Taxation

**tacomax** · 09-26-05, 11:34 AM

First of all don't do something solely from the advice of a single person on an internet forum. That's a no-brainer.

Regarding your Euro accounts - I'd be tempted to keep them for tax reasons (depending on how beneficial they are). In the UK for instance, they'd love to be able to tax gamblers by counting their winnings as taxable income. However, by doing that then people would be able to write off any losses against their tax bill.

Your case is interesting in that all winnings are taxable but not losses. So if you won $10K in winnings but was offset by $10K of losses, you'd be taxed on the $10K even though you've not made any profit?

I'd stick with European books if that's the case. Trying to avoid the taxman isn't smart.

Also it depends on what you bet on. If you're betting on domestic European fixtures then many of the offshore $ books will charge you massive juice. If you're betting European sports then European books will give you the best prices. If you're betting US sports then a you can still get very good prices from European books.

Also, you don't always need to worry that the books aren't rated B or better. From what I remember, SBR have marked down some very goods European books because they just don't offer a good selection of US sports.

Why not post the books you're using, what you like to bet on and we can have a look?

**raiders72001** · 09-26-05, 11:37 AM

What kind of methods do you use to make withdrawals?

**sergfro** · 09-26-05, 11:43 AM

How does taxes go about in US?

I get a direct deposit paycheck from work every week around $700.......thats about all the income I get in my bank (other than sportswagering) but if i make a sudden withdrawl from my book to my bank...and its about $3,000 at a time do you think that will throw a red flag at the bank?

**jjgold** · 09-26-05, 11:45 AM

I bet Pinnacle beats most Euro soccer books soccer lines and that is what mainly euro books are for

**natrass** · 09-26-05, 11:47 AM

BadAzz ... we had the same in the UK (as I mentioned in another post). It was 9% either on your winnings or your stake .,.. collected by the bookie.

Now, with offshore, all the Uk bookies opened phone lines in obscure countries and charged no tax which was legal. The Uk govt had the choice .... change tax laws or remove tax. They felt the internet isn't going to go away so they didnt want to lose gaming industry jobs .. so now its tax free.

It may be the same for you. In the UK you are taxed at source ... so if your bet is placed in Gibraltar then its not liable to UK tax. Finland may tax YOU as a person (ie wherever your income comes from its taxable).

In this case you have two choices at least :

1. declare the income and be taxed.

2. Open a seperate account ... keep it always seperate, dont pay utility bills or buy durable goods with it and hope there is no trail IF you ever get investigated.

How much is the tax rate by the way?

**natrass** · 09-26-05, 11:50 AM

Originally posted by jjgold

I bet Pinnacle beats most Euro soccer books soccer lines and that is what mainly euro books are for

Its true ... which is a disgrace. If ONE European book opened up with less juice and AHs it would make a killing. 10bet (I think) might be trying to do just that (despite their being claims to be UK based, apparentky they are Israeli, so .... and theyve come from nowhere so no history to comfort).

**natrass** · 09-26-05, 11:51 AM

Originally posted by sergfro

How does taxes go about in US?

I get a direct deposit paycheck from work every week around $700.......thats about all the income I get in my bank (other than sportswagering) but if i make a sudden withdrawl from my book to my bank...and its about $3,000 at a time do you think that will throw a red flag at the bank?

I would doubt the bank would take any interest in your non-interest income for taxation purposes (money laundering maybe).

**SBR_John** · 09-26-05, 12:34 PM

Originally Posted by sergfro
How does taxes go about in US?

I get a direct deposit paycheck from work every week around $700.......thats about all the income I get in my bank (other than sportswagering) but if i make a sudden withdrawl from my book to my bank...and its about $3,000 at a time do you think that will throw a red flag at the bank?

No, I don't. It flies under the radar at those amounts I would think.

**BadAzz** · 09-26-05, 01:36 PM

Thanks for all the answers. I guess the harsh taxation here has something (everything) to do with state owned monopoly in gambling. They are trying every possible way to keep people betting in Veikkaus which is the name of the company. The monopoly sadly shows on their service - awful odds, hardly any singles and only a few events. Site is also crappy as you might have guessed. Finnish people are not forbidden to bet in different countries but advertising a foreign bookie at least used to be forbidden here. Lately I've seen some Expekt stickers on taxi's though.

What comes to offices I use, the main ones would be

Unibet
Expekt
Betfair
Centrebet (which is Australian but they have a license in UK)
Pinnacle (strictly Moneybookersand Neteller here, since I am not sure about the relationship between Netherlands Antilles and EU)

and there is several others for line shopping.

I only had problems with a bookmaker once (Scandicbookmakers) and Dozer helped me out back then. I do not think that Euro books actually are as bad as their reputation seemes to be here. At least paymentwise. Odds however, are nowhere near Pinnacles offers.

I try to use moneybookers and Neteller as much as possible, but Unibet for example does not offer anything but credit card or bank transfer.

**Brick Tamland** · 09-26-05, 07:44 PM

Ok I'll ask it...

Why dont you transfer with Neteller and then move the money into the books you need later?

**BadAzz** · 09-27-05, 12:21 AM

You still cannot get rid of the tiny possibility that the tax man will find out. It is a disturbing feeling...