Offshore vs legal sportsbook
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HedgeHogSBR Posting Legend
- 09-11-07
- 10128
#36Comment -
wombatSBR MVP
- 11-23-20
- 1022
#39US books are for recreational peanut bettors. Limits are minuscule versus an offshore book like Bookmaker.Last edited by wombat; 11-28-21, 01:31 PM.Comment -
RoyBaconBARRELED IN @ SBR!
- 09-21-05
- 37074
#40I don't mind paying the tax but not a fan of the record keeping. But if the sportsbook just sends a consolidated 1099 every year like a stock broker then that's ok.
Gave up trading and arbing BTC for that reason. An IRS audit on my BTC activity being the final straw.Comment -
mrpapageorgioSBR MVP
- 09-07-17
- 2974
#41I made more than $600 last year and they didn't send anything. I think it's like horse racing, payout over 300-1.
Maybe that changes this year, we'll see.Comment -
OptionalAdministrator
- 06-10-10
- 61383
#42
You should search for those book names +tax form and you might find they have an online page you can log in and check if they reported one for your account..Comment -
mrpapageorgioSBR MVP
- 09-07-17
- 2974
#43
Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook
FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)
Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.Last edited by mrpapageorgio; 11-29-21, 01:09 AM.Comment -
OptionalAdministrator
- 06-10-10
- 61383
#44
PB and FD
Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook
FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)
Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.
Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got..Comment -
RoyBaconBARRELED IN @ SBR!
- 09-21-05
- 37074
#45I did think it worked that way too originally, but have had three different people, in NJ and PA, tell me they got one from Draftkings for $600 accumulated profit. And I questioned each of them about it and they all sounded sure.
Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got.
To see all documents reported to the IRS about you 1099's, W-4's, etc., order a "transcript" from the IRS. Can be done online.
That transcript will show you everything the IRS has on you for that tax year.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#46Outstanding tipComment -
bleedblueSBR Sharp
- 07-22-08
- 323
#47PB and FD
Quick Google, Pointsbet follows the rules I stated (only issues a W2-G if a wager has a payout greater than 300-1 and over $600): General Tax Information – PointsBet Sportsbook
FanDuel only issues a 1099 if you won over $600 on the DFS side. Sportsbook is the same as PB:
Where can I find my W2-G and General Tax Information (fanduel.com)
Basically, you have to hit a massive parlay or a real longshot for the sportsbook side to report you.
I posted $600+ winnings in 4 books last year without any tax forms issued.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#48I hate the apps as far as fonts just so small usa apps but they are all great other than that
Daily/Weekly Betting history non existent usa apps zero figures unlike offshore
Presentation wise offshore better much darker and bolder dataComment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
#50I did think it worked that way too originally, but have had three different people, in NJ and PA, tell me they got one from Draftkings for $600 accumulated profit. And I questioned each of them about it and they all sounded sure.
Just checked DK website and although it's not specific it does say it depends on the size and odds of each individual win. So not sure what they got.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#51I never got anything usa book 2.5 years
No statements online eitherComment -
LongBall52SBR MVP
- 06-14-20
- 1319
#53what if you won a total of more than 600, but never cashed out out and lost it back. Surely that's not reported?Comment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
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LongBall52SBR MVP
- 06-14-20
- 1319
#55
Same as sitting at a slot machine and "winning", but before you get up from the chair the "winnings" have been lost. Or Playing Blackjack and winning many hands and being ahead but leaving the table with zero winnings after losses.Comment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
#56Yes I agree. The defination of winnings. You have to actually collect for it to be winnings? Yea or ney?
Same as sitting at a slot machine and "winning", but before you get up from the chair the "winnings" have been lost. Or Playing Blackjack and winning many hands and being ahead but leaving the table with zero winnings after losses.Comment -
OptionalAdministrator
- 06-10-10
- 61383
#57
Gambling is done with post taxed income and is a recreational pursuit. The govt work with the books to "rig" the game so there is guaranteed profit for the book an income for the state. Under the licensed model gamblers are not "supposed to win". That fact is at the core of the legal framework everywhere.
Sooo, if they also set it up that way PLUS tax you if you happen to win as well, it's called double taxation and is not legit to do under common law based systems.
It's cynical, greedy and unfair.
All the energy complaining about the govts covid efforts would be well directed at the scam that legal sportsbetting and taxing winnings is..Comment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
#58It drives me a bit crazy that most US people just accept this like it is "right".
Gambling is done with post taxed income and is a recreational pursuit. The govt work with the books to "rig" the game so there is guaranteed profit for the book an income for the state. Under the licensed model gamblers are not "supposed to win". That fact is at the core of the legal framework everywhere.
Sooo, if they also set it up that way PLUS tax you if you happen to win as well, it's called double taxation and is not legit to do under common law based systems.
It's cynical, greedy and unfair.
All the energy complaining about the govts covid efforts would be well directed at the scam that legal sportsbetting and taxing winnings is.
Under the licensed model, it's set up for smart bettors to win and bad bettors to lose. It's actually pretty damn easy to win, but most are in it for entertainment only.Comment -
jjgoldSBR Aristocracy
- 07-20-05
- 388179
#59I read this thread and there’s a lot of miss informationComment -
d2betsBARRELED IN @ SBR!
- 08-10-05
- 39995
#60Has anyone here ever had their online bet limits combined with someone else who doesn't live with them? Onshore or offshore.Comment
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