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  • lk2000

    Supreme Court strikes down federal law banning most states from allowing sports betting which appears to clear way for states to legalize sports betting if they wish to do so. What are everyone’s initial thoughts? Seems to be huge news for the leagues and sports fans and will probably put additional pressure on long term viability of current dfs business model.

  • OsRitmos

    DFS is going to die a quick death once we have solid online betting platforms nation-wide. Why would the casual player even want to play DFS anymore?

  • TPSC

    @JoeyG113 said...

    When you actually win money and get paid by these offshore sports betting sites, is it required to turn in that profit to the government to be taxed? FanDuel will send you a 1099 when you clear a certain amount of money on their site, but Bovada and others aren’t sending you a 1099 at the end of the year correct?

    So, we figure that when sports betting occurs in the states, that anything that anyone profits will be taxed right? If that is the case, then wouldn’t it be in the sports bettor’s interest to go the route where they don’t get taxed on their winnings? Even if you have a local guy that is running a site that you gamble on, he isn’t sending you a 1099 when you win. So, if you trust him, then wouldn’t it be beneficial to continue to bet with him and avoid the taxes?

    It is hard as hell to profit on sports gambling as it is, but then you add the fact that the government could tap into about 25% of your profit at the end of the year, then that makes it even less desirable. I understand the same can be said for DFS.

    I also understand that playing legally in the states is safer and easier to get your money, but I am not sure that is worth the taxes that will come with those luxuries. Could someone clarify this for me please? I would like a little more understanding of the tax implications of sports betting legally in the US vs that of the offshore/local bookie.

    Have you ever placed a bet at a sportsbook?

    Unless you’re betting significant amounts of money, the process is largely anonymous. You technically owe money on your wins (and can use losses to offset), but there is no enforcement mechanism.

    And even if you cash a bet above $10,000, you’re just filling out information for a currency transaction report. Not a 1099.

  • ASalvaro

    @OsRitmos said...

    DFS is going to die a quick death once we have solid online betting platforms nation-wide. Why would the casual player even want to play DFS anymore?

    i know i wouldn’t..sports betting is easier and more fun

  • depalma13

    @JoeyG113 said...

    When you actually win money and get paid by these offshore sports betting sites, is it required to turn in that profit to the government to be taxed? FanDuel will send you a 1099 when you clear a certain amount of money on their site, but Bovada and others aren’t sending you a 1099 at the end of the year correct?

    So, we figure that when sports betting occurs in the states, that anything that anyone profits will be taxed right? If that is the case, then wouldn’t it be in the sports bettor’s interest to go the route where they don’t get taxed on their winnings? Even if you have a local guy that is running a site that you gamble on, he isn’t sending you a 1099 when you win. So, if you trust him, then wouldn’t it be beneficial to continue to bet with him and avoid the taxes?

    It is hard as hell to profit on sports gambling as it is, but then you add the fact that the government could tap into about 25% of your profit at the end of the year, then that makes it even less desirable. I understand the same can be said for DFS.

    I also understand that playing legally in the states is safer and easier to get your money, but I am not sure that is worth the taxes that will come with those luxuries. Could someone clarify this for me please? I would like a little more understanding of the tax implications of sports betting legally in the US vs that of the offshore/local bookie.

    You are not sent a 1099 when you bet, you are issued a WG2 if your single bet exceeds 600-1 in winnings. You can offset all of those winnings with losses.

    With recent changes to the law for horse racing, the amount you spend on one combination is considered the bet. I assume this will be the case for sports betting.

    Example: A trifecta pays $800 for a dollar. In the past you would have been issued a WG2 because the winnings exceeded 600-1. Now if your $1 tri box costs you $6, the winning ticket would have to pay $3600 for you to be issued a WG2.

    The value of the win must exceed 600-1 based on the cost of the combination you play.

  • Stewburtx8

    • 2012 FanDuel WFBC Finalist

    @OsRitmos said...

    DFS is going to die a quick death once we have solid online betting platforms nation-wide. Why would the casual player even want to play DFS anymore?

    I would think casual players are more likely to play DFS as there is a chance every day to win life changing money. That is why a lot of casual players play DFS. Sports betting really does not offer that opportunity. Yes, you could play crazy parlays, but in those cases, no one has to win each day. Someone has to win $50k or $100k or more ($1 million at times) every day at DFS.

    Also, in my opinion, DFS is easier to win at long term. I’ve been doing both for a long time (6+ years at DFS and longer at sports betting) and can say without a doubt that my DFS winnings are much greater than my sports betting “winnings” (losses).

    Sports betting is great for those that just want to sit down and watch a game or more each day and have action on it. Don’t get me wrong, I like sports betting. But to me, DFS still has a place going forward. The GPP format is something sports betting cannot replicate. It also is going to take a while for a majority of states to have sports betting. Just my opinion.

  • pmsimkins

    • 2014 FanDuel WFBC Finalist

    • 2015 FanDuel WFBBC Finalist

    @Stewburtx8 said...

    I would think casual players are more likely to play DFS as there is a chance every day to win life changing money. That is why a lot of casual players play DFS. Sports betting really does not offer that opportunity. Yes, you could play crazy parlays, but in those cases, no one has to win each day. Someone has to win $50k or $100k or more ($1 million at times) every day at DFS.

    Also, in my opinion, DFS is easier to win at long term. I’ve been doing both for a long time (6+ years at DFS and longer at sports betting) and can say without a doubt that my DFS winnings are much greater than my sports betting “winnings” (losses).

    Sports betting is great for those that just want to sit down and watch a game or more each day and have action on it. Don’t get me wrong, I like sports betting. But to me, DFS still has a place going forward. The GPP format is something sports betting cannot replicate. It also is going to take a while for a majority of states to have sports betting. Just my opinion.

    I agree that DFS will have a place. I don’t even remotely agree that DFS is easier. I believe you that you’re more profitable on DFS, but I think that makes you an outlier not the rule.

    While DFS does offer more life changing money you can make very good money sports betting on a much much smaller bankroll. That, imo, is where the advantage lies. Also, the pay on an 8 team round robin is nothing to sneeze at. Now if we’re just talking the chance to win a bazillion dollars with no thoughts of long term profitability, sure DFS is better, but Powerball is better than either lol.

  • Quadhole

    @depalma13 said...

    You are not sent a 1099 when you bet, you are issued a WG2 if your single bet exceeds 600-1 in winnings. You can offset all of those winnings with losses.

    With recent changes to the law for horse racing, the amount you spend on one combination is considered the bet. I assume this will be the case for sports betting.

    Example: A trifecta pays $800 for a dollar. In the past you would have been issued a WG2 because the winnings exceeded 600-1. Now if your $1 tri box costs you $6, the winning ticket would have to pay $3600 for you to be issued a WG2.

    The value of the win must exceed 600-1 based on the cost of the combination you play.

    Are they refunding all of they screwed for years….? IRS… Biggest damn Scam there ever was…

    Remember hitting a $5 slot at Delaware Park for $6500.00 back in 98… Screwed me good… Guess I should have went down to the Clubhouse and picked up tickets for a couple hours…

    Slimy white…..

  • unageo09

    The casinos in Mississippi opened up there sports betting last week in Tunica (south of Memphis) and on the coast.

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