New york gambling illegal?

[maddog]

If i use like a offshore company such as bodog or betcris to play a wager on sports, is it illegal in new york? will i get in trouble for that? I read several articles and i concluded that i'm still clueless about this issue. One article states, there's no law against making a wager with an offshore sportbooks. Another one states, online gambling is illegal. Any suggestions. Thanks

[BuddyBear]

I wouldn't worry about it...everyone does it. Just becareful when it comes to your bank account...don't like withdraw $500,000 or anything like that...that would raise a red flag.

Specially you'll want to get a NeTeller account as well.

[bigboydan]

first off, let me welcome you to the sbrforum

i don't think it's a matter of legal or illegal at all, because everyone that lives up there does it.

i believe if your transaction are under $10,000 or less banks are not obligated to report it to anyone at all.

as double B pointed out above. neteller would be a very good processor to use to transfer funds from book to book, as well as to your bank.

[BigD]

In New York it's not illegal to place bets it is illegal to take them

[datek23]

No worries just spread it out

[maddog]

thanks for all the advice guys. Will wagering $1000 per game raises red flag? BigD, are you sure it's not illegal to place a bet in new york. I read the same thing about that somewhere, but not sure if it's actually true or not. Again, thanks to those who replied.

[datek23]

thanks for all the advice guys. Will wagering $1000 per game raises red flag? BigD, are you sure it's not illegal to place a bet in new york. I read the same thing about that somewhere, but not sure if it's actually true or not. Again, thanks to those who replied.

They claim it is illegal everywhere. Theres people that put $100,000 a game to your minor $1000.

[freebie]

You can either file your taxes on big winning returns. Or you can somehow make smaller withdraws so dumbass Uncle Sam won't come chasing after you.

And putting down a dime in wager won't raise any flags, at least not with the FEDS.

[maddog]

if i use offshore sportbooks, do i need to file taxes on my total winnings? do i need to file if my total winning is negative?

[JC]

FWIW, at my trial in New York we argued that we were eligible for the exemption in section 1084(b) of the wire wager act. To qualify for the exemption it has to be legal where the bet is received and legal to place a bet where the bet is being placed. In the absence of specific federal law the federal courts look to state law.

The prosecutor argued that just because something isn't prohibited by law, it doesn't mean that it is legal. (Yes, that's what he argued.)

The judge sided with the prosecutor and stated that it was not legal to place a bet in New York and therefore my jury was NOT entitled to see the section of the law called 1084(b).

[bigboydan]

thanks for posting your personal experiences on this subject JC

[Winston Smith]

The prosecutor argued that just because something isn't prohibited by law, it doesn't mean that it is legal. (Yes, that's what he argued.)

Ah, the land of the free.

[maddog]

Hey jc, tell me more about your experience. Why were you in court and what exactly happened? after the ruling, what happened next?

[maddog]

does anyone knows whether you need to file your winnings/losings on sports wagering on your taxes? Any actually report their winnings?

[isetcap]

does anyone knows whether you need to file your winnings/losings on sports wagering on your taxes? Any actually report their winnings?

Yes, you "need" to file taxes on the winnings you bring into the US. The IRS allows you to offset winnings with losses when it comes time to file. I would suggest if you bring a significant amount of money into the US from your gambling efforts, that you strongly consider paying something if you expect to continue making money in that manner.

[maddog]

how does the irs knows since offshore sportbooks don't report winnings to them? I lose alot in casinos, but i do good in sportbooks, how do i offset that or can offset that? Any other ppl have any advice? Thanks

[isetcap]

The sportsbooks and casinos do not report, but your bank here in the US does. As I stated before, any gambling winnings can be offset by any gambling losses on an itemized basis.

You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Form 1040, Schedule A. However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

[maddog]

what about if i use neteller? Does neteller reports? are they even a US company?

[isetcap]

Neteller does not report. They are not a US company.

[El Guapo]

I thought I read some where that casinos in America had to report payouts over a certain amount to the IRS. $10000 is what I thought was the number?

[isetcap]

I thought I read some where that casinos in America had to report payouts over a certain amount to the IRS. $10000 is what I thought was the number?

You are right. There are some people here who know how to get around that. There was a thread on this topic about a month ago. Hopefully one of the knowledge holders will chime in or you could do a search for the thread.

[maddog]

what if you get $1000 payout little by little but surpass the $10,000 mark, is that ok?

[isetcap]

what if you get $1000 payout little by little but surpass the $10,000 mark, is that ok?

I think that's the preferred method but I have "never" tried such a technique.