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Significant sums:Bloomberg reported that American daily fantasy sports firms charge entry fees that subsequently allow punters to compete for cash prizes based on the performance of athletes in a virtual line-up.Robins reportedly declared…“Our position continues to be, which we believe has been reaffirmed through state legislatures and courts throughout the country, that daily fantasy sports is not wagering.2 billion in such duties in 2018 alongside around 5 million in total revenues....

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This court case purportedly found that such entry fees were outside the definition of a sportsbetting wager although it had focused on season-long fantasy games rather than one-off contests.Check out both of these titles today as well as additional content created by Nolimit City.2 billion in such duties in 2018 alongside around 5 million in total revenues....

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According to a Friday report from the Bloomberg news service, the decision was revealed via an internal memo from the federal authority and could result in the two daily fantasy sports behemoths becoming liable for millions of dollars in unpaid taxes and late payment fees.Defective approach:Jason Robins, Chief Executive Officer for DraftKings Incorporated, reportedly used a Friday conference call with investors to proclaim that the IRS is ‘deeply flawed in its analysis’ of what actually constitutes a sportsbetting wager and that its latest stance will not be binding in court should a daily fantasy sports operator be audited.Ample amount:The news service reported that the IRS now looks set to start defining these admission payments as sportsbetting wagers, which means that firms such as FanDuel Group and DraftKings Incorporated could see each entry fee subjected to a maximum 2% excise tax alongside an annual 0 charge for every person processing such transactions....