Change is Coming sports betting laws

cinpls081 · 07-30-09, 05:53 PM

Originally posted by TeamPlayer

Ok, so it might take a few years to join the rest of the free world but so what. Change and freedom are coming to America!

http://www.usatoday.com/money/econom...-betting_N.htm

god I hope you are wrong. Much better the way it is now. You will have someone looking over your sholder counting every penny. I prefer the gray area we have right now/

Hirtcha · 07-30-09, 06:04 PM

It wont ever change

TeamPlayer · 07-30-09, 08:29 PM

Is it so bad living in Las Vegas and using the sportsbooks there? Of course not. So I don't see the problem with regulation from the customer's point-of-view. You would have more options/opportunities to wager. And you should be paying your taxes anyway.

If you're making large amounts of money now online and not paying your taxes, then you're sorely mistaken thinking that you're getting a free pass.

wacked · 07-30-09, 11:08 PM

Do you moon lite as a politician in your spare time?

Originally posted by TeamPlayer

Is it so bad living in Las Vegas and using the sportsbooks there? Of course not. So I don't see the problem with regulation from the customer's point-of-view. You would have more options/opportunities to wager. And you should be paying your taxes anyway.

If you're making large amounts of money now online and not paying your taxes, then you're sorely mistaken thinking that you're getting a free pass.

jackpot269 · 07-30-09, 11:28 PM

Im sure this would have some good and some bad id probably still bet with local or online anyways !!!!!!

Nickelicious · 07-31-09, 03:49 AM

I hope this thread can be rescued from the short-sighted replies to TeamPlayer's original post. To begin with, changes are coming to U.S. laws about online gambling, whether you like them or not. Legalized online gambling will simply elevate the United States to the same level the rest of the gambling world enjoys. No more fear of criminal prosecution, virtually no more risk to your bankroll (besides losing your bets, that is). How many thousands of posts have I seen here complaining about payouts or BRs being stolen by unscrupulous overseas books? Trust me, if the U.S. government decides to legalize all this crap, there will be so many hoops to jump through in order for any book to qualify for accepting LEGAL wagers from the USA, it will revolutionize the industry.

Oooh, but what about taxes? Hell, how many people here actually have taxable gambling income to worry about in the first place? And if you are good enough to win money in any single year, chances are you are financially secure enough to afford a bit of taxing. Beats going to prison for tax evasion, which any successful American gambler is already worried about.

I look forward to the day that I can deposit $1,000 in a book and KNOW FOR A FACT that it will rise or fall based only on my plays and nothing else. And that I will be able to get a payout any damn time I please and for any damn amount I please within hours, not days or weeks or months. No more smarmy assholes running these books with an iron fist and no accountability. Finally, a chance to come out of the shadows and make money at gambling the same way people make money on the highly-regulated stock market. And maybe kicking the stock market investors' ass when I do it.

Bring it on. I would hold my breath, but it might still take a year or two.

cinpls081 · 07-31-09, 10:44 AM

Originally posted by wacked

Do you moon lite as a politician in your spare time?

couldn't have said it better myself. As a politician he would tell us to pay our taxes but doesn't himself. What a tool.

Chuck Sims · 07-31-09, 11:22 AM

TeamPlayer, actually it does suck betting in Las Vegas. Its not like the old days when you actually saw a bookmaker behind the counter. Now its an empty suit.

JELLYBEAN · 07-31-09, 02:04 PM

If US was smart they would open there own Neteller and work out a deal with all the books. Regulate the good ones and move on to more important things in this country.

capitalist pig · 07-31-09, 02:58 PM

What happens come Dec 09 when the US banks have to abide by the new laws that were passed last year? Just curious, granted it probably wont affect small guys who use **/**, but what about people who get decent sized checks from books? Seems like it going to get worse before it gets better, as far as getting paid if the banks really scrutinize where/what the checks are really from, JMO.

later

ByeShea · 07-31-09, 04:54 PM

Baffled by the love here.

Know who'll make out best? The neighborhood bookie, only one book to beat, not two.

Between legalized corporations and the government online gambling will resemble the horsetrack. No thanks.

Intuitive_Edge · 07-31-09, 06:51 PM

Its not gonna be a good move. Il stick to online regardless if it ever does. Our government will find ways to fuk it up, like always.

SPECULATOR 13 · 07-31-09, 06:54 PM

Originally posted by Chuck Sims

TeamPlayer, actually it does suck betting in Las Vegas. Its not like the old days when you actually saw a bookmaker behind the counter. Now its an empty suit.

BANG ON CHUCKY!!!!

the consolidated casinos are running their books as if they where a Indian/Punjabi own 7/11.

Chuck i always look forward for one of your replies or postings when the subject of sports betting(or any other) is expressed,i notice also that you are from the old guard since you joined way back in 05.
Speaking of Vegas my understanding of the situation Chuck is for the only way that sharps have to lay-it down is to go with the independents.
Apparently the top 4 off that independent group(LV Hilton,Southpoint,Winn and the cal neva's group:Binion's-4Queen &Tuscany)will take WEEK IN WEEK OUT 25k on a NFL sides without a sweat.
The last 2 of the major independents (Lucky's Race & Sportsbook and Leroy's)will take 10k,also chucky all of them would even go as far to take up to 2.5K on the NHL for crying out loud.
Now my question to you old chum is if what i mention to you above,witch was a reality two years ago is still the same now or have they also been contaminated by this environment.
Take care!

Karla · 08-02-09, 01:54 AM

Well, if US government decided to "legalize" online gambling then of course we have to expect something out of it and this includes taxes and one hell of strictness. And well, if you are earning a lot from online gambling, it is alright to pay some tax, it will help the government. Lol!

WileOut · 08-02-09, 11:43 AM

Originally posted by capitalist pig

What happens come Dec 09 when the US banks have to abide by the new laws that were passed last year? Just curious, granted it probably wont affect small guys who use **/**, but what about people who get decent sized checks from books? Seems like it going to get worse before it gets better, as far as getting paid if the banks really scrutinize where/what the checks are really from, JMO.

later

The UIGEA law does not say anything about incoming money.

The whole law is about stopping money going OUT to sportsbooks. But it has too many holes to have much of an impact. I hope anyway.

Gary_Philly · 08-02-09, 12:17 PM

Originally posted by Hirtcha

It wont ever change

Couldn't disagree more.

Things are already changing.

TeamPlayer · 08-02-09, 12:20 PM

It's comical how the people who complain that "underground" sports books steal their money are the same people who criticize any attempt to regulate the sportsbook industry and protect consumers' rights.

Chuck Sims · 08-02-09, 12:21 PM

Thanks for the kudos Seculator 13. The new casino "M" has got a decent sportsbook. Located on Las Vegas Blvd South off the I-15 St Rose Pkwy Exit. I can't comment on all the books mentioned as I do not frequent all of them. LV Hilton is good. The Wynn is a waste of time.

Good luck.

Bsims · 08-02-09, 01:09 PM

Originally posted by JELLYBEAN

If US was smart they would open there own Neteller and work out a deal with all the books. Regulate the good ones and move on to more important things in this country.

Actually they would be better to open a MatchBook type operation, low overhead, no handicapping knowledge required.

specialedbob · 08-02-09, 07:25 PM

I heard minnesota is the first to make it ok to bet..if only the others would do the same.

betbetter · 08-02-09, 07:32 PM

Poker in some form will come.
You will never see single game betting in the states online.

GoonersGuide · 08-02-09, 08:06 PM

Originally posted by betbetter

Poker in some form will come.
You will never see single game betting in the states online.

Never is a long time - and these days tax revenue shouts loudly.

The hypocracy over being anti-sports betting while promoting lotteries (surely the worse EV in betting ever) is becoming too difficult to defend

I can see legislation coming in and offering local regulated sportsbooks - as long as all the incumbants (state govt, federal govt, and leagues) get their slice of the action.

Might make for some lousy lines - but I do expect to see legal sports betting within a decade

Nickelicious · 08-03-09, 02:01 AM

Originally posted by betbetter

Poker in some form will come.
You will never see single game betting in the states online.

Yes, you will.

Karla · 08-03-09, 03:03 AM

Originally posted by TeamPlayer

It's comical how the people who complain that "underground" sports books steal their money are the same people who criticize any attempt to regulate the sportsbook industry and protect consumers' rights.

LOL! I agree with you dude. maybe these people just don't want anybody getting their money whether it is the "underground" books or the "government" (with the taxation issue).

betbetter · 08-03-09, 10:14 PM

Originally posted by Nickelicious

Yes, you will.

when the NFL,NBA.MLB,NCAA,NHL, says you will, yes, you will.
good luck with that.

GoonersGuide · 08-03-09, 10:30 PM

Originally posted by betbetter

when the NFL,NBA.MLB,NCAA,NHL, says you will, yes, you will.
good luck with that.

When the leagues are offered a 1% or 2% slice of turnover then you watch the olypic gold medal winning back-flip that will be performed by team-owners and league commissioners.

ByeShea · 08-03-09, 10:30 PM

Originally posted by TeamPlayer

It's comical how the people who complain that "underground" sports books steal their money are the same people who criticize any attempt to regulate the sportsbook industry and protect consumers' rights.

I've never lost a dime that I didn't agree to risk in the first place. Not a dime.

The cost of regulation will be passed on to me, the bettor.

cinpls081 · 08-04-09, 09:51 AM

Originally posted by ByeShea

I've never lost a dime that I didn't agree to risk in the first place. Not a dime.

The cost of regulation will be passed on to me, the bettor.

I agree with you 100%. Regulation would be the worst thing that could happen to the winning bettor.

betbetter · 08-04-09, 11:56 AM

Originally posted by GoonersGuide

When the leagues are offered a 1% or 2% slice of turnover then you watch the olypic gold medal winning back-flip that will be performed by team-owners and league commissioners.

they'd want more than that.
the lobby is fully,entrenched,fully funded and fully backed by Govt.

GoodOldTed · 08-04-09, 02:07 PM

Originally posted by TeamPlayer

Is it so bad living in Las Vegas and using the sportsbooks there? Of course not. So I don't see the problem with regulation from the customer's point-of-view. You would have more options/opportunities to wager. And you should be paying your taxes anyway.

If you're making large amounts of money now online and not paying your taxes, then you're sorely mistaken thinking that you're getting a free pass.

No other country in the world has personal taxes on gambling, because if they did, they'd also have to allow claims for losses. You are being jibbed big time if your govt wants to dip their hand in your pocket after you are already paying takeout/vig/margin to the bookmaker/pari-mutuel who pays taxes....

saro7 · 08-05-09, 08:05 AM

Can you just imagine how much tax they're going to impose? It's hard enough to make a profit off of sports betting already. Taxes are going to make it 10x as bad!

cinpls081 · 08-05-09, 12:57 PM

Originally posted by saro7

Can you just imagine how much tax they're going to impose? It's hard enough to make a profit off of sports betting already. Taxes are going to make it 10x as bad!

thats the whole point so why would you play with a government backed book in the US? You wouldn't if you are a professional you would play with a book outside of the US....These places just like banks in South america would be about to work with you but in the end report NOTHING. The pro's would never play with government backed books. Guys that bet once a week would and it would be a cash windfall for the government

bettman · 08-06-09, 03:59 AM

Originally posted by cinpls081

Originally posted by saro7

Can you just imagine how much tax they're going to impose? It's hard enough to make a profit off of sports betting already. Taxes are going to make it 10x as bad!

thats the whole point so why would you play with a government backed book in the US? You wouldn't if you are a professional you would play with a book outside of the US....These places just like banks in South america would be about to work with you but in the end report NOTHING. The pro's would never play with government backed books. Guys that bet once a week would and it would be a cash windfall for the government

sounds like the LOTTO....

TeamPlayer · 08-07-09, 12:16 AM

Originally posted by cinpls081

thats the whole point so why would you play with a government backed book in the US? You wouldn't if you are a professional you would play with a book outside of the US....These places just like banks in South america would be about to work with you but in the end report NOTHING. The pro's would never play with government backed books. Guys that bet once a week would and it would be a cash windfall for the government

Please explain how a "pro" or anybody can receive say over $100,000 yearly from an offshore sportsbook without the U.S. government finding about it.

As I read your post, you're saying that this is possible without ever being caught by the IRS and therefore better to have an underground/unregulated/no consumer rights gambling industry. Please explain.

Because as far as I understand, if the offshore site sends you money which ends up in your U.S. bank account, the U.S. government will see it.

And if you somehow convince an offshore site to send money to an overseas bank account of yours, well, guess what? You are legally required to resport all money in any of your off-shore bank accounts. It would be a matter of time until you were caught and put in jail.