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Posts Tagged ‘Super Bowl’

Super Bowl Sunday

February 2nd, 2012 No comments

New York City will be abuzz this Sunday as the New York Giants take on Tom Brady and the New England Patriots in Super Bowl XLVI. Television advertising sold out at record high prices this year, averaging $3.5 million for each 30-second spot, or $116,666.67 per second.

During game breaks, advertisers will seek to win over viewers. During the game, many viewers will ride the emotional roller coaster of tracking their wagers. More than $100 million in legal U.S. bets are placed on the game. Too bad the government doesn’t receive its cut in the estimated hundreds of billions of dollars annually wagered in non-U.S. regulated capacities. (Go figure, I assume not all bettors report all gambling winnings.)

Fellow tax blogger Kay Bell tells the story.

Categories: Sports Tags: ,

The Biggest Loser on Super Bowl Sunday

February 4th, 2011 No comments

There are plenty of big winners on Super Bowl Sunday.  There are also plenty of losers, perhaps none bigger than the IRS.

Kay Bell, who has an excellent tax blog, and I recently chatted about this issue, common gambling tax misconceptions, and plenty more.

The result from our conversation:  Her well-written and informative piece at Bankrate.  An excerpt:

The IRS has no official idea how much tax money it doesn’t collect from lucky gamblers. But even if the tax agency ventured a guess, it likely would be low, since there are so many under-the-radar ways for gamblers to play.

Enjoy the game on Sunday, and be sure to eat and drink too much.  B-)

P.S.  For those expecting a follow up to yesterday’s piece, check back early next week.

Categories: Gambling, IRS, Sports Tags: ,
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