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#21
01-24-2007, 06:35 PM
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Re: How much Tax Revenue if it was legal?
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] [ QUOTE ] So Europeans could play on our platform, but we could not play on a European platform? Will the UK not be outraged? [/ QUOTE ] How outraged are they now? The US does not want US citizens playing on line to such an extent they are arresting Citizens of other countries and subpeoning records of foriegn companies. If the US allowed US companies to have online casinos that are regulated by the US I think you would find most Americans would be more than happy to play on US sites only. [/ QUOTE ] Again, this would not be necessary. Any site run in the US would undoubtedly be open to all countries. [/ QUOTE ] Perhaps I worded that wrong and should have said that Americans would be more than happy to be restricted to playing on US regulated sites. [/ QUOTE ] I wouldn't necessarily be happy. Euro's are plenty good dontators. [/ QUOTE ] In general most would accept it over nothing. Sure I would like to play other sites but the way it is looking who knows what is gong to happen. I would take the inch and beg for the mile later. 
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#22
01-24-2007, 06:41 PM
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Re: How much Tax Revenue if it was legal?
Casinos in Michigan are charged either 8.5% or 18% (depending on certain circumstances) of their GROSS TOTAL INCOME. I'm sure someone could easily dig up Party's gross income last year, and multiply that out.
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#23
01-24-2007, 07:15 PM
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Re: How much Tax Revenue if it was legal?
I was screwing around with excel. And even if they came up with a tax% on the rake only...... At a 4% tax on an avg rake of $1.00 for 5 billion hands comes to approx. $222,000,000.00...
Now of course it would probably come down to a % of the pot. Since more hands are played at smaller stakes the higher stakes.... If the avg pot over 5 billion hands was $3.00 Tax at 1% would be $166,000,000.00, 3% $500,000,000.00 There is definitely money to be made... And this is for ring game play only......
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#24
01-24-2007, 07:18 PM
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Re: How much Tax Revenue if it was legal?
[ QUOTE ]
I was screwing around with excel. And even if they came up with a tax% on the rake only...... At a 4% tax on an avg rake of $1.00 for 5 billion hands comes to approx. $222,000,000.00... Now of course it would probably come down to a % of the pot. Since more hands are played at smaller stakes the higher stakes.... If the avg pot over 5 billion hands was $3.00 Tax at 1% would be $166,000,000.00, 3% $500,000,000.00 There is definitely money to be made... And this is for ring game play only...... [/ QUOTE ] Would the whole rake be taxed when a large portion is paid back to affiliates. Just wondering. I have no clue about taxes.
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#25
01-24-2007, 07:35 PM
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Re: How much Tax Revenue if it was legal?
Who knows, but ir was just to throw out some numbers based off of est. hands played... As you can see there is a tone of money to be made... It's not a trillion, but it surely is no drop in the bucket....
I think also the number could be much higher if the site were American owned. I think there would be more consumer confidence thus higher revenue...
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#26
01-24-2007, 07:43 PM
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Re: How much Tax Revenue if it was legal?
Well couldn't the government set up some kind of e-wallet themselves? Like someone said above it would be impossible to tax multi-national tournaments and ring games. So why don't they set up an e-wallet that US players MUST use and just tax them as the withdraw their winnings to their bank account. That makes the most sense to me.
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#27
01-24-2007, 07:50 PM
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Re: How much Tax Revenue if it was legal?
[ QUOTE ]
I was screwing around with excel. And even if they came up with a tax% on the rake only...... At a 4% tax on an avg rake of $1.00 for 5 billion hands comes to approx. $222,000,000.00... Now of course it would probably come down to a % of the pot. Since more hands are played at smaller stakes the higher stakes.... If the avg pot over 5 billion hands was $3.00 Tax at 1% would be $166,000,000.00, 3% $500,000,000.00 There is definitely money to be made... And this is for ring game play only...... [/ QUOTE ] I did a quick calc on this as follows: For every 1 billion hands dealt (cash hands only), at $1 per hand in rake (most hands will be $1 or less I would figure), less 30% back to the customer in rakeback and taxed at a standard 7%, $49 million in taxes would be generated. ((1 billion * $1) * 70%) * 7% = $49 million
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#29
01-24-2007, 07:57 PM
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Re: How much Tax Revenue if it was legal?
[ QUOTE ]
tax them as the withdraw their winnings to their bank account. [/ QUOTE ] Because they're taxing the rake that the sites are making money on, not the players. Players are ALREADY supposed to pay taxes on winnings.
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#30
01-24-2007, 08:15 PM
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Re: How much Tax Revenue if it was legal?
[ QUOTE ]
[ QUOTE ] tax them as the withdraw their winnings to their bank account. [/ QUOTE ] Because they're taxing the rake that the sites are making money on, not the players. Players are ALREADY supposed to pay taxes on winnings. [/ QUOTE ] Additionally, if you were inferring that the government would tax the players winnings when the money is withdrawn, rather than the player claiming their winnings on their taxes, this would create a big mess. Players would then have to make the equivelant of an adjusted general journey entry in their tax returns to account for all the losses that occured (these are tax deductible of course). But that would just be dumb...
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