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Lowenhar-Fisher reportedly told the news service…“This is one of the most significant events in the evolution of sportsbetting in the United States that has happened in a long time.”Ample amount:The news service reported that the IRS now looks set to start defining these admission payments as sportsbetting wagers, which means that firms such as FanDuel Group and DraftKings Incorporated could see each entry fee subjected to a maximum 2% excise tax alongside an annual 0 charge for every person processing such transactions....

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”Litigious lifeline:However, Bloomberg reported that the IRS’ latest stance on daily fantasy sports is at odds with the 2007 ruling from the United States District Court for the District of New Jersey in the matter of Humphrey v Viacom. This court case purportedly found that such entry fees were outside the definition of a sportsbetting wager although it had focused on season-long fantasy games rather than one-off contests. During the base game, the Macau Money Spin can trigger randomly on any spin and also sees and chips exchanged instantly for cash payouts....

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”Considerable consequences:Kate Lowenhar-Fisher from the Nevada law firm of Dickinson Wright reportedly told Bloomberg that such a state of affairs could be ‘potentially business-destroying’ in some jurisdictions as it would equate to a hefty 20% tax on revenues.Malta-based software provider Nolimit City has announced yet another new online slot game....

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