News & Press: Industry Related

Internet Gambling, Cryptocurrency and IRS Enforcement

Thursday, February 15, 2018  
Posted by: Michelle Eckert
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Internet Gambling, Cryptocurrency and IRS Enforcement

“The U.S. Internal Revenue Service, fresh off its success in uncovering U.S. assets hidden in Swiss banks, has assigned elite criminal agents to investigate whether Bitcoin and other cryptocurrencies are being used to cheat the taxman.” Bloomberg, 02/08/2018

 

Could Internet Gambling Sites be one of their targets?

There are numerous on-line interactive casinos that accept cryptocurrency as a medium of funding player accounts. The use of cryptocurrency presents a new enforcement challenge in jurisdictions that seeks to limit or control on-line gambling. One of the big challenges for on-line gambling companies is enabling players to move funds in and out of accounts. For the most part on-line gambling is illegal in the United States, (Unlawful Internet Gambling Enforcement Act “UIGEA”). The challenge for enforcement agencies, including taxing authorities that cryptocurrency presents is that users of cryptocurrency can move cryptocurrency freely outside the banking system and do so in relative anonymity. Sports gambling sites are likely to be the biggest beneficiaries of this alt currency. Click here to read more.


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