Robinhood, Kalshi and Crypto.com seek Supreme Court ruling on prediction market wagering tax
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What happened
Some prediction market companies say the bets on their sports contracts are not gambling, so they should not pay a federal tax on wagers. The US Supreme Court is due to consider the issue, and the states involved have until 7 December to respond.
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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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