Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, reacts to a study showing the U.S. casino market will touch $93 billion by 2020. All amounts are quoted in U.S. dollars.
According to a recent report, the U.S. casino market is forecast to reach $93 billion (CAD$127.7 billion) by 2020, an increase at a compound annual growth rate (CAGR) of around 5%. In addition to including commercial casinos and the tribal gaming industry, this estimate also includes regulated online casino gaming. (Source: “Casino Gaming Market in the US Predicted to Reach USD 93 Billion in Revenues by 2020,” Business Wire, January 22, 2016; http://www.businesswire.com/news/home/20160122005011/en/Casino-Gaming-Market-Predicted-Reach-USD-93.)
“The solid revenue growth projections for U.S. casinos over the next few years is an encouraging sign that the tourism industry has recovered since the end of the economic recession,” says Brooke Sacks, vice president of marketing & business development, at Refund Management Services. “More and more casinos are adopting ways to increase their customer base to expand their businesses. Some casinos take the Canadian dollar at par while others collaborate with luxury hotels and offer entertainment options to attract potential customers.”
Sacks goes on to explain that non-Americans who visit the U.S. and gamble could have their winnings subject to a 30% withholding tax. That’s because the Internal Revenue Service (IRS) considers winnings from gambling to be income. But that money doesn’t need to stay in the U.S. Those who live in a country like Canada, which has signed a U.S. tax treaty, may be eligible for a refund.
Some of the countries that do not have a U.S. tax treaty, but may still be eligible for a refund include: 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. However, based on a recent court case, winners from these countries may qualify for a refund if they meet certain criteria.
“As Canada’s most reliable and experienced casino, gaming, betting, and pari-mutuel tax refund providers, Refund Management Services can help non-U.S. residents recoup some or all of their winnings withheld by the IRS,” Sacks adds. “The chartered accountants at RMS have successfully completed the most U.S. gaming tax refunds for Canadians and other non-U.S. residents. And have 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 Certified acceptance agents,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. RMS 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.