Betting Props in Vegas

strictlypaypal · 01-28-16, 08:45 PM

Im from socal and still debating whether to fly out. Im looking to place a 5k wager as well. I asked this before but no response, after doing some research I found if the payout of a single bet exceeds 10k a CTR report is filed. I was asking before if you can avoid this by splitting 2 bets at different casinos??????

to answer your questions yes you do need to pay the books up front

Cause-I-Need-It · 01-28-16, 10:23 PM

Thanks Strictly, I figured I would need to pay up front. I was just wondering do I need to carry that amount of cash with me or could I use a debit/credit card at the window?

I believe most debit cards have daily withdrawal/spending limits.

tshafer117 · 01-28-16, 11:18 PM

Yes I live in Las Vegas you need cash however.

POOLSIDE · 01-29-16, 04:08 AM

You'll need cash. As for the ctr report, every single transaction anywhere in the United States of $9900 or more must, by law, have a report filed. There are two kinds of reports, which kind is up to the individual filing the report. One is the normal one, the second is a suspicious report which is heavily scrutinized. There's obviously nothing suspicious about betting on a football game, so you're good there. But still, make multiple bets if the total payout INCLUDING your initial bet will be over $9900. It's much easier than filling out a stupid report with your social etc. and good luck explaining to the irs that you broke even because you lost a different bet. You can make multiple bets at the same casino, just bet them at different times and don't cash all the tickets at once. Problem easily avoided with a little bit of thought.

MoMoneyMoVaughn · 01-29-16, 06:35 AM

i would guess most books will have fairly low limits on things like the number of times John Fox will be said.

Can't imagine more than $500 but it is the superbowl.

strictlypaypal · 01-29-16, 10:06 AM

Originally posted by POOLSIDE

You'll need cash. As for the ctr report, every single transaction anywhere in the United States of $9900 or more must, by law, have a report filed. There are two kinds of reports, which kind is up to the individual filing the report. One is the normal one, the second is a suspicious report which is heavily scrutinized. There's obviously nothing suspicious about betting on a football game, so you're good there. But still, make multiple bets if the total payout INCLUDING your initial bet will be over $9900. It's much easier than filling out a stupid report with your social etc. and good luck explaining to the irs that you broke even because you lost a different bet. You can make multiple bets at the same casino, just bet them at different times and don't cash all the tickets at once. Problem easily avoided with a little bit of thought.

My dude, thank you. Yeah I was just wondering if you put like 5k to win $4k at one casino on den +5 they might mark it as suspicious and take your info or something

ZINISTER · 01-29-16, 11:17 AM

Anyone else think a $50 long shot bet on Ware winning MVP at 35/1 is worth a go? Seems like a year a Defensive guy is going to get the honors. Just a Prop bet I was looking to hit.

POOLSIDE · 01-29-16, 11:22 AM

Originally posted by strictlypaypal

My dude, thank you. Yeah I was just wondering if you put like 5k to win $4k at one casino on den +5 they might mark it as suspicious and take your info or something

Anything under $9900 exchanging hands at one time, and you should be good. Don't forget, these casino guys don't want to fill this shit out. They don't get paid extra for it, it's just a pain in the ass for them. Besides, they don't want to make betting less enticing for anyone.

Cause-I-Need-It · 01-29-16, 03:57 PM

Originally posted by ZINISTER

Anyone else think a $50 long shot bet on Ware winning MVP at 35/1 is worth a go? Seems like a year a Defensive guy is going to get the honors. Just a Prop bet I was looking to hit.

If Denver wins it will most likely be because of the defense, but it would have to be a great defensive effort. Like when they gave it to Ray Lewis in XXXV.

Tboonepickem · 01-29-16, 04:47 PM

Originally posted by POOLSIDE

You'll need cash. As for the ctr report, every single transaction anywhere in the United States of $9900 or more must, by law, have a report filed. There are two kinds of reports, which kind is up to the individual filing the report. One is the normal one, the second is a suspicious report which is heavily scrutinized. There's obviously nothing suspicious about betting on a football game, so you're good there. But still, make multiple bets if the total payout INCLUDING your initial bet will be over $9900. It's much easier than filling out a stupid report with your social etc. and good luck explaining to the irs that you broke even because you lost a different bet. You can make multiple bets at the same casino, just bet them at different times and don't cash all the tickets at once. Problem easily avoided with a little bit of thought.

It sounds like most of you will be surprised that anything above $4,999 is flagged by IRS for review. This law went into effect under Obama on January 1, 2014. Used to be $10k

Tboonepickem · 01-29-16, 04:48 PM

Originally posted by Tboonepickem

It sounds like most of you will be surprised that anything above $4,999 is flagged by IRS for review. This law went into effect under Obama on January 1, 2014. Used to be $10k

Although they are so small and the influx of them is so high, the IRS does not have the manpower. I would imagine they are focusing on large payouts.

Tboonepickem · 01-29-16, 04:49 PM

Originally posted by Tboonepickem

Although they are so small and the influx of them is so high, the IRS does not have the manpower. I would imagine they are focusing on large payouts.

Just think, if Rand Paul, Huckabee or Fiorina get the nomination, this will all be repealed and the reporting barrier will be 6 figures. woot! haha

POOLSIDE · 01-29-16, 06:29 PM

Originally posted by Tboonepickem

It sounds like most of you will be surprised that anything above $4,999 is flagged by IRS for review. This law went into effect under Obama on January 1, 2014. Used to be $10k

I'm not disputing that it was changed, but I haven't run into that issue. I keep everything just under 10k when I'm in Vegas and I've never had an issue.

ZINISTER · 01-29-16, 09:44 PM

Westgate put out 100/1 Ware's odds of winning MVP. I'm in for a $50 spot!

jhack704 · 01-31-16, 04:44 PM

i bet mention of john fox over 1 they show the golden gate bridge at least one time and they show Elway over 2.5 times, they all seem like easy locks so im sure it is rigged and I will lose all

Hu$tle · 01-31-16, 06:19 PM

Only degens bet those kind of props...

Plopowitz · 02-01-16, 03:32 PM

Prop bets are good for someone who has a small bankroll who wants to turn a little into a lot. reminds me of when i was a kid playing those little football "sucker" tickets where you circle the number. But where else can you turn $1 into $100 ?? haha. Most importantly, those were fun times when I was a teenager holding those tickets and
listening to 1010 WINS News for game scores... good times.