The online gaming industry is booming, thanks in part to people spending more time at home during the coronavirus pandemic. Millions of people across the globe are enjoying various types of gaming, from RPGs on their gaming consoles to casino games on online casino sites. The latter of which is not only bringing people joy, but putting a little extra money in their pockets.
As this tumultuous year comes to a close and we step foot into 2021, there are several things to keep in mind if you consider gambling to be one of your hobbies.
Legalization of New Forms of Gambling
In an effort to fix budget woes, many states have started to look at things like sports betting and iGaming for new forms of revenue. For decades, gambling has been a known source of constant cash flow, but various laws and regulations have limited how much a state can benefit from it.
Now, more than ever before, regulators and executives are considering what it would mean for their states to legalize some forms of gambling. In 2021, you can expect to see changes in the regulation of online casino games, online lotteries, and sports betting. While many people consider these actions to be long overdue, it’s a move that would take a considerable amount of time. Still, with budget deficits related to the coronavirus, there has never been a greater need for new revenue streams and gambling is one with great potential.
Gambling Events in 2021
If you have an interest in gambling, regardless of how long you’ve been participating, you may want to consider attending one or more of the international events taking place in 2021. The following are some of the big events you can look forward to:
- Phil-Asian Gaming Expo: January 7, 2021 – Manila, Phillippines
- SiGMA Europe: February 16, 2021 – Malta
- IMGL 2021 Spring Conference: March 10, 2021 – Athens, Greece
- Prague Gaming Summit 2021: March 30, 2021 – Prague
- GAT Expo 2021: April 26, 2021 — Colombia
- Betting on Sports America 2021: June 8-10, 2021 – East Rutherford, New Jersey
- International Gaming Summit 2021: June 14, 2021 – Belfast, Northern Ireland
- Canadian Gaming Summit: June 15, 2021 – Toronto, Canada
- SiGMA Americas: September 13, 2021 — Sao Paulo, Brazil
- Global Gaming Expo G2E 2021: October 4-7, 2021 – Las Vegas, Nevada
Australian No Deposit Casino Bonuses
Erik King the famous casino listing expert lists the best no deposit casino bonuses in Australia at his website Zamsino. For Australians who love to gamble online, these bonuses can mean the difference between winning big and signing off empty-handed.
With more people gaming online, online casinos are going to extremes to compete with other casinos and bring in new customers. One of the most popular tools an online casino uses to stand out against its competition is the casino bonus. The most lucrative bonuses tend to be welcome bonuses offered to new players when they sign up for an account, but many casinos continue to offer promotions for players who spend money with them.
If you already have a go-to online casino, you can browse the listing to see what bonus is available for you to use. Or you can explore the bonuses available to find a deal offered by one of the many NZ casinos that gives you the head-start you’re looking for when trying to win real money online.
Taxes and Gambling
No one really likes talking about taxes, right? But every adult in America has to deal with taxes at least once a year. If you are lucky enough to win some cash, there are some things you need to know about taxes on winnings and losses from gambling.
First and foremost, you have to report all your winnings, regardless of the amount. When you fill out your tax return, all your winnings from gambling must be reported as “other income” on your Schedule 1 (Form 1040), line 8. If you win more than $600 and the payout is at least 300 times your wager, you will receive an IRS Form W-2G. You will also receive a form if you win $1,200 or more on bingo or slots, $1,500 or more on keno, and $5,000 or more in a poker tournament, but the payout doesn’t have to be 200 times the wager for these winnings.
As for your losses, those might be deductible, but there are a few catches. Unless you are a professional gambler, you need to itemize to be able to deduct gambling losses. If you consider yourself a professional gambler, you can deduct your losses as business expenses on Schedule C with no need to itemize. However, sporadic gambling activities or hobbies don’t count as a business. Also, you can’t deduct gambling losses that are more than the winnings you report on your return.