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If you are like me and play often at online casinos, you’ll sooner or later realize that you get to spend quite a chunk of money every year in online casino games. As this is money you are putting away into other companies’ hands, you might be wondering if it can be declared for tax purposes and if it will be tax-deductible. If you are in the US, I can tell you one thing. Don’t try to declare your gaming expenses as online gambling at this time is looked upon very badly by the US government.

As you may know, in 2006 the Bush administration passed a bill that made it unlawful for financial institutions to provide their services to and from online gambling sites such as casinos and poker sites. This law, while not directly attacking the users, is an indirect way of condemning online gambling. Conservative republicans would like to abolish it altogether and are looking for indirect means to accomplish that. Since they cannot breach your rights (and it is your right where and when you spend your money), and furthermore, since online gambling centers are stationed outside US jurisdiction, then they have no choice but to attack the financial companies that are bound to US law.

So, while it is not completely unlawful for you to play at online betting sites (though, please check with your local state laws), the current political mood towards gambling is not at its best. In the years to come, new bills and laws are in the works to be passed to clarify the situation and make sense of what is deemed unlawful gambling and what is not. But for now, I would recommend that you keep your gaming expenses confidential till a safer climate is set for online gambling.

Previously we were discussing what consequences would the UIGEA coming into place December 1st 2009 would have in the world of online casino sites. We have an important update for all players that reside in the USA. Recently the United States government announced that it will postpone the deadline for the UIGEA for another six months.

What does this mean? It simply means that financial institutions still have another 6 months to comply with all the stipulations of the Gambling Ban act. This does not mean that they will voluntarily delay them as many of them are actually trying to apply these regulations. However, certain ambiguous aspects of the IUGEA are hard to interpret and this is the reason why the US government has decided to delay the UIGEA. All financial institutions have this period to clear any doubts they have and will have to comply with the Gambling Ban at the end of this period.

For the US casino player this has few consequences. The current available methods to transfer from and to a gambling site remain the same, or with minor changes. While it opens up a window for many of these companies to continue offering their services without risk of prosecution, many have already complied with the Gambling Ban but has become impossible for them to block every single transaction that goes to online gaming sites. The amount of transactions per day are inconceivably high and it becomes very difficult for these companies to block only certain types of transactions.

The US player is guaranteed at least another six months of worry-free gaming. Till then the gambling industry is hoping that the US will legitimize gambling and allow it to be taxed like any other business. The following months will be crucial for this move. We’ll keep you posted on more online casino news.