Online Betting....?

[BlueGuy]

Where does everyone do their online betting for football/sports? It's been a while since I've been into betting on football, but I'm kinda getting that itch as the season starts this week. Last I heard there was legal restrictions on how to withdraw your funds? Is this still a problem? Thanks in advance for your suggestions.

[PMI]

I still use sports.com even though I feel like it's gone a little downhill over the past several months or so. wagerline.com/covers.com (they are joint I believe) are good if you're looking for info and tips, but you don't use real money on those sites. I've also heard decent things about bodog.com but have never used it to bet.

[94GRAD]

... Gambling is illegal at Bushwood, and I never slice.

[Billy]

You will burn in hell for betting on sports.

...or at least that's what GoMuskies tells me.

[Stonebreaker]

I never bet on sports. I am involved in the yahoo college football pickem, and that's about it.

[Kahns Krazy]

I haven't done any sports betting since the Unlawful Internet Gaming act of 2006 went into effect. Other than one unbelievable year that I was hitting parlay after parlay, I was, at best, breaking even, so I haven't had the urge to bet that much. After netteller got locked up for almost a year, I figured even breaking even had too much risk to it.

When I was betting (play money, of course), I was using worldsportsexchange. I liked it.

[GoMuskies]

Hopefully Hell has a sportsbook.

I use Playersonly.com. It sucks. I would not recommend it.

[Fireball]

I don't do any sports betting, but I do play plenty of poker online. I've had little to no problem getting money in and out of poker sites. The only big change it that it's much easier to cash out by getting a check than it is getting money transferred into your account.

[xu2006]

I've heard decent things about betus.com.

[chico]

If gambling were legal, I would have used sportsbook.com. It's not a bad site - if gambling were legal, of course.

[Kahns Krazy]

Chico, the reason that they had to create the Unlawful Internet Gambling Act is that the way the laws are currently written, the player is not breaking any laws. It is illegal in most states to make a business out of operating gambling establishment, but it is not illegal in most states to gamble. Obviously, the laws were written pre-internet, and didn't really contemplate being able to gamble in Ohio at a casino or sportsbook located out of the country.

[GoMuskies]

Someone please show me the law that makes my Internet gambling (where I wager real money over the Internet) illegal. A lot of people say it is illegal, but I have yet to see a law that makes it illegal. Someone please point me in the right direction.

[XU05and07]

I used to use bodoglife.com (formally bodog.com) for horse racing bets (Kentucky Derby, Belmont, Preakness)

Easy to get your money in...hard and long waits to get your money out

[chico]

Chico, the reason that they had to create the Unlawful Internet Gambling Act is that the way the laws are currently written, the player is not breaking any laws. It is illegal in most states to make a business out of operating gambling establishment, but it is not illegal in most states to gamble. Obviously, the laws were written pre-internet, and didn't really contemplate being able to gamble in Ohio at a casino or sportsbook located out of the country.

I think recently they've gone after the credit card companies in disallowing them to process transactions from gambling sites. Here's a website that kind of gives an overview and confirms that - granted, it's from a gambling site but google isn't perfect.

http://www.gamblingplanet.org/legality_main.php

[Kahns Krazy]

I cant get to that link from the office, but you're correct. The law is aimed at US based banks. That is why the gambling industry has taken to calling the act "unlawful".

For an individual to engage in gambling, in most states, is not illegal, per se.( Poker is legal in more places than sports wagering. ) Nor did the act make it so. The act made it illegal for US based banks and credit card companies to process transactions from overseas vendors, acting legally in their country but in a way that would be illegal in the US - i.e. profiting from operating a gambling interest.

This is classic politicians. There is a sh*tload of tax revenue out there going uncollected because the whole thing is being forced underground. Idiots. Open a federally licensed online sports and poker betting site. Withhold 20% from all winnings. Pay off the national debt .

[XU05and07]

I cant get to that link from the office, but you're correct. The law is aimed at US based banks. That is why the gambling industry has taken to calling the act "unlawful".

For an individual to engage in gambling, in most states, is not illegal, per se.( Poker is legal in more places than sports wagering. ) Nor did the act make it so. The act made it illegal for US based banks and credit card companies to process transactions from overseas vendors, acting legally in their country but in a way that would be illegal in the US - i.e. profiting from operating a gambling interest.

This is classic politicians. There is a sh*tload of tax revenue out there going uncollected because the whole thing is being forced underground. Idiots. Open a federally licensed online sports and poker betting site. Withhold 20% from all winnings. Pay off the national debt .

Khans for President!
Paying off our national debt, Biotches!

[chico]

I agree completely, Kahns. It's the same stupidity that the NCAA uses when they say they want Vegas to sports gambling, when they don't realize that Vegas polices point shaving and other shady activity better than the NCAA could ever hope to.

People are going to gamble - why not regulate it and get a cut.

[XU05and07]

I agree completely, Kahns. It's the same stupidity that the NCAA uses when they say they want Vegas to sports gambling, when they don't realize that Vegas polices point shaving and other shady activity better than the NCAA could ever hope to.

People are going to gamble - why not regulate it and get a cut.

I agree...and while we're at it, let's legalize pot

[BENWAR]

I cant get to that link from the office, but you're correct. The law is aimed at US based banks. That is why the gambling industry has taken to calling the act "unlawful".

For an individual to engage in gambling, in most states, is not illegal, per se.( Poker is legal in more places than sports wagering. ) Nor did the act make it so. The act made it illegal for US based banks and credit card companies to process transactions from overseas vendors, acting legally in their country but in a way that would be illegal in the US - i.e. profiting from operating a gambling interest.

This is classic politicians. There is a sh*tload of tax revenue out there going uncollected because the whole thing is being forced underground. Idiots. Open a federally licensed online sports and poker betting site. Withhold 20% from all winnings. Pay off the national debt .

Why would I want to pay 20% of my winnings to the government when I can go to my local bookie and pay 10% on bets that I have lost. In order for your idea to work, you would have to make your "tax" lower than their "juice".

[GoMuskies]

The tax should be on the profits of the operators. And there would be plenty of operators very pleased to have very large profits to be taxed. You could also keep track of wins and losses so that players had to pay taxes on their winnings. I would sign up for that.

[Kahns Krazy]

Why would I want to pay 20% of my winnings to the government when I can go to my local bookie and pay 10% on bets that I have lost. In order for your idea to work, you would have to make your "tax" lower than their "juice".


The 20% is withheld from big tournament wins or parlay bet payoffs over a certain amount. You would report your winnings and losses and pay income taxes at your regular rate, similar to withholding from your paycheck. Didn't you have withholding from your Royal Flush hit?

Snipe, if you need any help on that "paycheck" concept, let me know.

The reason you would do it over going to your bookie is that it would be legal and safe. If you win money, even from a bookie, you are required by law to report that income and pay taxes. if you choose not to and are caught, you can go to jail. (See: Pete Rose)

In my scenario, Go, the federal government or some agnecy of (think USPS) is the operator, so there's no taxes. All the profits are government revenues. However, players who win money would be taxed on the income as well. Gambling losses, to the extent of gambling wins, are deductible.

[GoMuskies]

In my scenario, Go, the federal government or some agnecy of (think USPS) is the operator, so there's no taxes.

I think that's an awful idea.

[Kahns Krazy]

So you would rather the federal government take steps to prevent you from legally gambling? I didn't say it was a perfect plan, but it would be better than pushing it all underground and getting no benefit out of it.

It's never going to happen, but if there was a legislated and regulated option, even if it did involve reporting winnings and paying taxes on it, I would choose that over the 1-man shop operating out of Gabon.

[GoMuskies]

I'm all for reporting and paying taxes, but I would stick with my offshore before I'd ever go with a government run organization for something like that. They'd somehow find a way to lose money on the deal.

Let the government regulate and tax the hell out of it, but let the people who know what they are doing (Harrah's, MGM, Wynn, etc.) run the sites.

[BlueGuy]

To any of you guys that bet on a regular basis. Before I deposit my money into one of these accounts. How easy/hard is it to get my money out?