Should we legalize NCAA tournament pools nationwide?

[dolphins4life]

I think it might be a good idea.

Then we could tax it and make a fortune for the government during the month of March.

[Landshark]

The government will make a fortune should someone win Warren Buffet's challenge

[MyGodWearsAHoodie]

Gambling is typically regulated by the states, not the feds. 

[Landshark]

Gambling is typically regulated by the states, not the feds. 

But if someone has gambling winnings over a certain amount, the IRS will want their cut

[MyGodWearsAHoodie]

But if someone has gambling winnings over a certain amount, the IRS will want their cut

This is true --  the feds tax earnings no matter the source.

The fed, however, do not REGULATE or run gambling.

Is there a lottery in Florida?  Who runs it?  The feds or the state?  How about casinos?  Who does most of the regulating of what games are allowed, where they can be built etc. State or feds?
 

[Landshark]

This is true --  the feds tax earnings no matter the source.

The fed, however, do not REGULATE or run gambling.

Is there a lottery in Florida?  Who runs it?  The feds or the state?  How about casinos?  Who does most of the regulating of what games are allowed, where they can be built etc. State or feds? 

The Warren Buffet Billion Dollar Challenge is an online thing I belIeve.   Not sure which state would regulate it.  Maybe Warren Buffet's state of residence?  Who knows?  I don't even know if it costs to enter the challenge. If it doesn't, then technically it isn't gambling.

[Dave Gray]

Gambling should be legal, in general.  I would prefer the government not be involved in legislating vices.

[MyGodWearsAHoodie]

The Warren Buffet Billion Dollar Challenge is an online thing I belIeve.   Not sure which state would regulate it.  Maybe Warren Buffet's state of residence?  Who knows?  I don't even know if it costs to enter the challenge. If it doesn't, then technically it isn't gambling.

Professor, 

Warren Buffet's challenge is NOT gambling.  Gambling requires both that it be a game of chance AND that there be a fee charged to enter the contest.  Being there is no fee it is not gambling. 

Gambling should be legal, in general.  I would prefer the government not be involved in legislating vices.

As a national issue, gambling is in general legal (as long as you pay taxes on the winnings).  It is regulated by the states, NV is the least restrictive in what it permits.

The question posed is "should there be NATIONWIDE pools"? I stick with my response that doing so would be impractical and probably illegal.   But if a state wanted to organize something thru the state lottery commission that would work. 

[Phishfan]

As a national issue, gambling is in general legal (as long as you pay taxes on the winnings). 

This really is not true. There are a number of federal regulations/laws that pertain to illegal gambling. Why do you think the FBI has the ability to shut down Internet gambling sites?

[Fau Teixeira]

that's not true either, sports betting isn't legal federally other than in nevada .. new jersey wants to allow sports gambling and the federal government is opposing

[BigDaddyFin]

It's funny in NY we have the Lottery and the Casino but we can't have legalized gambling...  They'd do the whole country a favor by legalizing it nationally but it will never happen.

[MyGodWearsAHoodie]

It's funny in NY we have the Lottery and the Casino but we can't have legalized gambling...  They'd do the whole country a favor by legalizing it nationally but it will never happen.

That is legalized gambling.  Most, if not all, states have some form of legalized gambling.  It could be entirely state run (e.g. the state lottery), could be privately run for profit (e.g. a race track or casino) and/or it would be privately run by a non-profit (e.g. the church bingo).  In each case the winnings (over a certain amount) are tracked and taxed, and either the state gets money or a charity benefits. 

Is the suggestion here that we legalize all gaming making both the winning and the profits either non-taxable or almost impossible to track for tax purposes?  If so that would be completely dumb.

If we are talking about an NCAA pool in which is run by the state or one run by another entity but results in revenue for the state, that could be a good idea. 

[BigDaddyFin]

 

Is the suggestion here that we legalize all gaming making both the winning and the profits either non-taxable or almost impossible to track for tax purposes?  If so that would be completely dumb.

No, the suggestion was legalize all gaming so we CAN tax the living shit out of it... smh...