So I have been an avid gambler over the years, betting small plays here and there….over the last 5-7 years, I have developed both a college football and a NFL betting system. I finally ready to take the plunge and bet large on this coming football season…I have read several entries across the internet, but have struggled to find the right path forward, often reading countering arguments….here are my two problems:
Placing the bet
I currently have a top sportsbook (name is irrelevant) rated A (or higher on sportsbookreview.com list…I plan to deposit 5 digits worth of money in order to start…if the system hits as it has (by the way, this is not a solicitation to be a shill, I have worked too hard to share this) in the past, I hopefully will be eventually placing 5 digit bets per game…that is a lot of action considering between the two sports on a weekend that will total about 10-20 plays….I can obviously do this on line, but if the balance gets too high, I am worried of either being limited by the sportsbook, the sportsbook closing and losing everything (not because of me, but in general), the sportsbook not paying out either at all or very slowly (more on that in my second problem)…..I could place the bet in Vegas, but I live in NJ, and there are several issues with that…first, flying out Friday night and returning Monday morning is obviously a bit much…travelling with all that money is another problem (getting mugged, getting stopped in airport, etc), potentially walking up to a casino booth with 6 digits worth of cash seems absurd…so what do I do???
Winning bets
Again, I hopefully will have 6 digits worth of a balance….let’s say I do it everything online…then do I wire money back to my personal account?? I understand wiring money doesn’t trigger a CTR, but if $50K shows up in my account, won’t either the bank or the IRS want to know how it got there? The thought of giving away 35% of my winnings seems crazy, especially since capital gains tax is 15%, but I digress….if I bet in Vegas, then how can you safely travel around with six digits worth of cash?? Do casinos “hold” money in accounts or safety deposit boxes?? If I get the money paid in checks, either from the online sportsbook or the casino, there is a wait time to receive the check and time for the check to clear, which will not enable to bet it the next week…..I could get paid in checks lower than $10k, get them cashed at local cash placing place, pay them their fee (3-5%?)…IRS might come knocking on my door because of structuring concerns…that cuts out the wait time but could be having tax problems and would have to wait several weeks…if the casino can hold the money in some type of account, then I would only have to move it twice…once there and once back…that would be preferred, but again, the travel aspect makes that challenging…
I wasn’t sure where to ask this question, so I turned here….any advice??? I can’t use a local (can’t find one either way) because no one is going to give me a 6 digit account in year one….
Placing the bet
I currently have a top sportsbook (name is irrelevant) rated A (or higher on sportsbookreview.com list…I plan to deposit 5 digits worth of money in order to start…if the system hits as it has (by the way, this is not a solicitation to be a shill, I have worked too hard to share this) in the past, I hopefully will be eventually placing 5 digit bets per game…that is a lot of action considering between the two sports on a weekend that will total about 10-20 plays….I can obviously do this on line, but if the balance gets too high, I am worried of either being limited by the sportsbook, the sportsbook closing and losing everything (not because of me, but in general), the sportsbook not paying out either at all or very slowly (more on that in my second problem)…..I could place the bet in Vegas, but I live in NJ, and there are several issues with that…first, flying out Friday night and returning Monday morning is obviously a bit much…travelling with all that money is another problem (getting mugged, getting stopped in airport, etc), potentially walking up to a casino booth with 6 digits worth of cash seems absurd…so what do I do???
Winning bets
Again, I hopefully will have 6 digits worth of a balance….let’s say I do it everything online…then do I wire money back to my personal account?? I understand wiring money doesn’t trigger a CTR, but if $50K shows up in my account, won’t either the bank or the IRS want to know how it got there? The thought of giving away 35% of my winnings seems crazy, especially since capital gains tax is 15%, but I digress….if I bet in Vegas, then how can you safely travel around with six digits worth of cash?? Do casinos “hold” money in accounts or safety deposit boxes?? If I get the money paid in checks, either from the online sportsbook or the casino, there is a wait time to receive the check and time for the check to clear, which will not enable to bet it the next week…..I could get paid in checks lower than $10k, get them cashed at local cash placing place, pay them their fee (3-5%?)…IRS might come knocking on my door because of structuring concerns…that cuts out the wait time but could be having tax problems and would have to wait several weeks…if the casino can hold the money in some type of account, then I would only have to move it twice…once there and once back…that would be preferred, but again, the travel aspect makes that challenging…
I wasn’t sure where to ask this question, so I turned here….any advice??? I can’t use a local (can’t find one either way) because no one is going to give me a 6 digit account in year one….
