Refund Management Services (www.RefundManagement.com), the number-one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, weighs in on third consecutive year of record sportsbooks in Nevada, record January sportsbook handle, and the outlook for 2016.
Nevada sportsbooks set a new annual record in 2015 for the third year in a row. In 2015, Nevada sportsbook revenue came in at $231.8 million, a 2.1% increase over 2014. Handle was up 8.4% at a record $4.23 billion. The record sportsbook data comes in spite of poor Super Bowl winnings. (Source: “Gaming Revenue Report,” Nevada Gaming Control Board, January 29, 2016; http://gaming.nv.gov/modules/showdocument.aspx?documentid=10810.)
“The strong sportsbook momentum has carried into 2016. In January, Nevada sportsbooks set a monthly record for the amount of wagers taken on sports betting with a handle of $448.2 million, generating a win of $19.63 million,” says Brooke Sacks, vice president of marketing & business development at Refund Management Services. “The January record was fuelled in part by record basketball wagering.” (Source: “Gaming Revenue Report,” Nevada Gaming Control Board, February 29, 2016; http://gaming.nv.gov/modules/showdocument.aspx?documentid=10900.)
While the numbers for February are not yet in, the Super Bowl set a record handle of $132.5 million in Nevada. And March is an important month for Nevada sportsbook with the NCAA tournament—better known as March Madness—taking place. (Source: “Super Bowl 50 Wagering,” Nevada Gaming Control Board, February 8, 2016; http://gaming.nv.gov/modules/showdocument.aspx?documentid=10849.)
Sacks observes that non-U.S. residents who visit Nevada and bet on sporting events need to be aware that their winnings could be subject to a 30% withholding tax by the Internal Revenue Service (IRS). This is because the IRS considers sportsbook winnings to be income. However, those who win a substantial amount of money—typically over $1,200—and reside in a country like Canada, which has signed a U.S. tax treaty, may be eligible for a refund. Residents of the following countries, which do not have a U.S. tax treaty, could still be eligible for a refund: Australia, Bahrain, Barbados, Brazil, China, India, Indonesia, Israel, Kuwait, Mexico, Malaysia, Monaco, New Zealand, Norway, Saudi Arabia, Singapore, South Korea, Switzerland, Taiwan, Thailand, and the U.A.E.
“Fortunately, there is a way for eligible non-U.S. residents to reclaim a portion or all of their 30% withholding tax,” Sacks concludes. “Refund Management Services has successfully completed the most U.S. gaming tax refunds for Canadians and other non-U.S. residents and has never been refused an eligible refund.”
Founded and owned by a Canadian Chartered Accountant, Refund Management Services (RMS) is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, RMS helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to three years after their winnings have been withheld. With the expertise in gaming-related tax laws, RMS understands all the IRS requirements to ensure that any entitled refund is successfully recovered and only gets paid for successful gambling tax refunds. RMS is a member of the Better Business Bureau and the Las Vegas Chamber of Commerce. More information can be found at www.RefundManagement.com.