Future U.S. bettor, questions

[poochiecollins]

Hi, first post. These are questions I've unsuccessful so far finding on the Web:

1) What money transfer services allow U.S. gambling action?

2) How practical is setting up and using an offshore bank to transfer money to and from a local American bank? A banker told me that such transactions with many offshore banks automatically get "flagged," and get government attention, if I understood him correctly. I'm presuming such action would not happen with banks in most First World countries, so assume those cases.

3) How much would I be hassled, if allowed, to carry large amounts of cash through an airport? (Good chance that if it came down to this to move heavy cash, I'd move out of the U.S. anyway).

4) How do you do taxes, as an American, in regards? I know little about taxes, so simple instructions please.

5) Can I place large wagers in Nevada online or over phone, or that must be done in person?

Thanks in advance!

[bigboydan]

First off, Welcome to the SBR forum

1. Their are no legal money transfer services allow U.S. for offshore gaming.
2. Their are hoops to jump through but not impossible to do.
3. Depends on how much cash your talking about.
4. Report your winnings as declared income.
5. Some places still allow phone wagering in NV. as long as you live within that state.

[durito]

nm

[poochiecollins]

First off, Welcome to the SBR forum

1. Their are no legal money transfer services allow U.S. for offshore gaming.
2. Their are hoops to jump through but not impossible to do.
3. Depends on how much cash your talking about.
4. Report your winnings as declared income.
5. Some places still allow phone wagering in NV. as long as you live within that state.

1) Did you misunderstand the question? I know there are plenty of Americans gambling with offshore establishments. They need money transfer services to do that.

2) Would you know where I could go to for more specifics?

3) $25k... $50k... $100k?

4) As in, if I made X profit, I report as X income?


Two more questions also:

6) How quick are sportsbooks to kick you out for winning too much, particularly well-established ones?

7) Why do such a small percentage of gamblers, particularly on sports, even win money in the long run? I get the impression that handicapper fraud isn't too rampant. Assuming my assertion is correct, why don't more people buy their picks and make money? (I know money management is part of the answer)

Thanks in advance.

[durito]

1) Did you misunderstand the question? I know there are plenty of Americans gambling with offshore establishments. They need money transfer services to do that.

2) Would you know where I could go to for more specifics?

3) $25k... $50k... $100k?

4) As in, if I made X profit, I report as X income?


Two more questions also:

6) How quick are sportsbooks to kick you out for winning too much, particularly well-established ones?

7) Why do such a small percentage of gamblers, particularly on sports, even win money in the long run? I get the impression that handicapper fraud isn't too rampant. Assuming my assertion is correct, why don't more people buy their picks and make money? (I know money management is part of the answer)

Thanks in advance.

1) BBD misunderstands most questions. For large deposits bank wires are your best option.

2) Banker's are idiots and should be ignored. As long as you are paying your taxes properly you won't have issues. The offshore bank account/office is one of those things where you will know when you need it (ie if you've been kicked out of every other book and have to play at pinnacle)

3) You have to declare upon entry at most countries when you are carrying $10,000 or more US dollars or equivalency in local currency. Why you would want to do this is beyond me.

4) It you make .01 gambling this year, it is income and needs to be reported to the IRS. Same if you make $250,000.

6) Depends on the book and your style of play.

7) 99.9999% of the people selling picks are frauds.

[flyingillini]

1) BBD misunderstands most questions. For large deposits bank wires are your best option.

2) Banker's are idiots and should be ignored. As long as you are paying your taxes properly you won't have issues. The offshore bank account/office is one of those things where you will know when you need it (ie if you've been kicked out of every other book and have to play at pinnacle)

3) You have to declare upon entry at most countries when you are carrying $10,000 or more US dollars or equivalency in local currency. Why you would want to do this is beyond me.

4) It you make .01 gambling this year, it is income and needs to be reported to the IRS. Same if you make $250,000.

6) Depends on the book and your style of play.

7) 99.9999% of the people selling picks are frauds.

The highlighted line is the best line written on SBR this year!!

[Chi_archie]

lol

[topgame85]

1 **/** you are able to send money
2 They may be flagged but they prob think they are money laudering or terrorist related monies, doubt they care about gambling as long as you pay taxes
3 I would not carry heavy money at the airport if you dont like cavity searches
4 If your winning big money you better claim it its better to give up a cut then go away to fed prison, contact a lawyer or an accountant if your big time for the best advice
5 most books will limit you quick if consistintly killing them they are in this to make money but books such as the Greek will take big action and always pay they are prob your best bet

Just move to Canada and sign up at Pinnacle if you want to be a pro online gambler or vegas if you really think your that good

[poochiecollins]

2) Banker's are idiots and should be ignored. As long as you are paying your taxes properly you won't have issues. The offshore bank account/office is one of those things where you will know when you need it (ie if you've been kicked out of every other book and have to play at pinnacle)

If I understand you, you're saying banks would do direct transfers with offshore sportsbooks. According to several sources I've read, this is now illegal for them to do. Did you mean something else? In either case, what are you basing it on?

3) You have to declare upon entry at most countries when you are carrying $10,000 or more US dollars or equivalency in local currency. Why you would want to do this is beyond me.

If I made big money and couldn't get it wired or otherwise transferred over to me.

6) Depends on the book and your style of play.

How could one not set off a sharp flag? As simple as betting few underdogs and unders, or.. ?

7) 99.9999% of the people selling picks are frauds.

That's believable, but so I have as much information as possible, what are you basing this on? What about watch dog services like thesportsmonitor.com and nationalsportsmonitor.com?

[poochiecollins]

1 **/** you are able to send money

I assume **= Western Union. "**" = MoneyGram? I searched through the reviews of a couple of the recommended sportsbooks, and neither accepted them.

3 I would not carry heavy money at the airport if you dont like cavity searches

Meh, if it was for tens of thousands of dollars, and I couldn't get the money across conveniently any other way, I'd deal.

4 If your winning big money you better claim it its better to give up a cut then go away to fed prison, contact a lawyer or an accountant if your big time for the best advice

Haha, I'm not going to evade taxes. I'm not stupid. I liken gambling on the Internet in the U.S. to driving 5 mph over the speed limit, and evading taxes, at least with big money, to driving 50 over. Someone told me about listing wins verses losses (itemizing?), and it sounded complicated.

5 most books will limit you quick if consistintly killing them they are in this to make money but books such as the Greek will take big action and always pay they are prob your best bet

Are you able to give me some ballpark examples of how quickly and to what extent I'd be limited in action or booted?

Just move to Canada and sign up at Pinnacle if you want to be a pro online gambler or vegas if you really think your that good

I'd have to make some decent money first before that becomes a good move financially. I've already been looking to eventually move to a tax haven if I became successful for a number of years, such as the Isle of Man.

[Sinister Cat]

Haha, I'm not going to evade taxes. I'm not stupid. I liken gambling on the Internet in the U.S. to driving 5 mph over the speed limit, and evading taxes, at least with big money, to driving 50 over. Someone told me about listing wins verses losses (itemizing?), and it sounded complicated.

It's not complicated -- you declare it as "other income" on your 1040, then deduct your losses as "Other Miscellaneous deductions" on schedule A. You can only deduct losses to extent of winnings. If your losses would still put you under the standard deduction (say, if you don't bet much, and don't have a mortgage, for instance) you are SOL.

One thing is that if you live in MA then for your state taxes, you don't get to deduct those losses at all. I am guessing any heavy sports bettors living in MA simply don't declare their gambling income and take their chances?

[topgame85]

I assume **= Western Union. "**" = MoneyGram? I searched through the reviews of a couple of the recommended sportsbooks, and neither accepted them.

Meh, if it was for tens of thousands of dollars, and I couldn't get the money across conveniently any other way, I'd deal.

Haha, I'm not going to evade taxes. I'm not stupid. I liken gambling on the Internet in the U.S. to driving 5 mph over the speed limit, and evading taxes, at least with big money, to driving 50 over. Someone told me about listing wins verses losses (itemizing?), and it sounded complicated.

Are you able to give me some ballpark examples of how quickly and to what extent I'd be limited in action or booted?

I'd have to make some decent money first before that becomes a good move financially. I've already been looking to eventually move to a tax haven if I became successful for a number of years, such as the Isle of Man.

Almost every if not every reccomended book accept ** and ** they call it express cash transfer/money transfer etc just call or ask live help they can guide you better, as for the limiting question it really depends on the book there are "Recreational Books" and "pro books" recreational books have lower limits and offer big bonuses and lower vig but they don't like big time winners you can get booted or lmits cut to $100 or less pretty quickly, Pro books often have Higher limits but offer no or small bonuses and 10-20 cent lines, IMO The Greek is your best option if you live in the US and Bookmaker is probably your second best and both do accept ** and **