IRS Slot Win Tax Threshold Increase Recommended By Service

February 20, 2024

U.S. Congresswoman Dina Titus (D-Nevada) has been attempting to get the slot winnings tax threshold raised since 2015.

This week, her efforts received a boost, as the Internal Revenue Service’s Advisory Council has come out in recommendation of the move.

Titus and 24 other congressional members want the tax threshold for slot winners raised to $5,000 from $1,200.

The last time the level changed was in 1977. At that time, gambling in the U.S. was only legal in Nevada casinos.

Today, the IRS Advisory Council recommends changing the threshold to $5,800 in order to account fully for inflation.

Titus and the other backers of the change say that not only will this save winning gamblers tax payments, but casinos will save on bureaucracy.

Currently, any win of more than $1,200 results in the shutdown of a machine for anywhere up to an hour while an attendant is called and the appropriate forms are submitted for tax purposes.

Specifically in the booming Las Vegas market, wins o more than that amount are a regular daily occurrence on casino floors.

Bipartisan Backing

The policy change is backed by a group of cross-party politicians in Washington called the Congressional Gaming Caucus.

Titus is a cochair of the group, alongside Representative Guy Reschenthaler (R-Pennsylvania).

The 24-member group signed an open letter to IRS Commissioner Danny Werfel this week, asking it to take up its internal panel’s recommendations.

“We urge you to follow the IRSAC’s recommendation and exercise your authority to raise the threshold for slot machine jackpot winnings to $5,000, and to consider periodic increases to the threshold based on inflation,” the letter said.

“Taking this action will align with the IRS initiative to strategically use data to improve tax administration and modernize tax reporting for our constituents.”  

The American Gaming Association also came out in support of the IRS Council’s decision.

“The antiquated slot tax threshold creates unnecessary burdens for consumers, casino operators, and the IRS,” American Gaming Association (AGA) President and CEO Bill Miller said.

“The AGA commends Representatives Reschenthaler and Titus and other Congressional leaders for their dedicated efforts to modernize this long-outdated policy.”

Related: Codename Jackpot slot, reviewed and rated

IRS’ Decision

Previously, Titus and Reschenthaler have tried to push a bill through Congress on this matter.

Titled the SLOT Act, it failed to gain much interest from other lawmakers in the nation’s Capitol, and didn’t pass the House committee stage.

The AGA also tried to unsuccessfully enlist Donald Trump on the issue in 2020, during the then-President’s rescinding of many pandemic restrictions.

None of that will matter if IRS Commissioner Werfel now decides to implement the change anyway.

Although it is an official part of the IRS, the Advisory Committee is just that – advisory.

It was established to encourage discussion and better tax policy via talks between stakeholders, including lawmakers, taxpayers, and the agency itself.

The council suggested that this particular piece of the tax code could be updated in line with inflation every few years to avoid a 45-year lag between the threshold and the rate of rising prices.

Titus is hopeful Werfel will take up the recommendation, as she believes he was previously waiting to see if the situation would change through legislation.

“I feel like having the bill out there has been part of the reason he hasn’t made the change. But now, the commission has encouraged him to,” she said.

Roulete Betting Strategies Explained – How to Win at Roulet?e

Roulette is a game of chance.

It is played by dropping a ball onto a spinning wheel, which rotates rapidly.

Players may bet on numbers or colors, or both, the odds of winning are not statistically better than if they choose their own numbers.

The game originated in the 18th century France.

Roulette is a game of chance. It is one of the most popular games played in casinos all around the world.

It is believed that roulette was invented in 18th-century France, by Blaise Pascal, a French mathematician and physicist. He envisioned it as an experiment to solve gambling problems at his father’s gaming house.

The game consists of spinning a small ball around on the edge of a table, which leads to its eventual fall into one of 37 or 38 (depending on where you play) numbered slots on the table surface. As it falls, the player bets on whether or not they think it will land in one of these slots (or if they will tie).

The post Roulete Betting Strategies Explained – How to Win at Roulet?e appeared first on General Roulette Blog.

Katsubet Casino Review 2024 | Bonuses, Win Rate & Games

Win Rate: 96%

Payout Time: Instant for crypto and e-wallet, up to 5 working days for bank

Payment methods: Visa, Mastercard, Maestro, Paysafecard, MiFinity, MuchBetter, AstroPay, Skrill, Neteller, Neosurf, Cryptocurrencies (BTC, BCH, LTC, ETH, XRP, DOGE, USDT, ADA, TRX)

Minimum Deposit: Visa, Mastercard, Maestro – $1; MiFinity, Neosurf, AstroPay, Skrill, Neteller – $20; MuchBetter, Paysafecard – $10; Cryptocurrencies – Varies

Number of games: 7,000+

Bonuses: Up to $6,000 + 200 Free Spins Or Up to 5 BTC + 200 Free Spins

Wagering requirements: 35x

  • Gigantic game library with 7,000+ games
  • Welcome bonuses, regular promos, and a VIP program
  • Cryptocurrencies are supported
  • Fully secured and licensed casino
  • Compatible with mobile devices
  • Fee applicable on some banking options
  • Live chat is not quite good

Katsubet is a premium online gambling platform that was launched in 2020. The casino operates with a valid gambling license and ensures a safe and fair virtual gambling experience for their players. Additionally, I was very impressed with Katsubet Casino’s game catalog, the bonuses I was offered, and the instant banking options available. I signed up at the casino through the quick registration process and started exploring the site. I first visited the games section, and the number available there was mind-boggling. I could choose from over 7,000 premium games, which were divided between slots, live games, table games, jackpots, and every other type of casino game you can think of. The casino also brought new and hot games for me to check out, providing unlimited entertainment opportunities.

I also loved how diverse the banking section of Katsubet Casino was. I could make payments in cryptocurrencies or use conventional banking options to pay with fiat. There were some amazing bonuses as well at Katsubet Casino, which I could claim starting with my first deposit. I had some concerns regarding Katsubet’s support system, as it was a bit slow. On the other hand, the security features were good, and I had no concerns regarding the legitimacy of the casino. In this Katsubet Casino review, I will conduct an in-depth analysis of their features and share my thoughts.

Games: 9.9/10

“Diverse” does not do justice when describing Katsubet’s game catalog. I consider their game library a portal to unlimited entertainment where you can play thousands of games across all niches. Katsubet offers more than 7,000 games and this number is constantly increasing. The casino keeps on adding new and improved titles as they come out, making sure their players have access to the best in the gambling industry. Katsubet has slots, table games, card games, jackpots, live dealer games, instant games, themed games, and much more. There are separate sections for new and hot games as well, which I think are great places for newbies to start with. If you are a high-profile gambler, I also recommend checking out the tournaments section and competing with others to win exciting rewards and prizes.

I also liked the beginner-friendly vibe of Katsubet and their easy-to-navigate interface. Different types of games had their own dedicated sections which I could visit and explore. Katsubet also provided me with advanced search options, making things even easier. I could use the search bar and fetch any game I liked by entering a keyword or the game title. There was also a complete list of game studios, allowing me to select any of the names and have their games displayed. The most interesting thing was that all of the game studios available on that list were top-of-the-line. Microgaming, Play’N Go, Betsoft Gaming, and ELK are some of my favorites and there were many more in the list.

At this point, I had a pretty good idea of what type of gaming experience I was going to get at Katsubet. The games I played proved me right with the overall performance I got to experience. Most of the titles at Katsubet Casino offered the option to play them in demo mode or real mode. Selecting a game would lead to a dedicated page for that game, where I was also provided with the choice to enter fullscreen mode or mark that game as a favorite. The games did not take long to load, indicating they were optimized even for old laptops like mine. With the in-game interface, I could easily place bets, edit the bet amount, set up automatic betting, and change the game settings. Most games also had guides, info, and pay tables, allowing players to understand how the game was played.

Most importantly, I had a smooth, flawless, and lag-free casino gaming experience at Katsubet Casino. There was no stuttering, and the games were always responsive to my commands. Even with a slow internet connection, I never had a problem playing at Katsubet Casino. The graphics of the games were top-notch as well. The theme selection was great, the visuals were engaging, and the animations were highly detailed. I also came across some live games at Katsubet Casino, which supported up to 4K streaming. I joined several live rooms where different casino games were played. I could interact with the live agents, chat with other players, and place my bets on-stream.

Bonuses: 9.9/10

When it comes to bonuses, Katsubet Casino is a haven for all types of players. The casino offers a wide range of bonuses and deals, which also include a welcome bonus and a VIP program for continued bonuses. In my case, I started my journey at Katsubet Casino with their welcome promo and was really happy with what I was offered. In fact, there were two different choices I could go with when claiming the welcome bonus. I could either claim it by depositing crypto and get up to 5 BTC or make deposits through fiat to claim a bonus of up to $6,000. There were free spins as well in both cases; however, I was required to make multiple deposits in order to claim the entire amount. To understand the whole welcome bonus at Katsubet Casino better, you can take a look below:

  • First deposit – 100% up to 1.5 BTC + 100 Free Spins
  • Second deposit – 75% up to 1.25 BTC + 100 Free Spins
  • Third deposit – 50% up to 1.25 BTC
  • Fourth deposit – 100% up to 1 BTC
  • First deposit – 100% up to $400 + 100 Free Spins
  • Second deposit – 75% up to $600 + 100 Free Spins
  • Third deposit – 50% up to $1,000
  • Fourth deposit – 100% up to $4,000

I liked the welcome bonus with crypto more and decided to go with this particular option. Additionally, there were a few terms and conditions regarding the bonus which I had to keep in mind. First off, there was a minimum deposit requirement of $20 when claiming the bonus through fiat and 0.00072 BTC (around $30), when using crypto. The bonus and the free spins had wagering requirements of 35 times, which I had to complete in order to be able to withdraw my winnings from the bonus. Also, the free spins were only available on specified games, and the max cashout was capped at $100 for them. However, there was no cap on winnings from the bonus amount, so I could withdraw as much as I won. Lastly, I was given 14 days to complete the wagering requirements, or the bonus would be considered void and taken out of my account.

I also found exciting ongoing promos for regular players at Katsubet Casino. There were new game deals where I could try the latest titles and get free spins to enjoy. There were day-specific bonuses, including reload bonus, cash back bonus, loot boxes, and more. There was a weekend deal as well, along with a birthday surprise, daily cashback of up to 10%, and much more. Katsubet Casino also has a VIP program consisting of eight different levels. Each level comes with better perks like increased withdrawal limits, a personal VIP host, a better points-exchange rate, exclusive rewards, and more.

Deposits and Withdrawals: 8/10

I was mostly satisfied with how my banking experience turned out at Katsubet Casino, but there were a few things that I would love to see fixed. If I first talk about the positives, Katsubet Casino supports cryptocurrencies and several fiat currencies like AUD, USD, NZD, JPY, and more. I could switch between any of those through the banking section and get the available banking options associated with those currencies. For the part that matters to me the most, there were many safe, secure, and fast banking options that I could use at the casino. Those options included payments through credit and debit cards, e-wallets, payment vouchers, and direct crypto payments.

On the other hand, some popular banking options were only available for a certain currency only. For instance, I could only make deposits via credit and debit cards if I had selected NZD as my primary currency. Likewise, some popular e-wallet options like Neteller were only available with USD. Katsubet Casino also charges a certain fee on some banking options, which, again, can be a turn-off for many players. Keeping all these factors in mind, I decided to deposit from my crypto wallet, claim the welcome bonus, and start playing. You can take a look below to find out the complete range of banking options available at Katsubet Casino.

Deposits

  • Visa (Min. $1 – $4,000) – 2.5% Fee
  • Mastercard (Min. $1 – $4,000) – 2.5% Fee
  • Maestro (Min. $1 – $4,000) – 2.5% Fee
  • Paysafecard (Min. $10 – $4,000)
  • MiFinity (Min. $20 – $1,000)
  • MuchBetter (Min. $10 – $4,000)
  • AstroPay (Min. $20 – $500)
  • Skrill (Min. $20 – $4,000)
  • Neteller (Min. $20 – $4,000)
  • Neosurf (Min. $20 – $6,000)
  • Cryptocurrencies – BTC, BCH, LTC, ETH, XRP, DOGE, USDT, ADA, TRX (Limit varies)

The availability of banking options depends on what currency you select from the cashier section. All deposits are processed instantly.

Withdrawals

  • Visa (Min. $20 – $4,000)
  • Mastercard (Min. $20 – $4,000)
  • Maestro (Min. $20 – $4,000)
  • Bank Transfer (Min. $200 – $4,000)
  • Virtual Card Transfer (Min. $20 – $4,000)
  • E-Wallets – Availability Varies (Min. $20 – $4,000)
  • Cryptocurrencies – BTC, BCH, LTC, ETH, XRP, DOGE, USDT, ADA, TRX (Limit varies)

All withdrawals except bank transfers are processed instantly; bank transfers may take up to 5 days to process. Moreover, I was required to verify my identity at Katsubet Casino before I could receive my first withdrawal. After the verification process, I requested multiple withdrawals, and they were all processed immediately.

Mobile Gaming: 9.5/10  

Katsubet Casino promises their players a smooth and full-fledged casino gaming experience on their mobile devices as well. For that, the casino brings their mobile-optimized and responsive website that works with all portable devices. I went even further and tried finding any official and dedicated mobile apps of Katsubet Casino, but they were of no use. The only option was to stick with the mobile-optimized website and see how well it works. I opened the Chrome browser on my mobile and entered the URL of Katsubet Casino, and the site appeared instantly. The homepage boasted the welcome bonus on top, and upon scrolling, I came across some of the games Katsubet Casino had. I could log in to my existing account, create a new one, and get started just as I would on my laptop. Once I logged in, I was also given full access to my account features. I could make deposit withdrawals, change account settings, check out bonuses, and, of course, play any game I wanted.

To play the games, I visited the games section, and the entire library of Katsubet Casino appeared in front of me. I could either visit the dedicated sections, filter the library, or search for any particular title. Even on my mobile, I had the option to play games in demo mode. I could also go fullscreen and have a relatively better viewing and in-game navigating experience. The games loaded as quickly as they did on my laptop; I could easily place bets through the provided interface and have long gaming sessions. There were no lag or freezing issues, which are quite common in mobile gaming. The games were visually top-notch as well; the graphics seemed realistic and high-definition, and it did not feel like there was any change in my casino gaming experience.

Customer Support: 6/10  

Honestly, I was expecting better from Katsubet Casino in their support department, but I was left disappointed. At first, I was quite happy to see that the casino has several ways of communication for their users. I could get in touch with them through live chat support or email support and have my questions answered. However, the live chat support was completely automated, and I had to deal with an AI bot. Even after trying several times, I could not get it to understand that I wanted to talk to a real agent, and it would continually refer me to the official email address of the casino. I could only conclude that there were no live agents at Katsubet Casino, and the email was the only way to get an official response. However, the bot did have some pre-made templates and automated info that I could fetch. However, it was not useful for complex situations or particular questions.

That is when I tried sending an email to the casino’s email address. While I received a professional and detailed response, I had to wait a few hours before my problem could be resolved. Besides that, Katsubet Casino also has help pages like FAQs, terms and conditions, and privacy policies to check out. I took a look at these and found a lot of info that helped me understand the casino better.

Security and Licensing: 9.7/10  

Even before I signed up at Katsubet Casino, I verified their licensing details and was satisfied with all the information I was provided. The first green flag was that the casino was owned and operated by one of the largest gambling groups on the internet, Dama N.V. It is a company based in Curacao, with a valid registration number and registered address, and adheres to all gambling laws and regulations. Most importantly, Dama N.V. has obtained a valid gambling license from Antillephone N.V., which was authorized by the government of Curacao. I have also attached the official licensing certificate given to Dama N.V., which mentions the registered website, Katsubet Casino, in this case, the license number, contact details, and the validity status.

Katsubet Casino also utilizes state-of-the-art security features and creates a safe gambling environment. They have enforced SSL encryption on the entire site, which is helpful in safeguarding the private info at the casino. I was also provided with features like two-factor authorization, session history, transaction history, game tracking, and preferences set up to be updated with all account activity. With the identity verification system in place, Katsubet Casino also ensures no fraudulent activity takes place.

Verdict

Katsubet is one of the best online casinos available. They have an aspect or two where they can improve, but for the most part, I was really happy with my overall experience at the casino. I had access to over 7,000 casino games across every popular casino gaming category. The games were compatible with mobile devices, and I got the same smooth, flawless, and visually pleasing gaming experience. I also loved the wide range of regular bonuses, welcome promo, the VIP program and the tournaments, which spiced things up for me.

The banking options were pretty good, but they could get rid of the fee and increase the payment methods for some fiat currencies. Also, customer support can be improved by adding live agents to their live chat support. Besides that, the security was good, the casino was licensed, and there was nothing hidden from the public. I recommend checking out Katsubet Casino and experiencing their diverse range of services yourself.

Frequently Asked Questions

Yes, Katsubet Casino is a safe and secure gambling platform that has been in business since 2020. The casino also has a valid gambling license from Curacao Gaming and has state-of-the-art security features.

What banking options are available at Katsubet Casino?

Katsubet Casino offers a wide range of banking options, including cryptocurrencies, credit cards, debit cards, e-wallets, and payment vouchers.

How long does it take to withdraw money at Katsubet Casino?

Crypto and e-wallet withdrawals are processed immediately at Katsubet Casino. However, it may take up to 5 business days for bank withdrawals to process.