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The hallmark of gambling regulation in the United States is the licensing of those persons who operate or profit from gambling.   The aim is to avoid the hidden owners, disguised interests and unsuitable persons that long ago dominated Las Vegas casinos.  State gambling laws generally require the investigation and licensing of any person involved in the ownership or operation of gambling, or who has a direct or indirect interest in the profits and losses from gambling. A licensing decision includes a determination of whether the…

The Supreme Court has asked the United States Solicitor General to weigh in on New Jersey’s challenge to the federal restrictions on state authorized sports wagering. The Court has not decided whether to hear the case, but its request to the Solicitor General is interesting in at least two respects. First, the Court did not reject New Jersey’s appeal out of hand.  Asking the Solicitor General for a brief signals that the justices view the issues as important, novel or one where the state of…

In a draft circular, Israel has announced that it will tax digital currencies like Bitcoin as assets instead of currency.  This follows a similar decision in the U.S.  Any profit from the sales of Bitcoin would be taxed.  This means that a taxpayer could pay tax on the sale of the product or service that results in acquiring the Bitcoin, and again on any gain from selling the Bitcoin.  https://taxes.gov.il/english/Pages/HomePageENG.aspx