Canada
AGA Urges Administration to Adjust Antiquated Slot Reporting Threshold as Part of Regulatory Reform Effort
The American Gaming Association (AGA) welcomed the Trump administration’s executive order to swiftly identify regulatory reform opportunities to help promote job creation and economic growth. America’s gaming industry has been among the most impacted sectors of the economy as a result of the COVID-19 pandemic, which required the temporary closure of all 989 commercial and tribal casinos throughout the country.
“As the gaming industry safely reopens and seeks to return to financial health, one critical area of regulatory reform the administration should consider is modernizing the $1,200 slot jackpot reporting threshold, which has been in place since 1977,” said Bill Miller, president and CEO of the American Gaming Association. “The current threshold is outdated and imposes significant compliance burdens on both the Internal Revenue Service (IRS) and the gaming industry.
“Last year, the AGA again encouraged the Department of Treasury to update the slot jackpot reporting threshold to a realistic level, in-line with inflation, such as $5,000. The increased threshold would not only enable the IRS to focus its limited enforcement resources on those taxpayers who are most likely to have net slot winnings at the end of the taxable year, but would also significantly reduce close interactions required between gaming employees and patrons to issue tax forms.
“This policy change, supported by bipartisan members of Congress, was already long overdue prior to the pandemic, and now has additional importance as the gaming industry emerges from this crisis.”
Background
- According to federal regulation, when a casino patron wins a slot machine jackpot of $1,200 or more, the machine is temporarily taken out of production while the patron is required to complete a W-2G tax reporting form.
- While slot jackpots have steadily increased with inflation over the past several decades, the $1,200 threshold that triggers the issuance of tax forms has remained static since it was established in 1977. A $1,200 jackpot in 1977 would be equivalent to more than $5,000 today if adjusted for inflation.
- Because the threshold hasn’t tracked with inflation, there has been a significant increase in the number of reportable jackpots, causing more operational inefficiencies and adding to the sea of W-2G forms currently flooding an underbudgeted and understaffed IRS each year.
ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.
ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.
ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
BCLC
INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform
INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.
The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.
INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.
Relax Gaming, the iGaming aggregator and supplier of unique content, has significantly enhanced its presence in the Ontario market through an agreement with leading Canadian operator, PointsBet.
This partnership reinforces Relax Gaming’s aim to become a standout provider across North America, having already gained early success in Ontario. Relax became one of the first suppliers to deliver content to the region’s players in March 2022, debuting with over 120 games across multiple operators.
PointsBet pride themselves as one of Canada’s leading operators offering unmatched speed, ease of use, and a comprehensive array of pre-game and in-play sports betting options. This is complemented by a top-tier online casino which will now be boosted with the integration of Relax’s portfolio of slots and live dealer options.
With its authentic Canadian approach, PointsBet prioritises technology that minimises external dependencies to maintain control over its platform and has a commitment to responsible gambling best practices, ensuring a safe and secure environment for all players.
Martin Stålros, CEO at Relax Gaming, said: “Since we launched in Ontario we have enjoyed tremendous success, with our content hitting the sweet spot for the broad range of players in the Canadian province. This partnership with PointsBet will strengthen our presence in the market as the region’s leading operator integrates our rich content portfolio which will engage its player base.”
Scott Vanderwel, Chief Executive Officer at PointsBet, added: “Relax Gaming has established a strong reputation across North America and in Ontario in particular. The impressive range of content that will be integrated into our platform will increase engagement within our online platform and we are delighted to be able to provide more immersive experiences to our audiences.”
Established as one of the industry’s leading B2B suppliers, Relax Gaming was awarded GGA’s Product Launch of the Year in February 2023 for Dream Drop Jackpots. Money Train 3 names the 2023 CasinoBeats Game Developer Awards amongst its 6 Slot of the Year titles, while the brand also won the award for Skill Games Supplier at the 2023 EGR B2B Awards along with the Innovation in Mobile award at the 2023 SBC Awards.
Relax Gaming provides more than 4,000 online casino games, from its high-performing proprietary slots to a significant, varied library of content from hand-picked third-party studios via its partnership programmes.
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