Supreme Court allows sports betting across the country

[MotorCityMadman]

Locals already do offer -110, or at least they should. Anyone playing any higher than that, and I’ll gladly book your action.

My first reaction was Vegas wouldn’t follow suit and go -115 in the above scenario, but with 6:5 blackjack and new roulette wheels with three green zeros, nothing would surprise me. Bunch of bastards.

And yeah, locals should make out well. One of mine already gives me -105 as I mentioned above, another gives me Bonus Plays as I accumulate points for every dollar wagered. You’ll probably start seeing more of those kinds of promos from them.

You go to the casino and see people playing 6/5 BJ all the time because it has lower minimum bets. They really don't know what they are giving up. They don't care. They are there for the entertainment that's it. The majority of the new bettors do not know books. They will want instant satisfaction. That means money after the game. As I said most people who bet with local are a wing and a prayer bettors. Please, Jesus just lets me win
this game and I will be even. I really don't want to tell my man another bullshit story.

 

[Greenbacks]

I'm a hop,skip & a jump from the Meadowlands.

That's going to be my spot.

Can't wait w-thumbs!^

 

[JDeuce]

You go to the casino and see people playing 6/5 BJ all the time because it has lower minimum bets. They really don't know what they are giving up. They don't care. They are there for the entertainment that's it. The majority of the new bettors do not know books. They will want instant satisfaction. That means money after the game. As I said most people who bet with local are a wing and a prayer bettors. Please, Jesus just lets me win
this game and I will be even. I really don't want to tell my man another bullshit story.

My old lady loves blackjack, she can play all day without stopping. Even she has started staying away from 6:5 tables. I’m all about having table game fun too but I refuse to play games where the odds suck so badly that they may as well be rigged.

As for locals, it all depends how you look at it. If you play with casinos, even if you’re not a huge bettor...you’re going to start racking up paper trails that the IRS may want to look at one day (someone I know went through that nightmare during an audit)...but you can at least be sure you’ll get paid on all winners. Play with a local, and you have no records to submit to the tax man...but then you run the risk of getting into a dispute on a play or collection sooner or later (and which side do you suppose always wins those arguments?) it’s a trade off.

 

[MotorCityMadman]

My old lady loves blackjack, she can play all day without stopping. Even she has started staying away from 6:5 tables. I’m all about having table game fun too but I refuse to play games where the odds suck so badly that they may as well be rigged.

As for locals, it all depends how you look at it. If you play with casinos, even if you’re not a huge bettor...you’re going to start racking up paper trails that the IRS may want to look at one day (someone I know went through that nightmare during an audit)...but you can at least be sure you’ll get paid on all winners. Play with a local, and you have no records to submit to the tax man...but then you run the risk of getting into a dispute on a play or collection sooner or later (and which side do you suppose always wins those arguments?) it’s a trade off.

Playing 6/5 BJ increase the casino odds by 1.39% which is a $1.39 per $100 you bet. Clearly people who play are suckers. If people would not play it would go away. But that is not going to happen. As for the IRS you do not generate a 1099 from the sportsbook on single-game wagering. You will generate a CTR for a transaction over $10,000 but that is no big deal. As for parlays, I think you are taxed if it pays 300/1. No trade-off.

 

[Greenbacks]

we$$$we$$$we$$$we$$$we$$$we$$$we$$$we$$$

 

[Enfuego]

What an interesting time in America.

 

[HarryCaray]

Lmaoooo they were bitching so hard about how they WEREN'T gambling. What did they call it? Lmaooooo. Entertainment or some shit? They called it a game of chance or something retarded. Lmfaoooooo that's gambling you fucking idiots. They need a smack in the mouth. I can't stand those pieces of shit.

You do realize they were talking about fantasy sports when they argued that it was a game of skill. And that now they're talking about offering regular sports wagering.

It's like they used to sell apples, and now they're going to sell oranges too.

Why don't you understand this?

 

[fantasysportsavvy101]

I can't wait for it. It would be a BIG upgrade for the sports betting industry.

 

[Acebb]

What prevents a guy from setting up a shop in a strip mall similar to what you see in Europe?

Panda Express, Nail Salon and Gambling Booth?

The sports book license in PA is going to cost $10 million.

 

[Enfuego]

The sports book license in PA is going to cost $10 million.

Wow, no kidding?

 

[Acebb]

Yeah, and they're saying the tax is going to be 34% of revenue!!

They have to lower that, WV said their tax will be 10%

 

[Fishhead]

Yeah, and they're saying the tax is going to be 34% of revenue!!

They have to lower that, WV said their tax will be 10%

That seems more severe than the 10 million license.

 

[cy1981]

That seems more severe than the 10 million license.

The only guarantee with this is that the state of Iowa will screw it up. Too many short sighted legislators to make this a good thing.

 

[Fishhead]

The only guarantee with this is that the state of Iowa will screw it up. Too many short sighted legislators to make this a good thing.

Really?
How are the non-Indian casinos and racetracks operated there in your opinion?

 

[Willie99]

Yeah, and they're saying the tax is going to be 34% of revenue!!

They have to lower that, WV said their tax will be 10%

34% of "revenue" with a 10% vig can't work. And 10% isn't competitive

Unless they add the 34% to the ticket, and that will also kill the industry

Now 34% of the profits can work. Very high tax, but the book can survive on 66% of the profit

 

[MotorCityMadman]

As for the tax issue

[FONT=&quot][h=1]Sports betting gets a green light. Don't forget Uncle Sam will want his taxes[/h]

• The Supreme Court struck down a 1992 federal law prohibiting states from allowing legal sports betting.
• Generally speaking, if you win above $5,000 from gambling, you can expect the payer (i.e., casino) to withhold 24 percent for taxes.
• Depending on your other income, that rate might not be enough to cover taxes owed on the winnings.

[FONT=&quot]Sarah O'Brien | @sarahtgobrien[/FONT]
<time class="datestamp" itemprop="datePublished" datetime="2018-05-14T16:13:15-0400" style="user-select: text; padding: 5px 0px 0px; color: rgb(51, 51, 51); font-family: "Gotham Narrow SSm 4r", Arial; font-size: 11px;">Published 16 Hours Ago </time><time class="datestamp last-pub-date" itemprop="dateModified" datetime="2018-05-15T08:30:38-0400" style="user-select: text; padding: 5px 0px 0px; color: rgb(51, 51, 51); font-family: "Gotham Narrow SSm 4r", Arial; font-size: 11px;"> Updated 21 Mins Ago</time>[FONT=&quot]CNBC.com[/FONT]

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<section class="cols2" style="user-select: text; margin-top: 20px; overflow: hidden; clear: both; color: rgb(0, 0, 0); font-family: "Gotham Narrow SSm 4r";"><article style="user-select: text;">[FONT=&quot]The U.S. Supreme Court's decision on Monday to allow states to legalize sports betting has the potential to bring such gambling out of the shadows.
Yet don't think the government won't be interested in your winnings.
The Internal Revenue Service always wants a piece of the action.



Photo by Jose Luis Pelaez Inc via Getty Images

"The amount of gambling winnings, less any losses, gets tacked on to all other income you have … and is taxed as ordinary income," said Bill Smith, managing director at CBIZ MHM's National Tax Office in Washington.
In the Supreme Court decision, justices upheld a 2014 New Jersey law allowing sports betting while striking down a 1992 federal law that had banned it in states that didn't already have a law on the books, such as Nevada. Now, other states could follow the Garden State's lead.
The American Gaming Association estimates that Americans spend about $150 billion on illegal sports wagers each year.

​

[FONT=&quot]Supreme Court rules for New Jersey in sports betting case <time style="user-select: text; display: block; font-family: "Gotham Narrow SSm 5r"; font-size: 12px; color: rgb(153, 153, 153); line-height: 22px; letter-spacing: -0.02em; left: 130px; bottom: 25px; margin-left: 0px; margin-right: 0px;">22 Hours Ago | 00:55</time>[/FONT]


As for the taxation of gambling winnings: The new tax law that took effect in 2018 continues to allow winners to deduct their gambling losses up to the amount of gambling income, as long as they itemize their deductions instead of taking the standard deduction. The information gets reported on your Form 1040 as "other income."
Be aware that because the standard deduction nearly doubled for all taxpayers and most deductions were eliminated, fewer taxpayers are expected to have enough deductions to make itemizing worth it.
Professional gamblers, meanwhile, face other rules for 2018 through 2025: When they deduct their expenses (i.e., traveling to and from a casino), they must add them to their gambling losses when calculating the value of the deduction instead of writing them off separately as a business expense.
[FONT=&quot]More from Personal Finance:[/FONT]
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Generally speaking, if your winnings are above $5,000, the payer, such as a casino, is required to withhold federal taxes. Effective this year, that withholding rate is 24 percent, down from the previous 25 percent.
However, don't assume the amount withheld is what you'll actually owe on the money.
"The casino doesn't know if you make $12,000 a year or $26 million a year," Smith said. "They withhold at that rate, but they don't know what tax bracket you'll be in."
Taxes also might be withheld on winnings less than $5,000 in certain situations, such as if the amount won is 300 times the original bet (i.e., a $600 win on a $2 bet).
Additionally, depending on how much you win, you'll receive a Form W-2G from the casino. Even if you do not, the IRS still expects you to pony up at tax time.



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[skins85]

You must be out of your tree to think local books are going to get most of the business. The only customers the local will have are people gambling without money and hoping they don't lose. I know that for a fact. I was in the business for 25 years. There were always sad stories on pick and payday. My car broke down. I was supposed to get a check but it did not come. My mother in law died. I had to chip in for the funeral. Had to take the dog to the vet. I heard them all.

sure being a bookie sucks but they wont go out of business because all their customers are running to sportsbooks. ill still use a local. i like the week to week, i like the cash in hand, etc. i run around for a local and get a cut of the collect. your right that a lot of people play on credit or are on payment plans, but that is the nature of the beast and always has been. bookies arent going anywhere. consider the leagues wanting a cut, the tax implications for large winnings and the potention higher prices by using a sportsbook id say that people who look into it will realize a lot of benefit in a local book.

 

[Fishhead]

sure being a bookie sucks but they wont go out of business because all their customers are running to sportsbooks. ill still use a local. i like the week to week, i like the cash in hand, etc. i run around for a local and get a cut of the collect. your right that a lot of people play on credit or are on payment plans, but that is the nature of the beast and always has been. bookies arent going anywhere. consider the leagues wanting a cut, the tax implications for large winnings and the potention higher prices by using a sportsbook id say that people who look into it will realize a lot of benefit in a local book.

In some jurisdictions, expect LOCALS to INCREASE

 

[PatsFanatic]

No college betting in this legislation? Just Pro's?
Or did I misunderstand the NJ Senator when he was just interviewed.

I thought he clearly said it did not include college sports.

 

[TheComputerGroup]

sure being a bookie sucks but they wont go out of business because all their customers are running to sportsbooks. ill still use a local. i like the week to week, i like the cash in hand, etc. i run around for a local and get a cut of the collect. your right that a lot of people play on credit or are on payment plans, but that is the nature of the beast and always has been. bookies arent going anywhere. consider the leagues wanting a cut, the tax implications for large winnings and the potention higher prices by using a sportsbook id say that people who look into it will realize a lot of benefit in a local book.

There won't be any integrity tax given to any leagues, won't happen IMO. Leagues will get their revenue from sports books & casinos advertising in their stadiums, etc.....Tue leagues will make tons of money w/o getting any money from sports betting profits.

I talked to several people yesterday & most stated they will keep playing with their locals for only one reason, its all online now a days, if they had to call up on a phone, they wouldn't stay.

The casinos & sports book will take in a lot of new comers that never had a local bookie or offshore book......when I was in Vegas years ago, I talked to people that had local books & still played in the casino books. People will still go to the casino & books because you can get your money right after the game is over, not wait a week or so to get paid.