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Gambling
May 14, 2018 9:17:56 GMT -5
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Post by ncaam on May 14, 2018 9:17:56 GMT -5
Supreme court strikes down federal anti-gambling statute. Leaves gambling regulation up to the states. Can’t wait to open my island account.
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Post by sader1970 on May 14, 2018 9:21:42 GMT -5
Huh? Where exactly do you plan to open your account? Rhode Island or Hawaii?
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Gambling
May 14, 2018 9:31:45 GMT -5
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Post by ncaam on May 14, 2018 9:31:45 GMT -5
🇨🇷 Costa Rica
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Post by rgs318 on May 14, 2018 9:36:49 GMT -5
NJ is already gearing up to start sports betting. Of course, the down side is that if it happens there might be an opening for organized crime to enter the state. As an aside, I remember when the people voted down casinos in Atlantic City. Then ad campaigns and politicians promised that such casinos would cover NY school costs and would help senior citizens to pay lower taxes. The second attempt passed. Any of those promised dollars for schools and seniors? Well........(still waiting).
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Post by sader81 on May 14, 2018 11:05:44 GMT -5
Go into any bar or restaurant in this country on or before Super Bowl Sunday and an illegal bet on the game can be had. It's about time that the states get their cut, and take it out of the hands of organized crime.
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Post by hchoops on May 14, 2018 11:11:24 GMT -5
i think i know the answer, but why is this thread in this topic ?
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Post by Tom on May 14, 2018 11:44:36 GMT -5
Go into any bar or restaurant in this country on or before Super Bowl Sunday and an illegal bet on the game can be had. It's about time that the states get their cut, and take it out of the hands of organized crime. As long as the state isn't running it. State sponsored gambling (lotteries) have the worst payout. Much better odds from anything at a casino or bookie ---------------------------------------------------------- If this takes off and sports gambling becomes more and more acceptable, Pete Rose might get some company on the permanently ineligible list
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Post by Tom on May 14, 2018 11:46:21 GMT -5
i think i know the answer, but why is this thread in this topic ? I can only assume it's because the Men's Hoops topic is the most read
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Post by sader81 on May 15, 2018 6:27:47 GMT -5
Go into any bar or restaurant in this country on or before Super Bowl Sunday and an illegal bet on the game can be had. It's about time that the states get their cut, and take it out of the hands of organized crime. As long as the state isn't running it. State sponsored gambling (lotteries) have the worst payout. Much better odds from anything at a casino or bookie ---------------------------------------------------------- If this takes off and sports gambling becomes more and more acceptable, Pete Rose might get some company on the permanently ineligible list I would assume that the states will impose gambling the same way Vegas does, as do the bookies. Basically, with any straight bet, there is a 10% vig taken by the state. In other words, if you want to bet $100 on the Pats to win by more than the line, (7 points or whatever), you have to bet $110. When you win, they pay you $210, the $110 you laid plus the $100 you won. The main difference is now you will have to pay the money up front to the state or the sports book, whereas the bookies give you credit; you pay only when you lose, and collect when you win. You don’t pay, they send Moose and Rocco after you! That’s how people get behind with them and lose their arse. They keep betting off credit, keep losing, next thing they know, the are behind a month’s pay.
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Gambling
May 15, 2018 6:31:52 GMT -5
via mobile
Post by ncaam on May 15, 2018 6:31:52 GMT -5
Wonder what effect this will have on the offshore accounts? I’d sure like to have an account in Costa Rica so I could bet on some patriot league and other big games. I’m a $22 per bet better so let me put that out there in front of any betting that I do. I never went for an island account because I was sure it was illegal but now maybe it’s OK.
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Post by Tom on May 15, 2018 7:47:56 GMT -5
Of course a big difference will be the tax man. I assume that the bookies always paid the tax on their gambling profits, even if it was laundered through legitimate businesses.
All money earned from winning with the bookie is taxable income. I think it likely that some people did not declare this income and as such winnings were not taxed. Any legal sports bet will likely follow the lead of the casinos or lotteries, where a win over a certain threshold will resort in automatic reporting.
Fortunately, pro athletes are paid so well today that we hopefully won't have another Eddie Cicotte. On the other hand, even the P5 boys aren't rolling in cash, and as more people play and more money goes into this arena, we are likely to have another Jim Sweeney
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Post by KY Crusader 75 on May 15, 2018 8:19:32 GMT -5
At racetracks, the rule always was that any win over $600 at 300-1 odds was subject to tax reporting, so bettors always preferred, say, a $590 trifecta to a $610 one. With $0.50 trifectas and Pick Fours and $0.10 Superfectas a bettor can reduce the chance of such tax tickets by placing multiple lower denomination bets. Withholding at 20% occurred when the win was $5,000 and over. Then you have to file with your tax return and make some claim about losses to offset the "reporters".
I don't know that the states will use the threshold method as bettors would circumvent that by placing multiple lower denomination wagers: "Give me the Giants +11 for $50...repeat 9 more times", rather than a $500 bet. Perhaps states will try to set up accounts for taxpayers to track all wagers so that they can tax the guy who may not have a big score but who ekes out a small profit over multiple bets. If it can be counted, states will find a way to tax it........
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Post by bigfan on May 16, 2018 6:57:01 GMT -5
Will we now see point spreads on PL football and basketball games?
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Post by Tom on May 16, 2018 7:51:30 GMT -5
Will we now see point spreads on PL football and basketball games? Supply and Demand If enough people want to bet those games, someone will have a line. I don't anticipate enough interest
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Post by alum on May 17, 2018 13:49:04 GMT -5
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Post by Tom on May 17, 2018 14:20:07 GMT -5
At the risk of getting too political, I agree with the Court. Unless your bookie is in another state, gambling is not interstate commerce and as such it should be regulated by the individual states.
On the other hand, I hope very few states jump on this bandwagon. Untainted sports competition is getting harder and harder to find. There's a very good reason baseball considers gambling it's most serious infraction. Sadly no one seems to care about that anymore. No legitimate sport has gone anywhere near Vegas (or any other gambling resort area) for decades. UNLV was an outlier - and they were a punchline for corruption jokes. Now the NHL and soon the NFL will be calling Vegas home. Nothing good will come from having gambling more closely associated with sports.
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Post by KY Crusader 75 on May 17, 2018 14:34:48 GMT -5
Churchill Downs Incorporated is getting ready to go in New Jersey and in Louisville it has two facilities with all infrastructure and equipment needed as soon as our backward state legislature approves sports betting. The CHDN stock that I bought many years ago for $25 is now at $310........
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Post by breezy on May 17, 2018 14:57:00 GMT -5
I'm not a tax expert by any means, but I think you could donate that stock to Holy Cross, get a full charitable deduction for its value, and not have to pay any capital gains tax.
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Post by KY Crusader 75 on May 17, 2018 15:09:48 GMT -5
I'm not a tax expert by any means, but I think you could donate that stock to Holy Cross, get a full charitable deduction for its value, and not have to pay any capital gains tax. I pretty much do that in that I have a "Charitable Giving Account" with Fidelity. As you suggest, I can then give appreciated stock to the account which then grows; it should fund my charitable donations for the balance of my life. It was particularly effective as I ended my working career and then dropped into a much lower tax bracket: write it off in the high tax years and then make the donations from the account at your leisure. I highly recommend the method (and maybe most of our savvy posters are way ahead of me on this).
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Post by alum on May 18, 2018 7:57:02 GMT -5
I'm not a tax expert by any means, but I think you could donate that stock to Holy Cross, get a full charitable deduction for its value, and not have to pay any capital gains tax. I pretty much do that in that I have a "Charitable Giving Account" with Fidelity. As you suggest, I can then give appreciated stock to the account which then grows; it should fund my charitable donations for the balance of my life. It was particularly effective as I ended my working career and then dropped into a much lower tax bracket: write it off in the high tax years and then make the donations from the account at your leisure. I highly recommend the method (and maybe most of our savvy posters are way ahead of me on this). Good job KY. Might I also point out to all posters that the Advancement Office would be happy to talk to you about Planned Giving. There are a variety of instruments and investment vehicles which can provide you with income and favorable tax treatment today and a gift which alma mater books today and receives down the road.
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