Online Casino

Residents in the state of New Hampshire who like to gamble and be in with a chance of that coveted big jackpot win got an unpleasant shock last week. State lawmakers passed a new budget worth $11.5 billion to the treasury that includes amongst its fee and tax increases an additional 10% gambling tax.

Rep. Marjorie Smith, D-Durham estimates that in its initial year, the new gambling tax should raise $5.9 million for the state. That figure is then expected to increase to around $7.9 million in subsequent years.

However, the new gambling tax will not apply to the majority of winnings. It comes into its own when someone hits a big win, such as a lottery jackpot, accumulating sports bet or similar. The level at which the tax is triggered also varies depending on the type of bet and its payout, which is as follows:
  
Lottery winnings equalling or exceeding $600 will attract a 10% state Lottery Commission withholding for the new tax in addition to the 25% federal tax on $5,000 or greater winnings.

Racetrack bets where the odds equal 300:1 or higher and the profit is greater than $5,000 will now attract a 10% tax withholding.

Table games such as poker will attract the10% levy if the odds in any game are 300:1 or higher and there is a profit in excess of $30,000.

According to Department of Revenue Administration officials, the state standards that apply for the tax for gaming winnings will follow the federal requirement for completing the W-2G form.

Salem's Rockingham Park president, Ed Callahan, said that so far for this year around $39,000 in winnings meets the threshold of W-2G, although he is not sure exactly how the money will be collected. The state racing commission initially believed that it was somehow responsible for the collection the gambling tax at racetracks or charitable gambling venues. However, according to its deputy director, Sudhir Naik, this would be almost impossible to do as the racing commission doesn't have sufficient resources to send its representatives to charitable gambling venues or racetracks to oversee the events.

This new tax is meant to apply to residents of New Hampshire who also earn winnings from gambling in other states. DRA commissioner, Kevin Clougherty, said it would be the individual's responsibility to file their winnings in total with the state.