In 2017, the state of Pennsylvania passed a law that allowed the expansion of gambling activities to online platforms. It is, therefore, legal for licensed gambling facilities to run online casinos and sports betting platforms. In its first year, the state made over $1.1 billion in sports betting. With the growing popularity of PA online gambling, the industry will likely keep growing. The regulatory structure contributes to this enormous growth as it ensures that the licensed platforms can provide services to its customers. The Pennsylvania Gaming Control Boards license and regulates gambling activities in the state.
The Legal Forms of Online Gambling
PA online gambling permits punters to take part in following games, poker, mini-casinos, lottery, table slots and games, tablet gaming in specific locations such as authorized airports and video gambling terminals but only at particular truck shops. Individuals who prefer online sports betting can place their wagers on horse racing, Super Bowl, NBA, college football, NHL, Super Bowl MVP, NCAAB, Soccer, Boxing, NFL, Major League Baseball, Tennis and UFC.
Parx casino is one of the facilities that offer online gambling and sports betting that provides an excellent environment, user-friendly platforms, and great bonuses. It offers a wide selection of online games, including video slots, blackjack, roulette, and classic slots. You can also enjoy all types of bets, such as Moneyline, Spread, and Props.
Rules on Underage Gambling
The legal age for PA online gambling is 21 years old. People below the age of 21 may enjoy the thrill of placing bets; however, their actions have severe repercussions. You must produce some form of identification, such as the ID, when making gambling withdrawals to prove your age.
Besides harming the individual’s reputation and image, underage gambling also bears severe legal consequences, potential health issues like addiction, and may contribute to compulsive behavior.
You will face the risk of being arrested, paying fines, receiving a conviction with a permanent record, lifetime ban, and appearing on the exclusion list; hence you will not have a chance to enjoy gambling even after attaining the legal age. The exclusion list is PGCB’s record of banned gamblers, which includes the name and photo of the offender.
Online Gambling Taxation
Winnings and any other income from online gambling in Pennsylvania fall under taxable income. You are, therefore, required to disclose it in your tax returns. At the moment, the rate for personal income tax in the state is 3.07% for any taxable money. If you provide your social security number, the casino will withhold 25% of your winnings and 28% if you do not.
The IRS expects you to report the total amount of money you win from online gambling in form 1040. You can also deduct gambling losses; however, it must not exceed the winnings. You must also show the type of the wager, the date you placed it, credit card records, the name of the betting platform, and the amount you lost.
The state of Pennsylvania requires to report the winnings you received while outside the country or state. The state is entitled to a specific tax rate for your global earnings from interests, wages, gambling winnings, dividends, lottery winnings, capital gains, among other items.
You will only fill form W2G for not less than $1200 in winnings from a slot machine or bingo, at least 1500 from a keno game, and over $5000 from a poker tournament from PA online gambling. For tax deductions, you can request a report for your losses and wins from the online casino and sports betting platform.
The legalization of online gambling in Pennsylvania opened doors for opportunities that benefit both the Federal and state government, gambling companies, and the punters.
