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It is currently Wed Aug 27, 2014 8:05 pm




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 Post subject: sportsbooks
PostPosted: Fri Jul 04, 2014 8:20 pm 

Joined: Thu Aug 08, 2013 3:28 pm
Posts: 37
I tried reading about sports bookies and it seems like even though the authors warns that sports betting is illegal, the authors are more concerned about how to choose a bookie.

With more reading it seems that sports betting and gambling is illegal because the government is trying to make wives happy.

I don't care about socially illegal activities, so does paying taxes on winnings from sports betting cause the government to leave me alone if I sports bet by using an online sports bookie in the U.S.A?


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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 05, 2014 6:33 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1135
Location: Illinois
You might want to try a sports betting forum for this question, but yes, with a few exceptions, sports betting is illegal (in the U.S. you didn't specify which country you're inquiring about), and yes if you still do it, you need to report it on you taxes.


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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 05, 2014 6:47 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 152
Location: Easy Street
Well, to clarify, sports betting is not illegal. You and I could bet on the Super Bowl, for example, and there is no crime committed. Running a sportsbook for profit (in the USA) is illegal except in a few specific locations (such as Nevada).

Running an online sportsbook in the USA is illegal, as is accepting bets from US citizens, even if your sportsbook is in another country. Additionally, it is illegal for financial institutions to knowingly transfer money from US citizens to online sportsbooks. Whether or not the US citizen placing the bets at an online sportsbook is breaking the law is a matter of some debate.

If you win money at sports betting you are required to pay federal income taxes on it. Losses can be deducted to the extent of winnings (you can't deduct more losses than what you've won). I haven't filed gambling winnings on my federal taxes since 2007 (It quit being enough money to matter) but at that time I didn't have to specify WHERE I had placed the bets.

I was formerly very involved in online gambling. Somewhere north of 95% of sports bettors lose money. So....good luck!

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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 05, 2014 7:01 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1135
Location: Illinois
David.Paul wrote:
Well, to clarify, sports betting is not illegal. You and I could bet on the Super Bowl, for example, and there is no crime committed.
That is going to depend on each individual state. In Illinois, that is still illegal, though I can't speak for any other state.

Side note on that: Every time an Illinois team is playing for a championship the governor generally has a much publicized bet with the governor of the opponent's state (the most recent I can remember is the Bears v. Colts Superbowl). I always wish for the police to arrest and charge him as an example of the hypocrisy. Our governors tend to go to jail anyway, so it's not like a petty gambling charge would hurt their reputations. :)


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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 05, 2014 7:13 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 152
Location: Easy Street
bpgui wrote:
That is going to depend on each individual state. In Illinois, that is still illegal, though I can't speak for any other state.

Wow. :shock:

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 Post subject: Re: sportsbooks
PostPosted: Mon Jul 07, 2014 6:00 am 

Joined: Tue Mar 11, 2008 12:19 pm
Posts: 1721
Location: Ottawa, Canada
bpgui wrote:
Side note on that: Every time an Illinois team is playing for a championship the governor generally has a much publicized bet with the governor of the opponent's state (the most recent I can remember is the Bears v. Colts Superbowl). I always wish for the police to arrest and charge him as an example of the hypocrisy.


Is it possible that it's only illegal to wager cash on such events? I noticed that when opposing mayors wager, the stakes are always something other than cash, such as wearing the winning team's jersey to a council meeting, or sending him a box of whatever the local culinary treat is. Is it possible that such wagers are a way to legally skirt the prohibition? Is the law written in such a way that it only applies when actual cash changes hands?


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 Post subject: Re: sportsbooks
PostPosted: Mon Jul 07, 2014 6:16 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1135
Location: Illinois
I'll have to check on that. Usually the bets are food and similar noncash items. It's been awhile since I read the particular statute, so I can't remember if it specified cash.


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 Post subject: Re: sportsbooks
PostPosted: Wed Jul 09, 2014 5:24 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 152
Location: Easy Street
I've been missing online sports betting lately. Between bonus chasing, arbitrage, and MLB value betting I was killing it. In 2006 I was contemplating retiring to pursue full time online sports betting. Then the law changed and US bettors were PNGd at most online sportsbooks. Moving money was very cumbersome. It took me several years to get all of my money back out of all my various accounts - everyone was terrified of the DoJ.

Just a little jaunt down Memory Lane...

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 Post subject: Re: sportsbooks
PostPosted: Fri Jul 11, 2014 11:52 am 

Joined: Mon Apr 07, 2014 4:46 am
Posts: 18
Legal online sports betting in the United States is undergoing a little bit of chaos. Internet wagering isn’t that old of an industry—the first bets took place in 1995—but the American version of sports betting has faced all sorts of legal challenges and difficulties with funds transfers. The state of Internet sports betting in America is in flux, with legislation being bandied about that would either tax and regulate Internet gambling of all forms or completely outlaw it.

There are plenty of misconceptions about betting on sports in America—in fact, there are many myths about online gambling in America in general. Sure, there are challenges that American gamblers must face at pretty much every stage of online betting, but most of the myths and misconceptions surrounding such betting are simply untrue.

Some people think that all forms of online gambling are illegal in the US. This is completely untrue. In fact, a few states are already setting up their own regulated gambling sites that players in their state can use. Others think that Internet betting sites are rigged to rip off their customers and that no one ever makes money placing online bets. Again, this is simply untrue.


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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 12, 2014 10:44 am 
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Joined: Tue Jan 07, 2014 8:49 am
Posts: 152
Location: Easy Street
While it's true that you can find legitimate online gambling sites, there have been quite a few online sportsbooks that made off with player accounts and folded up shop. If anyone is thinking about making the plunge then it is wise to do a little research first and make sure you are getting a reputable online sportsbook.

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 Post subject: Re: sportsbooks
PostPosted: Thu Jul 17, 2014 7:25 am 

Joined: Thu Aug 08, 2013 3:28 pm
Posts: 37
Thanks you.

So is there a risk of facing legal penalty for illegal gambling or is it only the risks of the gambler not being able to take the bookie to court for not paying their debts, managing the concern of responsible wives, and accepting the unpredictable nature of sports, etc??


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 Post subject: Re: sportsbooks
PostPosted: Sat Jul 26, 2014 12:04 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5333
bpgui wrote:
David.Paul wrote:
Well, to clarify, sports betting is not illegal. You and I could bet on the Super Bowl, for example, and there is no crime committed.
That is going to depend on each individual state. In Illinois, that is still illegal, though I can't speak for any other state.

Side note on that: Every time an Illinois team is playing for a championship the governor generally has a much publicized bet with the governor of the opponent's state (the most recent I can remember is the Bears v. Colts Superbowl). I always wish for the police to arrest and charge him as an example of the hypocrisy. Our governors tend to go to jail anyway, so it's not like a petty gambling charge would hurt their reputations. :)


Are you sure about that? Casual betting where the house takes no cut is usually excluded from state gambling laws. Your governor could also claim the bet was made while on an indian reservation, in Canada, or even 12 miles offshore, all of which would possibly make state law inapplicable.

I thought the state pen was the retirement home for Illinois govenors.


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 Post subject: Re: sportsbooks
PostPosted: Mon Jul 28, 2014 3:47 am 

Joined: Mon Feb 07, 2011 6:33 pm
Posts: 1135
Location: Illinois
DoingHomework wrote:
I thought the state pen was the retirement home for Illinois govenors.
Actually it is the federal pen where they retire.

But yes, I am sure (at least last time I looked) that even casual betting without the house taking a cut was illegal.

Just a few years ago we had a local government office busted for having a employee NCAA tournament bracket pool, and we've have several poker games (without house rake or any other house cut) busted.


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 Post subject: Re: sportsbooks
PostPosted: Fri Aug 01, 2014 2:27 am 
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Joined: Wed Sep 23, 2009 9:01 am
Posts: 5333
kombat wrote:
bpgui wrote:
Side note on that: Every time an Illinois team is playing for a championship the governor generally has a much publicized bet with the governor of the opponent's state (the most recent I can remember is the Bears v. Colts Superbowl). I always wish for the police to arrest and charge him as an example of the hypocrisy.


Is it possible that it's only illegal to wager cash on such events? I noticed that when opposing mayors wager, the stakes are always something other than cash, such as wearing the winning team's jersey to a council meeting, or sending him a box of whatever the local culinary treat is. Is it possible that such wagers are a way to legally skirt the prohibition? Is the law written in such a way that it only applies when actual cash changes hands?


It could be. But in general in the US cash is not a stipulation. Usually things are illegal based on an exchange of "value" although I'm sure this could vary by state. As far as I am aware gambling is legal in Arizona as long as the house gets no take. In other words, casual football pools and even poker games for high stakes are legal. These days there are so many Indian casinos that any other gambling operation would be either so minor as to not be an enforcement concern or would be technically legal because there is no take (pool tournaments for example).

Bear in mind BP hails from Al Capone land. A lot of laws were enacted to go after speakeasys that have never been repealed.

Arizona is close to Vegas. Anyone who seriously wants to gamble goes there. Yet Arizona's senators and congressmen get big money from Vegas casinos to keep people from gambling locally on a commercial scale. Yet casual gambling is common there and as far as I know, legal.


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