Whoson1st,
The WIRE act was used to indict over 20 offshore bookmakers.. I find this kind of archaiic since the law was written in the early 60's and intended to go after bookies here in the United States, and not online or offshore...
If you bet with a local bookie vs. offshore, I believe you are at more risk doing the former compared with the latter. I do know of some gamblers in my lifetime that were charged for betting illegally with a bookie on the mainland , but I have never heard of anyone being indicted or prosecuted for gambling online...
However, if they want you, they can get you, period...
THE SHRINK
The WIRE act was used to indict over 20 offshore bookmakers.. I find this kind of archaiic since the law was written in the early 60's and intended to go after bookies here in the United States, and not online or offshore...
If you bet with a local bookie vs. offshore, I believe you are at more risk doing the former compared with the latter. I do know of some gamblers in my lifetime that were charged for betting illegally with a bookie on the mainland , but I have never heard of anyone being indicted or prosecuted for gambling online...
However, if they want you, they can get you, period...
THE SHRINK
That's what were saying. It's not illegal income. And if it techinically is illegal, it won't be prosecuted. And if it's prosecuted, it won't amount to anything. Basically, you report gambling income, because you will go to jail if you don't, and get caught. For gambling, nothing will happen to you.
Thanks Shrink.
Well stated. I can become paranoid in a moment. Last year for example I had a net income (after losses) of a about $600. with YouBet for the year. They are a US company--which sent me NOTHING!!! I could have said foorget about it. I did not and had to send them several emails to finally get them to email me what I allready knew as to the net amount won.
I reprted it . Even though I had lost MORE than that figure playing offshore which would have zeroed it out for tax purposes--I didn't even claim the losses.
Reason being---FEAR Factor.
Not anymore--I have what happened to the guy in North Dakota saved as one of my favorites and will print it out. I have my records as well to prove what I say.
My point---WHY did Youbet.com NOT even bother mailing me a statement!!! I think that was wrong on their part. Yes a pittlaly amount-but it was still positive income.
Well stated. I can become paranoid in a moment. Last year for example I had a net income (after losses) of a about $600. with YouBet for the year. They are a US company--which sent me NOTHING!!! I could have said foorget about it. I did not and had to send them several emails to finally get them to email me what I allready knew as to the net amount won.
I reprted it . Even though I had lost MORE than that figure playing offshore which would have zeroed it out for tax purposes--I didn't even claim the losses.
Reason being---FEAR Factor.
Not anymore--I have what happened to the guy in North Dakota saved as one of my favorites and will print it out. I have my records as well to prove what I say.
My point---WHY did Youbet.com NOT even bother mailing me a statement!!! I think that was wrong on their part. Yes a pittlaly amount-but it was still positive income.
J-Man- I guess if a person loses 10K for the year, then it's not fair at all. But two things come to mind. If a person loses 10K in one year gambling, they are either a) a complete ******* or b) very wealthy. If they are wealthy, and losing 10K is no big deal, then the taxes are insignificant. If they are just plain stupid, then figure out a way to win, or quit gambling.Journeyman said:
Wire Wager Act- That is what everyone involved in the NSC Tout trial pled guilty to. The reason the Feds decided against charging any fraud counts was so that they would be able to keep the 10+ million that they took. I have been told that if anyone bets offshore and the FBI wants to charge you with violation of the Wire Wager Act, that they can do so. They have just not chosen to do so as if yet. You can bet though that if they waste time investigating someone of doing somethung and it turns out that you are innocent, they will turn to the wire wager act. I have been advised by my attorney that if you never call in your bets and if you use exclusivly SATTELITE INTERNET connections to place your bets, that I will not be in violation of the wire wager act.
Aceyduey--The man in North Dakota played on the internet and the newspaper article said NOTHING about he waged by satellite connection. His case was MADE PUBLIC. He reported the income and ONLY was charged a small state fine.
Is North Dakota still part of the USA? Yes.
This guy even CLAIMED to be a professional gambler.
I am not-
I would like to know for SURE if he did not use a satellite connection.
Is North Dakota still part of the USA? Yes.
This guy even CLAIMED to be a professional gambler.
I am not-
I would like to know for SURE if he did not use a satellite connection.
I see what you're saying, J-Man. My point is simply, if you're betting that big, and lose that much, the amount of taxes you would be able to save if you could deduct losses is probably not significant, when compared to your overall financial situation. I can see why the gov't does this. They don't want people to go to Vegas and just blow money gambling so that they don't have to pay as much in taxes. Because gambling, as a whole, is entertainment, and a losing proposition, and not an investment. Sports betting can be an investment, but for the people that consider it such, they win, so losses are not applicable over the course of a year.Journeyman said:
Ill- Did they charge him with violation of 1084 or was it for something else? I am saying that if you use a sattelite connections, they will not be able to convict you of violating the Wire wager act. I am sure they will find something else however because that is just the way the kocksuckers are!!!
Illini said:
Aceduecetrey- He was charged under the wire act, just like other bookies have been charged. He was one of the pioneers of this industry, and helped start World Sports Exchange, or WSEX. He posts on here as JayC. I guess his attorneys told him that there's no way the wire act could apply to internet bookmaking. They got licensed and were a totally legitimate company in their country. Then the US came after those guys. I'm pretty sure the other 2 or 3 guys stayed there, but he came home to face the charges, being assured by his attorneys that he was fine. But they convicted him anyway. I don't think you're going to get into any trouble at all. But don't be fooled by thinking you're fine if you bet on the internet, but not by phone.
taxes
Holy Smoke,
Here is the deal, placing bets online may or may not be legal. It's not clear cut. The federal law you quote is crap and and is significant to taking bets (being a bookie) nobody has ever been prosecuted for making bets online by the feds. The few instances where pro gamblers had issues was with some shithole states where the prosecutor was trying to make a point or get some publicity, who knows. There is only a handful of these cockblocking states of which I don't have the list but know that mine is not one of them. So WORST case scerario is you live in one of those states and they decide to single you out and pay a small fine.
Now when it comes to taxes it is a different story. If you have any significant income from gambling (from anywhere) and don't report it you could get into some deep ****. If you get audited and get caught, then best case is a fine and back taxes. Worst case is fine, back taxes, and jail time. Chances of getting audited are slim, but the more people who know what you do the greater your chances and jeolousy may lead someone to tip the IRS off.
The biggest question is probably if I pay taxes then the gov't wil lknow I'm doing something illegal. If you don't get audited they will have know clue what kind of gambling you do. Even if audited it doesn't mean they will then turn you over to the Feds for gambling online. They could probgably care less as long as they get paid.
Holy Smoke,
Here is the deal, placing bets online may or may not be legal. It's not clear cut. The federal law you quote is crap and and is significant to taking bets (being a bookie) nobody has ever been prosecuted for making bets online by the feds. The few instances where pro gamblers had issues was with some shithole states where the prosecutor was trying to make a point or get some publicity, who knows. There is only a handful of these cockblocking states of which I don't have the list but know that mine is not one of them. So WORST case scerario is you live in one of those states and they decide to single you out and pay a small fine.
Now when it comes to taxes it is a different story. If you have any significant income from gambling (from anywhere) and don't report it you could get into some deep ****. If you get audited and get caught, then best case is a fine and back taxes. Worst case is fine, back taxes, and jail time. Chances of getting audited are slim, but the more people who know what you do the greater your chances and jeolousy may lead someone to tip the IRS off.
The biggest question is probably if I pay taxes then the gov't wil lknow I'm doing something illegal. If you don't get audited they will have know clue what kind of gambling you do. Even if audited it doesn't mean they will then turn you over to the Feds for gambling online. They could probgably care less as long as they get paid.
