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Supreme Court to decide tax bill for prediction market operators
Robinhood, Kalshi, and Crypto.com will soon hear from the Supreme Court whether or not their sports contracts can be exempt from paying federal wagering tax on the grounds that they’re not gambling. The companies, which haven’t been collecting wagering tax from their booming prediction markets, are...
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5 Articles
Supreme Court Petitions Could Shape Federal Tax Risk for Robinhood and Kalshi Sports Contracts
TL;DR Robinhood asked the Supreme Court to decide whether federal law preempts state gaming rules for sports event contracts, but the Court has not agreed to hear the case. The petition does not directly concern federal wagering tax, although a gambling classification could complicate Robinhood’s argument that its contracts are exempt. Kalshi faces a parallel ...
The U.S. Supreme Court must decide whether it will review three sports contracts disputes in predictive markets. Although the cases do not directly raise federal betting tax, a ruling favorable to Nevada could weaken Robinhood, Kalshi and Crypto.com’s argument that their products are not taxable bets.
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