[swingtrader]

Hi guys,
I have been reading some of ya'lls posts for a while and respect quite a few of your capping abilities. Anyway I just cashed out 6,200 dollars from Bodog. The check arrived today. It only took 2 weeks but how do I cash it? Do I or can I deposit it in my bank, I would rather not allow the American Gov. the opportunity to audit my account. All check cashing places are going to charge a fee. I called one and she wanted to know what kind of a check it was, what do I say? The check isn't made out to BkofAma, it is from < ********* >. What can I do?

[pico]

you should post more information about the bodog processors on this forum

[MrX]

Deposit it in the ATM and pay your taxes.

[pico]

Deposit it in the ATM and pay your taxes.

3-5k limit at the atm

[spliff]

just cash the mutherfukker. Even if you do it at the check cashing place, they will find you. Use your bank.

[prop]

A check cashing place is going to finger print you and all because of the size of the check.

[MrX]

3-5k limit at the atm

Well I've definitely made bigger deposits at the ATM, so it must vary. Okay, let me modify my statement:

Deposit at the ATM if possible. If not, deposit at your branch. Pay your taxes.

[BigBollocks]

Hi guys,
I have been reading some of ya'lls posts for a while and respect quite a few of your capping abilities. Anyway I just cashed out 6,200 dollars from Bodog. The check arrived today. It only took 2 weeks but how do I cash it? Do I or can I deposit it in my bank, I would rather not allow the American Gov. the opportunity to audit my account. All check cashing places are going to charge a fee. I called one and she wanted to know what kind of a check it was, what do I say? The check isn't made out to BkofAma, it is from < ********* >. What can I do?

It's sad when SBR is going out of their way to commend Bodog on "only" taking roughly 15 business days now to pay customers, while theGreek, BetJamaica, Matchbook, etc. have been paying out in 2-3 days from the get-go. Money definitely buys positive words, even on here....

[atakdog]

It's sad when SBR is going out of their way to commend Bodog on "only" taking roughly 15 business days now to pay customers, while theGreek, BetJamaica, Matchbook, etc. have been paying out in 2-3 days from the get-go. Money definitely buys positive words, even on here....

True, but also: this is a sadly bizarre industry, where businesses can be rated "A" simply because they usually honor their commitments to give customers what they're owed. Frankly, even two or three days is absurd, by the standards of any other financial services industry (which is what sportbooking is). We get all excited when we find a business that we're confident won't steal from us -- how sad is that?

Oh, for a regulated market easily accessible to US citizens...

[Cyclone]

If you are trying to avoid taxes (which I wouldn't recommend), then you do not want to deposit it into your bank account. Cashing it is your only option, if they will take it.

[jonmic]

and next time cash out multiple times with smaller amounts...

[WileOut]

If you are trying to avoid taxes (which I wouldn't recommend), then you do not want to deposit it into your bank account. Cashing it is your only option, if they will take it.

Correct me if I'm wrong but if the government audits they will be able to see all the checks you cashed as well as the ones you deposit. Otherwise everyone would just cash checks and not pay taxes.

[Scratch]

I thought you only had to pay taxes on winnings over $1000. That is why you can win a little money at a brick-and-mortar casino completely anonymously. US businesses are required to report prizes or winnings in excess of $1000 to the IRS. Foreign businesses cannot be audited by the US, so this would be at their discretion. Just because you deposit a check doesn't mean you owe taxes on it, just any interest or capital gains you get from the deposited money is taxable. Can anyone else confirm this?

[Cyclone]

If you are audited, they can look at EVERYTHING. Every penny you earn is subject to tax. They don't report winnings under a certain amount just to avoid paperwork. If the IRS sees money going into your accounts, they will want to know where it came from. Now, if it's only a few dollars, they aren't going to bother. Trying to avoid tax on $6200 is taking a big risk.

[MrX]

You owe taxes on all net gambling wins for the year, no matter the amount. Will you get caught for not reporting small wins at a casino that don't trigger W2Gs? Almost certainly not.

Will you get caught for not reporting 10s of thousands from offshore casinos? Well, for any given year, probably not, but it won't be pretty if you do.

But the fact is, if you make money gambling over the course of a year, you owe taxes on it, no matter the amount.

[Helmut]

Get a foreign bank account and deposit it there.

[scott235]

Depositing or cashing these checks is only going to get worse over time for american players. Ignore the industry shills who post on SBR(who will insist that the chex are trouble free) and pursue other options in the future. Hint: you will be amazed how pliant c/serv is at books when you are trying to deposit....just make sure you secure your payout options before giving them any money.

[John Dough]

Depositing or cashing these checks is only going to get worse over time for american players. Ignore the industry shills who post on SBR(who will insist that the chex are trouble free) and pursue other options in the future. Hint: you will be amazed how pliant c/serv is at books when you are trying to deposit....just make sure you secure your payout options before giving them any money.

You bumped a thread from 2007 to post that nonsense?

Gimme a break. You honestly think anyone (myself included) who says they've deposited tons of checks with no issues is lying?

[scott235]

My bad.....I didn't happen to notice that the thread was from 2007, but ntl it is relevant. No, john, I don't think that everyone who deposits "tons" of chex without incident is lying. Your posting history speaks for itself, and I'll leave it at that.

[Legions36]

My bad.....I didn't happen to notice that the thread was from 2007, but ntl it is relevant. No, john, I don't think that everyone who deposits "tons" of chex without incident is lying. Your posting history speaks for itself, and I'll leave it at that.

Hahaha thanks man u made me read this whole thread like an ass-hole not realizing it was from 07, u got me bit-ch.

[neverstoppers23]

I just deposited into my bank, actually when I had my big SSI interview when I finally got accepted they went over 2.5 years of bank records. I told them I won it from ' Fantsy Football' it was like a 1500 dollar deposit. Thank god my bank doesn't keep pictures of the check :P

[Br0nxer]

endorse it and send to me

i will cash it and give you the money

[Ryangene]

wow... unreal really

[mtneer1212]

I thought you only had to pay taxes on winnings over $1000. That is why you can win a little money at a brick-and-mortar casino completely anonymously. US businesses are required to report prizes or winnings in excess of $1000 to the IRS. Foreign businesses cannot be audited by the US, so this would be at their discretion. Just because you deposit a check doesn't mean you owe taxes on it, just any interest or capital gains you get from the deposited money is taxable. Can anyone else confirm this?

No they only report winnings over $1200. You should pay taxes on any winnings, but of course, if it isn't reported....... well......

[mikeyg]

Why would you do this???? Nump a 3 year old thread, Your a fukin tool

[John Dough]

You should pay taxes on any winnings, but of course, if it isn't reported....... well......

......then you're still committing tax evasion and face serious penalties, but if you're into that sort of thing, I'm not here to judge.

And FWIW, you should be paying taxes on winnings from whatever year you won them in. When you happen to deposit them in your bank account has no bearing on taxes. If you win 10K in 2009, leave it in your sportsbook account, and then w/d it to your bank in 2011, you should have reported the income on your 2009 tax return, not 2011.

[in play, run(s)]

I received a check, but my local bank doesn't accept it because there is no name of the issuer on it, only his bank account data, but no name... anyone know what do to? Whose fault is this?

[John Dough]

I received a check, but my local bank doesn't accept it because there is no name of the issuer on it, only his bank account data, but no name... anyone know what do to? Whose fault is this?

I know this may be impractical and a pain in the ass, but I'd find another bank (you could just keep a small balance there). A bank should really only care if the check clears or not. If it doesn't, they simply don't give you the money and charge you a fee for depositing a bad check. It's not like they'd be out the money.

That said, you could always ask the sportsbook about it first. They may or may not offer you a solution.

I've never heard of this particular issue though, so sorry I couldn't be more helpful.

[in play, run(s)]

Well the funny thing is, for that matter, I already opened a new bank account somewhere else, because my old bank had ridiculously high fees on check deposits. I really have no experience with checks whatsoever... the bank clerk told me, checks can't be cashed in if there is no info about who issued it, and he doubts that any other bank will accept it either. So I'll do as you said and I'll call the bank and ask if they can try to cash the check in anyway

[MarlinsFan2212]

Go to your bank.

If you dont feel comfortable doing so, go to a check cashing place. If anyone asks what its from, tell them its money you made from ad revenue on your website.

[midnight777]

wow cashing checks have gotten bad.. wtf

[macb]

JD said DEPOSIT, not cash. Two seperate things. In addition, develop a relationship w/ your tellers.

[John Dough]

JD said DEPOSIT, not cash. Two seperate things. In addition, develop a relationship w/ your tellers.

Good distinction. I've never tried to CASH a check in my life.

[Stumpage]

In addition, develop a relationship w/ your tellers.

That's an excellent point; One which can't be emphasized enough. I'm in a very fortunate position, for the time being at least, that the teller who cashes all my checks is a woman whom I used to teach when she was a child in grade school, so there's never a problem. But regardless, a little social bantering over an extended period, no matter how benign, can go a long way.....

[LordVodka]

What if someone had money wired into their bank account? Does the govt look at that?