[atofsu32111]

I was thinking of starting to bet with a local bookie. How can I avoid serious charges and what about tax issues?

[atofsu32111]

I was thinking of using a local one? How much trouble can you get in?

[EaglesPhan36]

It's 16% illegal.

[atofsu32111]

lol like penalties of law? I cant find it anywhere

[atofsu32111]

I was thinking of using one and what kind of trouble can I get into? i can't find laws on it

[HoulihansTX]

As the one placing the bets, the only true risk is sweating your payout.

In America the majority of time only the person taking the bets is prosecuted.

[MichaelWaters]

lol like penalties of law? I cant find it anywhere

whatever they want to do to you

[thebestthereis]

Keep detailed records and if u get caught swear and cross your fingers you were gonna pay taxes on all winnings.

[Dawgfan1980]

Doesn't it seem like the federal government wants you to use a bookie? Do they not want you to play in underground card rooms? That seems to be what they are saying to me. The chances of you getting in trouble playing with an illegal bookie are not very good. The chances of you losing a ton of money by playing on credit is more likely. If you can control yourself, go for it. Pay taxes if you win, just like you would at any offshore book. The tax situation is the exact same. You can even choose not to pay your taxes, but since you are worried about legality, you probably should.

[BiffTFinancial]

As the one placing the bets, the only true risk is sweating your payout.

In America the majority of time only the person taking the bets is prosecuted.

this is correct. unless your bookie knows about other illegal activities in which you are engaged (such that he could roll on you for that if he's pinched), very little risk other than the obvious one: getting paid.

US Dept of Treasury and government in general has taken a non-enforcement position re: UIGEA with respect to individual bettors placing offshore bets - they only care about the book. same is true of local bookies and guys placing bets with them. it's like littering - not legal, but law enforcement deems it not worth the time, effort and expense to enforce.

[thespeculator]

Doesn't it seem like the federal government wants you to use a bookie? Do they not want you to play in underground card rooms? That seems to be what they are saying to me. The chances of you getting in trouble playing with an illegal bookie are not very good. The chances of you losing a ton of money by playing on credit is more likely. If you can control yourself, go for it. Pay taxes if you win, just like you would at any offshore book. The tax situation is the exact same. You can even choose not to pay your taxes, but since you are worried about legality, you probably should.

i was thinking the same thing, it is almost like some of the illegal bookies got together and said to the feds , these offshore guys are ruining our business, it sounds silly but you never know what is going on behind the curtain with the government

[Kindred]

Nobody has ever been charged for placing a bet. As for taxes it's no different than anything else, chances of getting caught are slim but if you do get caught it's serious. Same thing as not reporting income from an under the table job. If you win a lot of money I'd report it since it's likely to bring more attention to your bank accounts ect. Otherwise it's up to your judgement, but just because it's gambling rather than other sources of income it's the same risk/penalties.

[BIGDAY]

A lot of the time it's the bookie that gets the brunt of it as he is the one taking the bet.

[BiffTFinancial]

Keep detailed records and if u get caught swear and cross your fingers you were gonna pay taxes on all winnings.

actually, i'm not sure that that's a great idea. if you don't keep records, law enforcement would have to prove what your wagers and pay-outs were using the bookie's records (and they have a bit of a credibility issue there). i used to think that paying taxes on winnings was a big deal, but i got a big 1099 a few years back and planned to declare the entire thing, and my accountant talked me into only declaring about 1/3 of it, and he's pretty conservative. bottomline: for most of us, the amounts involved aren't big enough for the IRS to come after you for tax fraud, but as a general rule, i declare some gambling winnings and discount the rest on the basis that i had some gambling losses at another point in the year to offset them. one trip to Vegas or Windsor in the year is enough to make it very difficult for law enforcement to prove your actual net winnings.

[yahoonino]

if i win cash money with a local bookie,,,why in a hell i should declare in my taxes,,only a moron would tell the irs yes this exstra money is from illigal gambling

[Recurring]

Pretty illegal

[atofsu32111]

Ok so if I declare them on my tax report. What do I say they are?

[jjgold]

Lol

You guys are nuts

Never pay taxes on illegal gambling winnings.

[atofsu32111]

Ok but how do you explain random deposits in your bank account? 600 800 1200 etc?

[thetrinity]

is this a joke?

honestly if you use a local, just control yourself. if hes anything at all, he has his own methodds to make sure you pay. 90% of the ones i have run across are scum, i have a pretty legit guy right now though.

[ouman101]

Ok but how do you explain random deposits in your bank account? 600 800 1200 etc?

Why are you depositing the money in your bank? I'll assume that you also have a legit job that pays you and you deposit your paycheck. Use that money to pay for bills. Keep the cash you make from gambling and pay for food, beer, drugs, etc. with it. This way your gambling money 'never existed'.

[bigbet1234]

US is a joke when it comes to this. they ought to mind their own damn business, and quit worrying about everyone else

[MadTiger]

if i win cash money with a local bookie,,,why in a hell i should declare in my taxes,,only a moron would tell the irs yes this exstra money is from illigal gambling

The IRS has stated repeatedly (remember Scarface Al Capone) that they do not care how you got it: report it. Miscellaneous/Other/etc. is all good to them. They have been consistent with that for the longest. One of the few things they have been consistent with, actually.

[konck]

The local bookies are drooling over the closing of internet sites they are back in bizz big

[MadTiger]

Ok so if I declare them on my tax report. What do I say they are?

Other Income, or something to that affect. See my comment above. You don't have to tell them specifics on illegal income. Just report it.

[Mattn3236]

Its only one felony for booking. You get another one for making terrorist threats when nobody pays. Hopefully that helps.

[MadTiger]

Why are you depositing the money in your bank? I'll assume that you also have a legit job that pays you and you deposit your paycheck. Use that money to pay for bills. Keep the cash you make from gambling and pay for food, beer, drugs, etc. with it. This way your gambling money 'never existed'.

This is the best way to go, or you can also "salt" a few of your other deposits with a few bucks from your winnings. Either way is fine as far as not raising too much suspicion.

[unusialsusp5]

i wouldn't worry about being the bettor if going local..hide your winnings? under the floorboards if you win too much...no one will question your deposits in the bank...just say you won it at the racetrack..not reportable unless 602.00 on a 2.00 bet...actually as a former bookie in the early 70's and now with cell phones i'm going back in business...this time with a small clientele of semi-affluent customers with a capped limit on their bets..looking for those football bettors who come out of the woodwork every september thinking they know something about football? except how to bet it...

[atofsu32111]

Anyone cashout on bodog? Money transfer seems sketchy

[VegasInsider]

You're a very paranoid gambler.

[gryfyn1]

Ok so if I declare them on my tax report. What do I say they are?

call them gambling winnings, they a enough ways to win money legally that dont leave a paper trail ---

[TankHankerous]

the irs has stated repeatedly (remember scarface al capone) that they do not care how you got it: Report it. Miscellaneous/other/etc. Is all good to them. They have been consistent with that for the longest. One of the few things they have been consistent with, actually.

fukk the irs!

[SlickFazzer]

Just bet it hard with the Bookmaker...and put some stink on the Sumbich!

[pipita17]

is this a joke?

honestly if you use a local, just control yourself. if hes anything at all, he has his own methodds to make sure you pay. 90% of the ones i have run across are scum, i have a pretty legit guy right now though.

Hey man, can you please explain how is that thing work with bookie. Im not from US.

[Nittany Lion]

Anyone cashout on bodog? Money transfer seems sketchy

Cashed out from them earlier this year, took like 30 days to receive the check. Not playing with them anymore, switched to 5Dimes a few days ago, much better options and when you cash out you can just request person to person money transfer.