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Started By
Message
Has anyone won a 'big' amount on an offshore sportsbook?
Posted on 11/13/15 at 9:34 am
Posted on 11/13/15 at 9:34 am
i guess big would be > $10K at a time.
did you withdraw via bank wire or check? did your bank make any big deal about it?
any tax implications?
wondering...for a friend.
did you withdraw via bank wire or check? did your bank make any big deal about it?
any tax implications?
wondering...for a friend.
6
Posted on 11/13/15 at 9:35 am to The Egg
I haven't but I would think several smaller draws over a period of time would save you a lot of headache. Certainly no single transaction over 10k.
Posted on 11/13/15 at 9:36 am to Broseph Barksdale
quote:
I haven't but I would think several smaller draws over a period of time would save you a lot of headache.
This.
Posted on 11/13/15 at 9:37 am to The Egg
6 team parlay for 10k. DO IT!
Posted on 11/13/15 at 9:41 am to BilJ
i dont want to have to withdraw $100k bro!Posted on 11/13/15 at 9:41 am to The Egg
I've always received checks from offshore books in the past. Is there a better way to do it to avoid suspicion? The amounts aren't nearly what you're talking about but was curious what's the best way to withdraw.
Posted on 11/13/15 at 9:44 am to The Egg
My brother did this 2 weeks ago on Betus. He didn't have any issues getting it out besides the daily withdraw limits from his account and the $1k/day withdraw limit on the debit card they credit.
Posted on 11/13/15 at 9:47 am to The Egg
quote:
did your bank make any big deal about it?
When I was living back in BR, I had some 5dimes checks sent to me, nothing major (Couple hundred bucks sometimes) and Chase always gave me the hardest damn time depositing it or cashing it. They always had to get the manager. I just eventually went in knowing it was going to take a while. That was about the only issue I ever had.
I'm sure with a $10K + check you might have some issues.
Posted on 11/13/15 at 9:50 am to MillerMan
tell your bro to spend that free play money on a big parlay
Posted on 11/13/15 at 10:44 am to MillerMan
I quit playing on BetUS because of their payout policies. The debit card was nice, but they charged so many fees that you usually only got about 90% of your money. I use mybookie.ag and they'll bankwire your money over. The fee was $75, and it took 5 business days.
Posted on 11/13/15 at 10:58 am to The Egg
quote:
did you withdraw via bank wire or check? did your bank make any big deal about it?
Your bank will make a big deal about it.
quote:
any tax implications?
Feds will want their cut, and depending on what state you live in, it will wash through to the return.
A lot of states also don't look upon offshore online gambling as "legal".
Posted on 11/13/15 at 11:01 am to Jcorye1
quote:
Your bank will make a big deal about it.
quote:.
epending on what state you live in, it will wash through to the return.
A lot of states also don't look upon offshore online gambling as "legal"
Yeah you have absolutely no idea what in the hell you are talking about. Like at all.
Posted on 11/13/15 at 11:04 am to bamaatlsu
you are a god damn degenerate, BAL.
Posted on 11/13/15 at 11:10 am to FulshearTiger
quote:
Yeah you have absolutely no idea what in the hell you are talking about. Like at all.
LINK
quote:
Banks must notify the government any time they receive more than $10,000 in a single deposit. They must also report withdrawals of that size, or anyone using that much cash to buy a negotiable instrument such as a cashier's check or a bank draft. This rule applies to American dollars and to foreign currency worth more than $10,000. It also kicks in if the bank receives multiple payments from the same agent or individual over the course of a year adding up to more than $10,000. Banks don't have to report personal checks, regardless of the amount.
Sounds like a decent sized deal to me, but you're right I have no idea what I'm talking about.
quote:
Yeah you have absolutely no idea what in the hell you are talking about. Like at all.
Let's take LA for example. Winnings are considered taxable revenue, which in turn will increase your Federal Adjusted Gross, which in LA is the base of taxation. Aka, in LA it'll also be taxed.
LINK
quote:
The legislature further recognizes that it has an obligation and responsibility to protect its citizens, and in particular its youngest citizens, from the pervasive nature of gambling which can occur via the Internet and the use of computers connected to the Internet. Gambling has long been recognized as a crime in the state of Louisiana and despite the enactment of many legalized gaming activities remains a crime. Gambling which occurs via the Internet embodies the very activity that the legislature seeks to prevent. The legislature further recognizes that the state's constitution and that of the United States are declarations of rights which the drafters intended to withstand time and address the wrongs and injustices which arise in future years. The legislature hereby finds and declares that it has balanced its interest in protecting the citizens of this state with the protection afforded by the First Amendment, and the mandates of Article XII, Section 6 of the Constitution of Louisiana and that this Section is a product thereof.
You're right, zero idea.
Posted on 11/13/15 at 11:17 am to Jcorye1
So what happens when you deposit a $9,000 check??
Banks aren't required to report that. Do you think the offshore book will notify the IRS of that income?
You're trying to come in here and act like a big shot and make some big deal out of this and it isn't.
Furthermore, do you have any idea where the checks actually come from? Banks don't know what activity the money comes from so all of your comments about the legality of online gambling are completely irrelevant.
Banks aren't required to report that. Do you think the offshore book will notify the IRS of that income?
You're trying to come in here and act like a big shot and make some big deal out of this and it isn't.
Furthermore, do you have any idea where the checks actually come from? Banks don't know what activity the money comes from so all of your comments about the legality of online gambling are completely irrelevant.
This post was edited on 11/13/15 at 11:19 am
Posted on 11/13/15 at 11:22 am to FulshearTiger
quote:
So what happens when you deposit a $9,000 check??
Banks aren't required to report that. Do you think the offshore book will notify the IRS of that income?
You're trying to come in here and act like a big shot and make some big deal out of this and it isn't.
Furthermore, do you have any idea where the checks actually come from? Banks don't know what activity the money comes from so all of your comments about the legality of online gambling are completely irrelevant.
If you consistently have transactions just below $10k they will catch on. Many banks have software that track transactions done at various locations to keep up with people trying to avoid that limit.
Posted on 11/13/15 at 11:24 am to FulshearTiger
I don't ever have issues getting paid from Bovada. My bank doesn't give a shite.
Although its never close to 10k. I cash out like $500 every now and then if I'm up that much.
Although its never close to 10k. I cash out like $500 every now and then if I'm up that much.
Posted on 11/13/15 at 11:25 am to Chillini
ok so now we're talking about making a half dozen deposits of 8,500?? I guess this turned into how many of you have won over $50,000 and tried to funnel it back into your bank account without getting caught.
Posted on 11/13/15 at 11:28 am to Jcorye1
quote:
Jcorye1
You been studying for REG?
Posted on 11/13/15 at 11:33 am to BeYou
quote:
You been studying for REG?
FAR, REG is the next one I'm taking. FAR is at the end of the month. I can't wait to get this stuff over, I've already done 1,000 MCQs and plan on having around 4k done by the 29th. The latest ETA on getting everything passed is April/May window.
I was planning on doing REG, but decided screw it get the big nasty one out of the way.
This post was edited on 11/13/15 at 11:35 am
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