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WSOP Main Event 2015: Professional Poker Players & Tax Liabilities

WSOP Main Event 2015: Professional Poker Players & Tax Liabilities »

The World Series of Poker (“WSOP”) Main Event has concluded for 2015. The biggest winner of the WSOP will not be Joe McKeehen, but rather the United States Internal Revenue Service (“IRS”). McKeehen was awarded a life altering $7,683,346 dollars. From paper and simple glance, it seems the poker tournament has helped make the finalists into millionaires. Each of the finalists navigated through a grueling field of 6,420 participants, which included professional poker players, recreational players, and celebrities, although, the IRS will ultimately win the most money per tax liabilities. - Read more...

New Jersey Takes a Gamble on Sports Betting

New Jersey Takes a Gamble on Sports Betting »

Sports betting in the United States has become a divisive subject in recent years, partially due to the incredible revenue potential it carries. Online sports betting in the U.S. nearly tripled from 2001 to 2005, resulting in revenues upwards of $4.2 billion. The federal government has effectively outlawed sports gambling through the creation of the Professional and Amateur Sports Protection Act of 1992 (PASPA), with the only exception being for states that already had legalized gambling when PASPA was enacted (Delaware, Nevada, Montana, and Oregon). Certain states not within the exception are eager to take advantage of this cash cow to help balance their budgets. - Read more...