Refund Management Services (www.RefundManagement.com), the number one choice for Canada’s biggest winners for U.S. gaming and casino tax refunds, comments on the record $71.1 billion generated by the U.S. gaming industry. Refund Management Services also reveals what non-U.S. residents can do to reclaim a portion or all of their gaming winnings withheld by the Internal Revenue Service.
According to a recent report, in 2015, the U.S. gaming industry, which includes, commercial, tribal, iGaming, and limited stakes gaming, generated a record $71.1 billion, growing at an annual rate of 3.1%. This represents the sixth consecutive year of growth and the first time the gaming industry has exceeded $70.0 billion in annual gaming revenue. (Source: “Gaming Statistics ’16,” rubinbrown.com study, March 3, 2016; http://www.rubinbrown.com/Gaming_Stats.pdf.)
Specifically, Nevada is the country’s biggest gambling destination, taking in $11.1 billion, or 15.6% of all gaming revenue. At $3.17 billion, Pennsylvania is the second largest state for gaming, followed by Louisiana ($2.65 billion), and New Jersey ($2.4 billion). Indiana rounds out the five biggest states for gambling in 2015 at $2.15 billion.
“Perhaps most importantly, the record revenue generated in 2015 was mainly the result of organic growth from existing casinos. Since 2007, the U.S. gaming industry has grown at an annualized growth rate of 0.9%. But in 2015, it advanced at an annual rate of 3.1%,” says Brooke Sacks, vice president of marketing & business development, at Refund Management Services. “That momentum is expected to continue in 2016. On top of organic growth, in 2016, the U.S. gaming industry will also benefit from new casino developments along the Las Vegas Strip, in New York State, Massachusetts and Maryland.”
Sacks goes on to explain that non-U.S. residents that visit the United States and win a substantial amount of money (typically over $1,200) at a casino, horse track, sportsbook, bingo hall, playing the lottery or even winning on a game show, should understand that their winnings could be subject to a 30% withholding tax by the IRS. If, however, they reside in a country like Canada, which has signed a U.S. tax treaty, they may be eligible for a refund.
People who reside in the following countries that currently do not have a U.S. tax treaty may still be eligible for a refund as well: 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 United Arab Emirates.
“Founded by a chartered accountant in 1998, Refund Management Services has successfully completed the most U.S. gaming tax refunds for Canadians and other non-U.S. residents,” Sacks concludes. “Over the last two decades, RMS has helped thousands of people from around the world recover taxes on their U.S. gaming wins. We’ve never been refused an eligible refund.”
To find out how Refund Management Services can help with your U.S. gambling tax recovery, visit www.RefundManagement.com.
Founded and owned by a Canadian Chartered Accountant, Refund Management Services is the most reputable casino and gaming tax recovery service in the industry. As registered agents of the IRS, Refund Management Services (RMS) helps Canadians and other non-U.S. residents recover all or a portion of their taxes up to 3 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.
Contact Refund Management Services toll free from the United States and Canada at 1-888-272-5559. Or email RMS: [email protected]www.refundmanagement.com.