Living Off Only Sports Betting (help)

[jjgold]

Gates are you going to run away when you go on a 4–10 slide?

[scumbag]

do u post your plays?

it's a pretty crazy story. maybe i should do a reddit ama or something.

in 2011, i lost nearly all my money in the 5/10 at the wynn. i was running bad playing bad, refused to move down. i had 2k left and needed job. I was able to get a job at jim feist selling degens for 10/hr. after paying that month's bills i had a dime left and a check coming so i decided to punt all my money on stanford. this is luck's last season mind you (and they made me some crazy money that year), needless to say, i hadn't discovered juiced lines yet.

i won nonstop for next 6 weeks. i had 40k and was in office hero mode. week 7 comes, i bet 4.4k on 4 games and lose them all (stone monkey mode, no real concept of BRM) at which point everyone is telling me to quit before lose it all back, i say i'm a hero, hero's won't lose. heater presumes. by the end of the year i had 70k and had made significant strides emotionally.

that was the year of my biggest middle ever. Boise St opens 9.5 at home vs Hawaii. i max bet the opener and as the week proceeds it goes to 14.5. that friday dave cokin comes in touting it as his game of the week on friday or some shit. i inform him he's a schmuck, "how can you sell a game thats moved all that way." he says, "they're 3 td's better". i'm like, "dude, they've been getting back doored left and right." at which point i break out my first ticket from 5 days earlier and show him how a 'sharp' gets down. then show him how i bought it back and am playing my first middle ever, and its a monster. he's obv jelly and is like "wft are you working here for." i tell him its fun, plus these salesman like having someone around who will throw them a game that wins. he leaves but hurt after my brutal needle. all the salesman crack up laughing as cokin had been burying them (the ones who were actually dumb enough to give out his games).

that was the last job i had. it was kind of fun, the dudes were fun, i just talked shit and sports for 5 or 6 hours and left, after they realized how hot i was, i never had to call the degens anymore. all my co-workers who were hired at the same time were pretty jelly as they were forced to call degens non stop as i kicked back shooting the shit and going outside to smoke cigs and get high.

pretty fcking crazy guys...i'm a lucky dude...

[Pill Gates]

Keep accurate records. Deduct losses to the extent of your wins. Pay quarterly estimated taxes to the IRS. File Schedule C and Schedule SE with your 1040 at tax-time.

This is what I was looking for, I was confused as to what needed to be done with the taxes aspect of it. Thanks a lot man I appreciate it.

[scumbag]

smart enough to win 300k but not smart enough to spell "advice." Yeah, i believe you, guy.

lolz, cut me a break guy, on my phone, never been a big 'spell check guy'. you can see my rant's in politics, as proof of my shitty grammar/spelling and proof of my superior intellect (ya,ya, in be 4 mutually exclusive).

[jjgold]

Scummy you won 300,000?

[Pill Gates]

Gates are you going to run away when you go on a 4–10 slide?

Not at all my man, I know cold runs happen and its a part of the grind. Im going to be very disciplined I plan on making either 1 3 or 5 wagers a day i will take some days off here and there but for the most part at least 1 bet a day.

[TwoWays]

Phil, u gotta take out the locals first. If u succeed then maybe go legit

[Pill Gates]

it's a pretty crazy story. maybe i should do a reddit ama or something.

in 2011, i lost nearly all my money in the 5/10 at the wynn. i was running bad playing bad, refused to move down. i had 2k left and needed job. I was able to get a job at jim feist selling degens for 10/hr. after paying that month's bills i had a dime left and a check coming so i decided to punt all my money on stanford. this is luck's last season mind you (and they made me some crazy money that year), needless to say, i hadn't discovered juiced lines yet.

i won nonstop for next 6 weeks. i had 40k and was in office hero mode. week 7 comes, i bet 4.4k on 4 games and lose them all (stone monkey mode, no real concept of BRM) at which point everyone is telling me to quit before lose it all back, i say i'm a hero, hero's won't lose. heater presumes. by the end of the year i had 70k and had made significant strides emotionally.

that was the year of my biggest middle ever. Boise St opens 9.5 at home vs Hawaii. i max bet the opener and as the week proceeds it goes to 14.5. that friday dave cokin comes in touting it as his game of the week on friday or some shit. i inform him he's a schmuck, "how can you sell a game thats moved all that way." he says, "they're 3 td's better". i'm like, "dude, they've been getting back doored left and right." at which point i break out my first ticket from 5 days earlier and show him how a 'sharp' gets down. then show him how i bought it back and am playing my first middle ever, and its a monster. he's obv jelly and is like "wft are you working here for." i tell him its fun, plus these salesman like having someone around who will throw them a game that wins. he leaves but hurt after my brutal needle. all the salesman crack up laughing as cokin had been burying them (the ones who were actually dumb enough to give out his games).

that was the last job i had. it was kind of fun, the dudes were fun, i just talked shit and sports for 5 or 6 hours and left, after they realized how hot i was, i never had to call the degens anymore. all my co-workers who were hired at the same time were pretty jelly as they were forced to call degens non stop as i kicked back shooting the shit and going outside to smoke cigs and get high.

pretty fcking crazy guys...i'm a lucky dude...

haha thats awesome!

[scumbag]

Scummy you won 300,000?

over the course of 4 seasons. i'm not exactly getting rich over here.

[Pill Gates]

Is there a limit to transferring bet points? i'm trying to give 1 bet point to everyone that has replied in this thread but it wont let me.

[Filmoz]

This is what I was looking for, I was confused as to what needed to be done with the taxes aspect of it. Thanks a lot man I appreciate it.

No problem. Accurate records is crucial, and is your starting point. As long as you keep accurate records, you can figure out the tax stuff when you need to. But if you don't keep good records, you are going to have a big mess on your hands and a lot of unneeded stress come tax time.

If you are making your living solely off sports betting you would generally be a sole propietorship (you could conceivably organize an LLC or something like that but, to be fair, you don't seem to be at that point yet). So your starting pointing is the IRS form Schedule C. This is where you tally up your gross wins, deduct your losses, and potentially deduct other reasonable and necessary expenses if its allowed (mileage, etc). Your bottom line on your Schedule C will be your income from your sports betting "business." Then you take this number to transfer over to the Schedule SE to figure out your self-employment taxes. Remember, we pay more than just income tax - we pay social security, medicare, etc. When you work for someone else, this gets automatically withheld from your paycheck and you don't really think about it. Because you are not working for anyone else, you are not having those things withheld, so you have to fill out the Schedule SE to figure out what you owe on those, which is separate and on top of your income tax (sucks).

After completing that, with both your completed Schedule C and Schedule SE in hand, you can fill out your 1040, where you may be eligible for more deductions depending on your situation. You also get to deduct half of the self-employment tax you pay on your SE, which helps mitigate the sting a little. Your 1040 will ultimately spit out your final number of all taxes owed. Pay that by April 15 and you are good to go.

Now, in theory, you are supposed to be keeping continuously updated records, and be able to estimate the taxes you will need to pay at year-end, and pay quarterly estimated payments to the IRS during the year. There is a voucher form to send in your payments every quarter, I think it is the 1040-ES. If you do this, it is just like when you get withholding from a normal job - you are paying up front and will avoid getting hit with a big bill at tax time; if you overpaid, you will get a refund. If you do not pay quarterly estimated payments, it is not illegal, they just tack on a penalty fee. The penalty fee is pretty small, and many people intentionally fail to make quarterly payments because the penalty fee is small enough that they would rather just pay that at tax time than bother with making quarterly payments during the year. (For example, I didn't make quarterly payments last year and my penalty was $39).

Disclaimer: the foregoing information is general in nature and is not formal legal or tax advice directed at any person, and in no way is to be construed as advice on how to evade the lawful imposition of taxes by any jurisdiction.

[jjgold]

Gates could be the real deal

[Rudeboy]

Get a part time job, make a thread and post your plays here don't bet big just experiment maybe with a $1000 roll entirely your choice.

After a year we will analyze your work, and some of us will tell you if you got what it takes.

Whats a year? Nothing...keep grinding for a year and then that year will make a you a millionaire either way,

point is you take a year posting your plays if ur horrible your "dream" of gambling goes outta the window and you carry on in life working hard in a job in which you could be successful at and save yourself from losing a lot of $$$ with this false confidence.

it also shows us your betting patterns and what mistakes or choices you make.

[Pill Gates]

@Filmoz very helpful man thanks for all that very useful info.

@rudeboy i will be posting all my plays on my spreadsheet for all of 2015. So everyone can follow along and see how its going. Obviously if it doesn't end well i will go back to work

[scumbag]

also, unless you use a computer to tell you who to bet, focus on one sport so that you're an absolute expert on that sport.

when football is over. i chill the fck out, why? because i'm an expert on football and not a stone degenerate.

[Pill Gates]

WEEK 1

[BrickJames]

Scumbag is the man!

[baseballstud]

No problem. Accurate records is crucial, and is your starting point. As long as you keep accurate records, you can figure out the tax stuff when you need to. But if you don't keep good records, you are going to have a big mess on your hands and a lot of unneeded stress come tax time.

If you are making your living solely off sports betting you would generally be a sole propietorship (you could conceivably organize an LLC or something like that but, to be fair, you don't seem to be at that point yet). So your starting pointing is the IRS form Schedule C. This is where you tally up your gross wins, deduct your losses, and potentially deduct other reasonable and necessary expenses if its allowed (mileage, etc). Your bottom line on your Schedule C will be your income from your sports betting "business." Then you take this number to transfer over to the Schedule SE to figure out your self-employment taxes. Remember, we pay more than just income tax - we pay social security, medicare, etc. When you work for someone else, this gets automatically withheld from your paycheck and you don't really think about it. Because you are not working for anyone else, you are not having those things withheld, so you have to fill out the Schedule SE to figure out what you owe on those, which is separate and on top of your income tax (sucks).

After completing that, with both your completed Schedule C and Schedule SE in hand, you can fill out your 1040, where you may be eligible for more deductions depending on your situation. You also get to deduct half of the self-employment tax you pay on your SE, which helps mitigate the sting a little. Your 1040 will ultimately spit out your final number of all taxes owed. Pay that by April 15 and you are good to go.

Now, in theory, you are supposed to be keeping continuously updated records, and be able to estimate the taxes you will need to pay at year-end, and pay quarterly estimated payments to the IRS during the year. There is a voucher form to send in your payments every quarter, I think it is the 1040-ES. If you do this, it is just like when you get withholding from a normal job - you are paying up front and will avoid getting hit with a big bill at tax time; if you overpaid, you will get a refund. If you do not pay quarterly estimated payments, it is not illegal, they just tack on a penalty fee. The penalty fee is pretty small, and many people intentionally fail to make quarterly payments because the penalty fee is small enough that they would rather just pay that at tax time than bother with making quarterly payments during the year. (For example, I didn't make quarterly payments last year and my penalty was $39).

Disclaimer: the foregoing information is general in nature and is not formal legal or tax advice directed at any person, and in no way is to be construed as advice on how to evade the lawful imposition of taxes by any jurisdiction.

You sir know your shit. You are beyond accountant. You're like a tax attorney cpa. Bravo

[NardVa]

I say keep a real job and gamble on the side. You don't want your rent or mortgage to be decided on whether or not a team wins ATS.

[jjgold]

Impossible in today's environment living in any state in the United States other than Las Vegas to be a successful sports bettor

You move to Vegas or you move to Canada or you're up

[Rod1010]

Impossible in today's environment living in any state in the United States other than Las Vegas to be a successful sports bettor

You move to Vegas or you move to Canada or you're up

Why canada?

[Bigbill365]

Why canada?

pinnacle lines

[Pill Gates]

inb4 posting this jinxes me

[BrickJames]

inb4 posting this jinxes me

[ATTACH]78357[/ATTACH]

Atta pill!

[Slanina]

Nice SS so far. Good luck over there.

[scumbag]

damn bro, breaking off some streaks.

[Pete0]

Filmoz. U are awesome !

Nice post

[jjgold]

Gates good work so far

[Pill Gates]

thanks everybody..hopefully it keeps up

[Pill Gates]

Through 2 weeks:

[pkking2]

damn I just leave my input here, breathe some same air these great folks & wise men together from the thread. damn thank god I've come across to "meet" these individuals, seriously. grateful to arrive@this part of forum...

[Big Bear]

WEEK 1

nice job.

not sure how i missed these before the games started.

[allang198]

good luck but I will give u some advice

forget soccer! u will go broke!

Impossible to make money long term! Even a few of the pro cappers in the UK who bet soccer have gone bust!

For example:

Man Utd could not beat Cambridge at odds of bet 12 to win 1

The draws in soccer will kill u!

[boomer62]

it's a pretty crazy story. maybe i should do a reddit ama or something.

in 2011, i lost nearly all my money in the 5/10 at the wynn. i was running bad playing bad, refused to move down. i had 2k left and needed job. I was able to get a job at jim feist selling degens for 10/hr. after paying that month's bills i had a dime left and a check coming so i decided to punt all my money on stanford. this is luck's last season mind you (and they made me some crazy money that year), needless to say, i hadn't discovered juiced lines yet.

i won nonstop for next 6 weeks. i had 40k and was in office hero mode. week 7 comes, i bet 4.4k on 4 games and lose them all (stone monkey mode, no real concept of BRM) at which point everyone is telling me to quit before lose it all back, i say i'm a hero, hero's won't lose. heater presumes. by the end of the year i had 70k and had made significant strides emotionally.

that was the year of my biggest middle ever. Boise St opens 9.5 at home vs Hawaii. i max bet the opener and as the week proceeds it goes to 14.5. that friday dave cokin comes in touting it as his game of the week on friday or some shit. i inform him he's a schmuck, "how can you sell a game thats moved all that way." he says, "they're 3 td's better". i'm like, "dude, they've been getting back doored left and right." at which point i break out my first ticket from 5 days earlier and show him how a 'sharp' gets down. then show him how i bought it back and am playing my first middle ever, and its a monster. he's obv jelly and is like "wft are you working here for." i tell him its fun, plus these salesman like having someone around who will throw them a game that wins. he leaves but hurt after my brutal needle. all the salesman crack up laughing as cokin had been burying them (the ones who were actually dumb enough to give out his games).

that was the last job i had. it was kind of fun, the dudes were fun, i just talked shit and sports for 5 or 6 hours and left, after they realized how hot i was, i never had to call the degens anymore. all my co-workers who were hired at the same time were pretty jelly as they were forced to call degens non stop as i kicked back shooting the shit and going outside to smoke cigs and get high.

pretty fcking crazy guys...i'm a lucky dude...

Scumbag? Is that really you? Dude you cursed me out and and many others over politics, thought you were an ass. Anyway, I worked with a guy who was a telemarketer, I was outside sales. One day the way he was talking I said you sound just like a guy who should be selling bullshit for touts. He just burst out laughing and said he worked for a few years for Feist and all those CLOWNS. He was won of their top salesman because he was so convincing selling bullshit. Heard a few interesting stories and confirmed what I already know that most of these guys know shit. Pretty funny, I'm sure you took away some good learning experiences, that's what life is all about. And I agree with you with the gambling, I'm a social being and when you are in deep you become isolated and fixated on it you lose out on life and waste so much time and years and miss out on many things. Now I just stick to football, my best sport that i do well with and some recreational basketball and baseball.

[physed]

good luck but I will give u some advice

forget soccer! u will go broke!

Impossible to make money long term! Even a few of the pro cappers in the UK who bet soccer have gone bust!

For example:

Man Utd could not beat Cambridge at odds of bet 12 to win 1

The draws in soccer will kill u!

Just bet on Barcelona and Real Madrid