The recent US Supreme Court ruling that overturned a 1992 federal law banning sports betting has been welcomed right across the country and there’s little surprise from industry observers that the state of Delaware is first out of the blocks in serving it up. The state is home to three casinos, those of the Delaware Park, Dover Downs and Harrington Raceway and although there was already a state law in place that allowed for multigame wagering on football in those casinos, they’re now able to offer a much wider sports betting product, and they’re fast out of the traps in doing so.
In the state of Delaware you're now able to wager on masses more and over the counter at the three casinos mentioned you can place your bets on football, soccer, baseball, basketball, hockey and even boxing and golf and while things may be a little slower around this time of year as far as US sports goes, that’ll all change in September when football season begins.
The shift in attitude toward regulated sports betting in the US means that each state now has the option to offer it to residents and it won’t be too long before others jump on board. There are already moves from Pennslyvania, Mississippi and West Virginia to do the same as Delaware and of course it was New Jersey who bought the issue to the courts, arguing that the 1992 Professional and Amateur Sports Protection Act was not applicable, however where there’s money to be made you can bet that the tax man wants a slice.
Bill Smith the MD at CBIZ MHM’s National Tax Office states that, "The amount of gambling winnings, less any losses, gets tacked on to all other income you have and is taxed as ordinary income,” and we can bet that that’s not exactly what gambers were looking for. Winnings in offshore US sportsbooks are of course not taxed and it’ll be interesting to see how things pan out, and whether or not larger sports bettors will want to be paying a huge amount to the IRS, or continue as many were already doing, and getting their action online, in the many great bookies available to US sports betting fans.