Robinhood, Kalshi and Crypto.com seek Supreme Court ruling on prediction market wagering tax
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What happened
Robinhood, Kalshi and Crypto.com have asked the US Supreme Court to review losses in cases brought by Nevada and New Jersey over their sports event contracts. The companies argue these are not taxable wagers and have not been collecting federal wagering tax, and responses in all three cases are due on 7 December. Robinhood has warned that an unfavourable tax ruling could be material and make event contracts uneconomical.
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What to do
- Check whether any Supreme Court ruling on the tax question has been published, as opinions typically arrive in December or January.
- Note that Robinhood says taxes on event contracts are the customer's sole responsibility.
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Who and what is in it
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