If I receive a payout to the usa by check and deposit to my bank account what laws am I breaking?
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None.Comment -
Why do people say if your bank asks about the check don't tell them anything
can you explain why the entire process is legit or okComment -
the banks have no right asking where any check is from..do u ask where their check is from when u go to the bankComment -
the bank could report anything that want to the irs or any govt agency if they suspect "suspcious acitivity" although a random small 4 digit might not seem suspcious over the course of time it might. and you are breaking law. your depositing money that the govt considers illegally obtained.if you bet on sports games and it wasnt in vegas its illegalComment -
really bad info??? so you mean to tell you can deposit thousands of dollars in your bank acct? from a check that comes from a offshore sorts book disgusied as something. and you think nobody will EVER catch on? with terrorism and homeland secruity dipolmatic secruity and the many other branches that the govt has created since 9/11 you think you can just checks from fed ex on a daily basis from a 3rd world country and nobody will ever catch on all that extra income.Comment -
so john dough what your saying is i can get for example 15-20k a year from a offshore gambling site and you think thats legal???????????Comment -
its considered a unsupervised electronic funds transfer... therefore if you want to multiply that times 10 that is considering the MONEY LAUNDERING. you ever hear of that law?Comment -
also the unlawful gambling act of 2006. which probihits business from accepting any money in particpation of any bet. i am not quoting it but if you want to do the research you can I am fully aware of this law though. but not the particularsComment -
You are 100% wrong.
Nothing illegal about receiving a check from an offshore sportsbook as long as you pay taxes on any earned income.
UIGEA prohibits banks from "knowingly" processing transactions with offshore gambling outfits it does not make anything unlawful on the players end only for casinos and banking institutions.
There are a few states who have laws against players making bets but most laws target illegal bookmakers not players, to this day not a single player has ever been charged with making a wager or winning.
Worst case scenario the bank files an SAR and alerts the IRS because they feel your transactions are suspicious. Your average recreational player has no reason to be concerned with this because you have big time players who are cashing out well over 6 figures annually banks aren't even going to blink an eye at annual deposits under $50k.Comment -
Pretty easy to tell which posters in this thread know what they're talking about.
Props to sharpcat for taking the time to explain it correctly, I just don't have the patience anymore.Comment -
as long as you pay taxes... who actually pays taxes on money they earn from offshore sites???Comment -
I'm not going to get into this into detail, but if it's said enough on forums it must be true. The fact is over 1,000 people have been charged with placing illegal sports bets. The point most usually state is that there are no FEDERAL laws that prohibit it. Over one hundred people were indictment over a "local" (as in city) law back in the 90s. A few years back a few dozen were indicted under a "state" law and 6 plead out receiving short probation and small fines. Also remember that old tout Gary Austin (guy with tradewinds) pretty sure he and a few others were indicted in the late 70's with placing bets in California (?) I don't think anything ever came of that, I think but am not sure only the bookmakers ended up charged in the end. The idea it doesn't happen is what internet sites want to sell - it happens but is still quite rare. If there are no local or state laws that prohibit it then probably you are not breaking any laws but I'm not a legal expert so consult with someone else to confirm that is or isn't the case.Comment -
so you think everybody who makes 50+k a yr on an offshore gambling goes to h and r block(sarcastically speaking) to files there taxes? alls im sayin you cant NO ONE has never gotten in trouble for betting illegally online. look at all the poker sites that got shut down. the p2p payouts dont get flagged for no reason.Comment -
you guys make some valid points imo i just feel like to say its legal is a little of a farce. thats why the doj keeps shutting sites down that are domains in an international country.Comment -
I am no lawyer but unfortunately I do have a lot of experience with the law
Most likely any case that has ever been brought against any player for making wagers was nothing more than prosecutors angle shooting and looking to get the players to rollover on a local bookie in order for prosecutors to be able to build a case against the local bookie. It would be impossible for prosecutors to build a case against someone for playing offshore considering that they have no jurisdiction over offshore bookmakers and would not be able to get any cooperation that would be needed to prove their case.
The legal system is driven by money and their is just not enough money to be made by prosecuting players who are pleading guilty and taking 1 year of unsupervised probation and a $300 fine. It is just unpractical to spend resources to attempt to prosecute a player for betting offshore when they have no way of getting any cooperation from offshore bookmakers books to prove their case. I would say 99% of offshore betting cases brought against a player would result in a nolle prosequi or nothing more than a $300 fine.
Thank you for sharing this information though prop it is very interesting. Do you know if any of these cases were for playing offshore? I would suspect they were all charges brought strictly for the purpose of building a case against a local bookie.Comment -
The need to keep records in order to satisfy IRS requirements was once used in defense. The bookmaker's home was raided and documents seized. The only reason in the end these were admissible is because records required for operation purposes were found first. Lesson: If you're running a bookmaking business at the end of the day put everything related including the flash drive you're operating with into the same large box that contains copies of your tax returns and books and you "might" have a better chance of having that evidence found inadmissible
not sure it would work but i found the case file fascinating. Kind of relates here but will leave the rest up for ideas.
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sharpcat basically you're correct.Comment
