USA to overturn online gambling Ban = US Citizens able to Spreadbet ?

[spinola]

Hey all, heard on the radio , last week I think, that the US Government are in the process of overturning the online gambling ban in the US, so will this enable or open up the door for US citizens to be able to have a punt, using British Spreadbet firms, or develop their own ones ?


Good for money flow into the biz, looking ahead though , anyone got any more insight or views on this , time wise, I think, will be a few months yet ?

Cheers !

 

[timaru69]

Hey all, heard on the radio , last week I think, that the US Government are in the process of overturning the online gambling ban in the US, so will this enable or open up the door for US citizens to be able to have a punt, using British Spreadbet firms, or develop their own ones ?


Good for money flow into the biz, looking ahead though , anyone got any more insight or views on this , time wise, I think, will be a few months yet ?

Cheers !

Go Long Spreadbetting firms?

Every American I talk to seems to think Spreadbetting is "great" I would have thought "no tax" wouldn't apply to US citizens though ?

 

[spinola]

Yeah will be good to invest / position for the online gambling companies I expect, and I'm thinking it might be good for the end users if we have US firms competing on this front too. But I'm not sure how their tax laws stand as regards to any winnings etc.

Are Americans exempt from tax on bets at the moment ?

 

[ha0dho]

Could you spreadbet in the US before the orginal ban?

Im not sure u could

At the time of the ban I was into playing poker I think the ban made it so that americans had to play online poker on a US poker site Im not 100% sure.

 

[spinola]

Well I think it might open up UK spreadbet firms to US residents when the law is reversed, so that may mean more volume / cash for UK firms being able to offer bets to US punters, but might be good if this gives the green light for US firms to start offering the spreadbet options, if they could in the future.

Bit more competition possibly entering the market.


Umm, er, yeah still not sure if US customers could spreadbet using UK based bookies before ban etc..

Need a US based member to shed some light on it perhaps....

 

[wackypete2]

Umm, er, yeah still not sure if US customers could spreadbet using UK based bookies before ban etc..

No. Currently spreadbetting and CFD's are illegal in the US and also illegal for a US citizen to trade them with foreign firms.

Gambling winnings ARE taxed in the US as regular income. If online gambline/spreadbetting/CFD's become legal then winnings will be taxed. You can offset winnings with losses up to a certain amount. Thats the only reason why there is talk about legalizing all this...to collect taxes on it.

My personal opinion is it will be a very long time before any of that is legal here. Even though there is talk of it there isn't enough support in both the House and Senate yet to even get a bill debated on the floor.

Peter

ADDED: Some states are considering allowing brick and mortar casinos to open online gambling on a limited basis. I don't know how that will fly with the Federal gov't though.

 

[spinola]

Ok cheers for the insight pete !