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ATLANTIC CITY, N.J. -- As sports betting has swept across the country with states, casinos and consumers eagerly embracing a new gambling market, internet casino games have grown much more slowly.
Currently, New Hampshire imposes one of the highest gambling taxes in the United States, setting the bar at 10% on all gambling earnings. Further, the IRS requires the state to withhold a 24% federal gambling tax on winnings over a specific bracket.
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Online casinos primarily offer the same games you can find in a physical casino. You can play against the computer or other visitors in poker, blackjack, and roulette. Their primary source of income, however, is online slots. Slot machines come in all shapes and sizes, from the classic three-reel device to more complex video slots and progressive jackpot games. Both things have one thing in common - you don't need to be a math genius to understand them! They're easy and enjoyable for anyone. With online slots, players aren't required to memorize any elaborate strategies as they would for poker or blackjack. Instead, a few spins should be all it takes to get the hang of it. One of the reasons online casinos are so popular among players is because they generate a large chunk of revenue for these businesses.
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"This structure, and this disconnect, poses complications for both the regulator and the licensee themselves, and it also presents consumer protection concerns for the public," Wells said.