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Message: [QUOTE="Charade You Are, post: 1693371, member: 39511"] That is already covered in the current tax code, altho it sucks. Pros can declare their winnings and deduct their loses, but if you are not a pro you are suppose to pay tax on your winnings but can't deduct your losses. As far as regulation, it is needed, unfortunately the government will screw this up like the screw up everything else. A number of sites have gone belly-up or just closed, keeping the players money. What I would like to see is a simple system of possibly a SMALL deposit fee (to satisfy the greedy) and a % fee (10%?) on w/d in lieu of taxes. That basically eliminates all the paperwork of tracking wins vs losses, tax forms, leaves the money in the account for use, etc. If the government ran or licensed a payment processor, that would eliminate all the hassle we now face with deposits and w/d. [/QUOTE]