Refund Management Services (www.RefundManagement.com), the number one choice for U.S. gaming and casino tax refunds, is reminding Canadians and non-U.S. residents who travelled to Las Vegas this month for the Mayweather-Pacquiao match that any gambling winnings from the fight are subject to a 30% withholding tax by the IRS.
“Las Vegas is already a popular travel destination for Canadian and non-U.S. gamblers and the weekend of the Mayweather-Pacquiao fight was no exception,” says Brooke Sacks, vice president of marketing and business development at Refund Management Services (RMS). “Official numbers are still trickling in, but betting on the fight was expected to breach $100 million; that number is significantly higher than any other amount ever wagered on a previous boxing match.”
Before the recent Mayweather-Pacquiao bout, the biggest fight in terms of betting was the 2013 matchup between Mayweather and Canelo, with $25.0 million wagered on it. The $100 million estimate for the latest Mayweather fight is also just a little less than what is bet on the Super Bowl. (Source: Glionna, J.K., “Manny Pacquiao-Floyd Mayweather bout has Vegas on full-tilt overload,” Los Angeles Times web site, May 2, 2015; www.latimes.com/sports/la-sp-vegas-mayweather-pacquiao-20150502-story.html.)
Gamblers bet on much more than who they thought would win the fight. Casinos accepted bets on whether the fight would end by the judges’ decision or by a knockout, how many rounds the fight would go on for, and whether a fighter would get knocked down by their opponent. Some bets even combined the fight with the Kentucky Derby, wagering on whether the finishing position of American Pharoah (the favoured horse) would be higher or lower than the number of rounds in the Mayweather fight. (Source: Lobosco, K., “Betting ‘unprecedented’ on Mayweather-Pacquiao fight,” CNN web site, May 1, 2015; http://money.cnn.com/2015/05/01/news/mayweather-vs-pacquiao-fight-money/.)
“While the fight was at the MGM Grand and was viewed by millions of people, Nevada is the only place in the U.S. where you could legally bet on the fight,” Sacks adds. “In the U.S., winnings over $1,200 are considered taxable income. Canadians and non-U.S. residents who were in Las Vegas and wagered a bet on the fight and saw big winnings were subject to a 30% withholding tax by the IRS. Luckily, this taxed amount may be recovered.”
“As Canada’s most reliable and experienced gaming, casino, and pari-mutuel tax refund providers, Refund Management Services can help Canadians and other non-U.S. residents recoup some or all of their withheld winnings,” concludes Sacks.
Founded and owned by a Canadian Chartered Accountant, Refund Management Services is the most reputable casino and gaming tax recovery service in the industry. The only tax recovery firm with the One Simple StepTM process, their agents will take care of the rest. To find out more about how RMS can help with U.S. gambling tax recovery and One Simple StepTM, visit http://www.RefundManagement.com.