industry has been slow to adapt, leading to continued incidents.
While some celebrate increased tax revenue and job creation from new casinos and sportsbooks, others express concern about problem gambling’s effect on families. Success stories of responsible entertainment mix with cautionary tales, highlighting the industry’s complex role in American society. Recent developments include the expansion of mobile sports betting into new states, growing concerns about gambling addiction rates, and increased scrutiny of advertising practices. The American Gaming Association reports record-breaking revenue figures, while regulators and advocacy groups push for stronger consumer protections and responsible gambling measures.
I’ve never asked myself how industry profits can grow, as a player or a critic. Only a small and very specific group of people have, and they don’t speak for me. The first is a space for short essays and ramblings about video game trends and related topics from me, Jess Conditt, a reporter who’s covered the industry for more than 13 years. The second contains the video game stories from the past week that you need to know about, including some headlines from outside of Engadget.
Steam Users Buy Games They’re Never Going to Play, Says Analyst
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Magic: The Gathering – Edge Of Eternities First Look: Every Card Revealed So Far
Together, we’re making gambling safer, and we already look forward to building on this success in next year’s edition,” Haijer wrapped up. According to EGBA, the current campaign has involved 30% more countries than it did in 2023, generating a strong social media presence. For now, bettors must assume that the changes will remain in effect and plan accordingly. Speculation on what might happen will continue, but implementing a game plan based on the information at hand is a measured approach that can be implemented right now. Beyond the impacts on personal bottom lines, concerns are mounting that there will be much broader consequences. No matter the format, casino, sports, poker, etc., turning a profit is tough.
Further restrictions may limit the number of ads that can be displayed at a single location, as well as the frequency of advertising. Daily fantasy sports operators, on the other hand, may be required to include links to self-exclusion programs, just like casinos and sportsbooks do. The task force was established by Governor Phil Murphy last year, in response to a Rutgers University Study which suggested that players in New Jersey are exposed to a higher risk of developing gambling problems. Microsoft has made a huge number of cuts to its gaming business since acquiring Activision Blizzard for $69 billion. It laid off 1,900 staff in January 2024, then made further cuts just a few months later when it closed Redfall developer Arkane Austin and Hi-Fi Rush developer Tango Gameworks. In September 2024, Microsoft cut a further 650 staff from its gaming business.
New Zealand Online Casino Bill Regulate & License Gambling
We cover big, breaking stories and smaller, viral ones, on everything from triple-As to indies to streaming. We also cover film, TV, and internet weirdness, and it all gets tagged as Game News. The card rooms spent at least $500,000 on ads attacking Low, according to the card rooms. More recently, tribes have contributed $6.3 million to candidates since January 2023 while card rooms have donated at least $1.3 million. Those funds don’t include the $3 million the card rooms spent targeting the four candidates this fall. Can you help me reframe this experience in a way that reminds me what I’m good at?
What a number of gambling aficionados pointed out on social media was that by limiting the tax deduction to 90% of losses, gamblers could actually owe taxes in years when they netted losses on their bets. Latest news on Betting & Gambling, covering sports betting, casino gaming, online wagering, DFS, state regulations, responsible gambling and industry updates. Our readership consists of casino operators, gaming businesses and individuals who wish to stay informed in the fast-paced world of gambling.
With that new 90% limit, a frequent visitor to Las Vegas who breaks even over the course of a year, winning $200,000 and losing $200,000, no longer breaks even on his taxes. Comprehensive Sports News from the latest scores, standing rumors, trades and more. Whether you are looking for sports news from professional sports leagues or college sports we have it all! In addition, we provide local, national and international sports for news that matters to you. We provide Gambling Reviews to help you choose the right gaming operator or provider. Whether you are looking for a bookie pay per head company to become a bookie or a sportsbook, we have it all.
- That would be yet another hit for regulated operators to deal with, and also impact the tax revenues that legal betting states have grown accustomed to collecting.
- Every bet is recorded, and taxing authorities have the potential to use that record to help enforce the gambling tax laws.
- At the time, Katz predicted that the key takeover is expected to help Gambling.com grow its business by 20% in 2025.
- The cuts come hot on the heels of Microsoft’s confirmation that it plans to release next-gen Xbox consoles, and has a strong presence at video game show gamescom.
- While MLB didn’t disclose the nature of its investigation, ESPN reported it was related to gambling.
Currently, bettors can deduct the entirety of their losses, up until their winnings. Our NewsNow best casino sites online bonuses feed delivers essential coverage of the betting and gambling sector, tracking legislative changes, market developments, and responsible gambling initiatives across all US jurisdictions. Whether you’re an industry professional, casual bettor, or concerned citizen, stay informed with our comprehensive, real-time updates from trusted sources. Local communities continue to debate the social impact of expanded gambling access.