Goldman Sachs: US to Legalize Online Gambling

[datek23]

Online gambling will eventually be legalized in the United States, American investment bank Goldman Sachs predicted in a note sent to investors last week.

According to the report, a legal online poker and casino market would be worth up to $12 billion, too great a benefit for lawmakers to ignore.

"We believe it is logical to assume that the US market will eventually regulate - given the potential implications for US tax take, if nothing else," the bank said.

"Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially... Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn."

The report reached its conclusions based on a "grossing up" of PartyGaming's intake relative to its nine percent of the market share. Based on that, the American poker market was found to be worth $1.5 billion in 2008.

Despite the optimistic outlook, Goldman Sachs added efforts to regulate online gambling federally, could take time, and that efforts would move faster at a state level.

It was recently reported that hearings on legislation introduced by US Congressman Barney Frank (D - MA) to overturn laws against online gambling have been delayed until at least September.

Frank introduced HR 2267 and HR 2266 as part of the push he is leading to overturn the the2006 Unlawful Internet Gambling Enforcement Act (UIGEA), which effectively banned Internet gambling by outlawing the transfer of funds from financial institutions to gambling websites.

[BrentCrude]

Goldman Sachs should know,them and the government are one in the same entity where both are the devils workshop.They should know a thing or two about gambling too since when they lose they still get bailed out by the house.When you look at all the cronies from both parties that are connected to Goldman Sachs who run the whole damn country,it makes a person feel like they should go rogue and max out their credit cards.That and to go AWOL if you are in the service.

I'm sure if Goldman Sachs says it will be legalized,you can't get a better source than that.They know that them and all the state run industries like GM need a source of income to bail them out and the fix is in where all their peeps in the government will do it for them.

[jjgold]

They just did this to try and pump up stocks

Lol fukkin crooks

[MartinBlank]

The funny thing in this financial mess is that the morons who bet on derivatives were allowed to "bet" on the equivalent of a 89 team parlay with billions of investor capital---and in some cases without investor approval---the United States gov't had NO problem with that kind of wagering but Bush et al---just HAD to sign into law UIGEA to prevent the average joe from placing a wager on a Saturday or Sunday afternoon or god forbid, play some poker.

These gov't officials are all douchebags---right, left---f' em all.

[KingRevolver]

I think they know that they eventually have to legalize it. Just like California legalizing marijuana -- it's going to happen. The money it would generate is just too much to ignore.

[j-e-t-s jets]

Wishful Thinking

I wish they would.......but makes too much sense so they probably won't.

I think creditwagering will give out their location and phone number before the US legalizes online gambling.

Odds:

creditwagering gives out location -310
US Legalizes online gambling +280

[wtf]

this is a very interesting topic

there are many forces at work

it seems like the NFL and other sporting groups do not want it

of course religious groups are against it

the money is there of course, and it is substantial

[j-e-t-s jets]

WOULD BE NICE......avoid all this BS about credit card deposits being banned, etc. Bring back Paypal- that was the best way to fund

[pico]

fvcking crooks. i want to open a betting shop also where i use tax payers dollars to cover huge ml loses.

[DwightShrute]

The NBA also would fight it. In Vancouver, the government had to remove NBA betting from the 'sports action' weekly menu, otherwise we would not have been awarded the Grizzlies expansion franchise way back when. The NBA and NFL would strongly lobby against this for the 'integrity' of the sport. Not sure how they will do but it might effect new potential franchise rather than existing ones.

NHL didn't make a fuss

[wtf]

maybe it will become like the post office

only one operator

the usa government , they are so good at running car companies, why not this?

[RageWizard]

Goldman will sack you is the government!

As a side note, they will also have a huge quarterly report this week, and spark a rally in the market. I'm taking the unusual step and buying before the report, actually I have already bought, but I will buy some more probably within the first hour of trading on Monday. After they report and get the pop, or even if they don't, you want to sell before next weekend.

[WileOut]

Goldman will sack you is the government!

[ZBOIZ]

If online gambling gets legalized it would be for the worse!!! You will see more people doing it and the books will start getting more strict, because more people will try to get over. I actually like it the way it is!!

[jellobiafra]

Not to mention taxing you on big hits. I just got a W-2G form from youbet for $1000 trifecta I hit a couple weeks back. What the fvck am I supposed to do with that? I actually am up about a grand with that company this year, but what about the losses? What if I was down a grand and hit that $1000 trifecta to even me up. Is the IRS gonna credit losses?

Those are actually serious questions if anyone can clue me in. I've never gotten one of these before.

[ZBOIZ]

If the government legalize gambling I think I will stick to the offshore books because I'm more than positive they will try to make us not use them. But I will stick to them

[pdx107]

Not to mention taxing you on big hits. I just got a W-2G form from youbet for $1000 trifecta I hit a couple weeks back. What the fvck am I supposed to do with that? I actually am up about a grand with that company this year, but what about the losses? What if I was down a grand and hit that $1000 trifecta to even me up. Is the IRS gonna credit losses?

Those are actually serious questions if anyone can clue me in. I've never gotten one of these before.

I believe as long as you have records of losses they will be credited, at least thats what I have heard living here in Nevada

[jellobiafra]

I believe as long as you have records of losses they will be credited, at least thats what I have heard living here in Nevada

So do you think if at the end of the year I have evened out at youbet, do they have an overall summary of funds they can send you for taxes? Why did they just send me a form for this one hit? I guess maybe there's a number that if you go over it triggers them to be automatically reported.



EDIT:

Never mind. I called youbet. They have a statement for yearly earnings/loss for tax purposes.

[pdx107]

So do you think if at the end of the year I have evened out at youbet, do they have an overall summary of funds they can send you for taxes? Why did they just send me a form for this one hit? I guess maybe there's a number that if you go over it triggers them to be automatically reported.



EDIT:

Never mind. I called youbet. They have a statement for yearly earnings/loss for tax purposes.

yeah same way here, if you hit like a 1000 dollar video poker hit you get a W2 or whatever form but then at the end of the year you can get a w/l statement

[bettilimbroke999]

Not to mention taxing you on big hits. I just got a W-2G form from youbet for $1000 trifecta I hit a couple weeks back. What the fvck am I supposed to do with that? I actually am up about a grand with that company this year, but what about the losses? What if I was down a grand and hit that $1000 trifecta to even me up. Is the IRS gonna credit losses?

Those are actually serious questions if anyone can clue me in. I've never gotten one of these before.

The government doesn't give a shit about your losses but your single winnings over 600 will be taxed as income unless you itemize and then your documented losses for the year can only be taken up to your winnings, never heard of getting a W-2G from online gambling though but at real tracks/casinos in US it happens all the time, as a matter of fact if you enter the WSOP Main Event and just make the money you win 20k but since you paid 10k to get in you really only won 10k but you get a W-2G for the whole 20k of which most are taxed 25-30% for approx 6k in taxes meaning you owe 6k in taxes on 10k in winnings , no doubt legalizing internet poker would negatively affect many players

[Enforcer_23]

Not to mention taxing you on big hits. I just got a W-2G form from youbet for $1000 trifecta I hit a couple weeks back. What the fvck am I supposed to do with that? I actually am up about a grand with that company this year, but what about the losses? What if I was down a grand and hit that $1000 trifecta to even me up. Is the IRS gonna credit losses?

Those are actually serious questions if anyone can clue me in. I've never gotten one of these before.

The fuk is that shit ? Since when do offshore companies hand out W-2's ? Id throw that shit out

[KingRevolver]

Great thread. We're in some interesting times, Gentlemen. Whatever happens, let's just hope it's for the better and doesn't affect us gamblers. We've taken enough shots these last few years. It's about time something went our fvcking way.

[curious]

If Goldman Sachs is pumping this it means they stand to benefit somehow.

Can anyone guess where the Cap and Trade nonsense came from?

Remember that staunch defender of the environment, Enron? Cap and Tax was originally an idea that Enron and Goldman Sachs came up with.

Where do you think Al Gore got the funding to make the 19 Inconvenient Lies movie?

Sachs wants Cap and Tax because they stand to benefit tremendously by it.

They want legalized gambling on the internet because they stand to benefit somehow.

Since they are behind it, it will happen.

If you have any doubts just look to see where the primary movers and shakers in both the Dep't of the Treasury and the Federal Reserve Bank came from for the past few decades.

[jellobiafra]

The fuk is that shit ? Since when do offshore companies hand out W-2's ? Id throw that shit out

It's a US based company. Horse racing.

[curious]

Not to mention taxing you on big hits. I just got a W-2G form from youbet for $1000 trifecta I hit a couple weeks back. What the fvck am I supposed to do with that? I actually am up about a grand with that company this year, but what about the losses? What if I was down a grand and hit that $1000 trifecta to even me up. Is the IRS gonna credit losses?

Those are actually serious questions if anyone can clue me in. I've never gotten one of these before.

Youbet is a legal US company. Online horse racing is legal as long as the book is sending the money to the track to be added to the betting pool. They get some kind of commission for doing this.

You are taxed on your winnings unless you itemize, then you can declare losses up to the amount of winnings. Youbet will send you a statement if you ask for it itemizing all your plays.

[losturmarbles]

gambling wont be legalize unless the government can get a cut of the business and a cut of the winnings.

fuk em.

and fuk anyone that says we should legalize and TAX it. shaddup you government indoctrinated morons.

it should be legal on it's own merits, of individual's freedom, not to fund government programs. oh and regulation? sure, how about government does it job and protect individuals from businesses fuking them instead of making back door deals with the companies to gain an advantage in the market.

[RageWizard]

Today Goldman Sachs (GS) up over 5% took some profit incase they sell going into earnings tommorrow, but I really think they get another 5% out of it.

About 10 times a year, whether its sports betting or stock betting, you get a practically sure thing, and you have to jump on it when they occur if you want to avoid working the glory hole down at the porno store.

[RageWizard]

So Goldman did go up an other 5% for a grand total of 10% in one week. I sold the rest before the bell Friday, and it actually looks like a good short now for another 10%, but I will wait until the bell for the opening on Monday to determine.