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All Things Sports Betting

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DiehardHeelFan

Esteemed Member
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To keep the sports betting off of the sports threads meant for the game/series discussions. Discussion on bets you’ve won, bad beats or thoughts on odds, etc.
 
Between my wife and I, we made $3400 last year through the sports betting apps. We made it all on the sign-up bonuses that tempt gamblers to use a certain app and we never actually risked any money. Thanks gamblers.
 
In the Triangular area I know lots of folks that did well on ncstates final four run
If they are smart they stopped at that
 
I only make small long shot parlay bets on the legal sites with the bonuses. Bluntly I'm not sure what the tax consequences are if you actually win anything significant, but I know it affects the risk-reward more than most people realize. Of course 90% or more of sports gamblers lose they ass and never have to consider tax consequences.
 
Heelsandeers said:
All gross winnings are taxed regardless, no?
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In NC gross winnings are taxed at the state level but not the federal level. So if you win $1000, and lose $1000, you would pay no federal tax but you would pay tax on the $1000 winnings to NC. Most states aren't like that.

So as you imply, this could lead to a scenario where you are a net loser but still owe taxes.
 
gtyellowjacket said:
In NC gross winnings are taxed at the state level but not the federal level. So if you win $1000, and lose $1000, you would pay no federal tax but you would pay tax on the $1000 to NC. Most states aren't like that.
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That is weird
 
gtyellowjacket said:
In NC gross winnings are taxed at the state level but not the federal level. So if you win $1000, and lose $1000, you would pay no federal tax but you would pay tax on the $1000 winnings to NC. Most states aren't like that.

So as you imply, this could lead to a scenario where you are a net loser but still owe taxes.
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Oh interesting

I was under the impression all gross was taxable for federal purposes regardless of state

As if winning long term wasn’t difficult enough. There really is no profit factoring in taxes
 
I'm telling you guys, if you have a spouse, just do the sign up bonuses. It's free money. Typically you have to make a bet to get the bonus so if it's a $100 matching bonus, use your money to bet $100 on team a and have your spouse bet $100 on team b. After the vig, you're down about $8. One account has $192 and one account has $0 but you both have $100 in free bonus bets. So then you do the same thing with the bonus money and bet on team c while your spouse bets on team d. Then you withdraw $384 after only putting in $200.

Then don't gamble again because you're going to lose.
 
gtyellowjacket said:
Between my wife and I, we made $3400 last year through the sports betting apps. We made it all on the sign-up bonuses that tempt gamblers to use a certain app and we never actually risked any money. Thanks gamblers.
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I did the same a couple years ago when gambling was made legal in AZ. I don't think we got to $3k. I want to say it was mid-$2000's we ended up making.
 
gtyellowjacket said:
Then don't gamble again because you're going to lose.
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I still gamble a little. I normally put $20 in my Draft Kings account at the beginning of football season and then bet a buck or two, normally the spread or money line, occasionally over/under, on Arizona Wildcats football games.
 
For every person that takes the time and effort to manipulate the promos into a decent profit they land several whales who lose their ass for a lifetime. But respect to the people that take the money and run.

The promos are really the only reason to even play the legal sites. If you want to gamble real money, there are plenty of rock solid offshore sites that have been around for 30+ years and don't send 1099s. The bottom line is you are going to lose in the long run betting spreads and totals but it's one of the very few leisure activities that sometimes pays you to play. I've never made money taking my kids to Disney World or eating at nice restaurants either but I don't consider those "losses", and even when I gambled a lot I still spent less than your average golfer spends on equipment and greens fees. Leisure of any kind is seldom free.

These days I mostly do daily fantasy football and you can look at your lifetime stats on DraftKings and FanDuel. I'm down about $1200 over a 7 year period. That amounts to about ten bucks per NFL week and the games are so much more enjoyable with that little bit of action, and you also have an infinitesimally small chance of winning life changing money. I generally lay about $150 per NFL week on daily fantasy so I'm actually pretty decent at it to have only lost $1200 total over the years, and I feel like a have some chance of hitting a big one. It's hard to find a better entertainment value than that. Plopping down on the couch for 11 hours of football on Sunday with a bunch of beer, junk food and fantasy action and I'm like a pig in slop.
 
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Heelsandeers said:
Oh interesting

I was under the impression all gross was taxable for federal purposes regardless of state

As if winning long term wasn’t difficult enough. There really is no profit factoring in taxes
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The rules about what the betting sites have to actually report on 1099s are complicated as hell. Just like in Vegas you bet $100 and go collect your $191 on a win, nobody reports anything. They hand you $191 and that's the end of it. You may have a technical obligation to report on your own but nobody does. I don't think very many recreational gamblers understand it at all. I certainly don't but would love the Cliff's notes if anyone does. Fantasy on the other hand is very simple. If you're net positive over $600 for the year on a site you're getting a 1099.
 
ZenMode said:
I still gamble a little. I normally put $20 in my Draft Kings account at the beginning of football season and then bet a buck or two, normally the spread or money line, occasionally over/under, on Arizona Wildcats football games.
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If you can't buy a happy meal with your winnings it's not really gambling.
 
LosPollosHermanos said:
The rules about what the betting sites have to actually report on 1099s are complicated as hell. Just like in Vegas you bet $100 and go collect your $191 on a win, nobody reports anything. They hand you $191 and that's the end of it. You may have a technical obligation to report on your own but nobody does. I don't think very many recreational gamblers understand it at all. I certainly don't but would love the Cliff's notes if anyone does. Fantasy on the other hand is very simple. If you're net positive over $600 for the year on a site you're getting a 1099.
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Yea, it does sound like $600 is the threshold to trigger 1099s. But NET winnings instead of gross, which makes a lot more sense
 
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The old ZZL sports betting thread was a good one. Daily discussion and several posters with generally solid picks
 
duluoz said:
This is what I was referring to in the NBA thread. I dont subscribe but the snippet gives you an idea. Lots of people who dont know how to gamble are headed for big debt and big trouble.

www.theatlantic.com

‘I’m Treating Guys Who Would Never Be Caught Dead in a Casino’

Sports betting seems to be spurring a rise in gambling addiction—one that the U.S. isn’t equipped to address.
www.theatlantic.com www.theatlantic.com
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It will be interesting to see how the NBA or others try to save face when more comes about the negative effects
 
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