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OFFICIAL post your picks thread (sports investing)

Started by WILL CLINTON, August 28, 2011, 09:41:36 pm

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ur

Quote from: WILL CLINTON on December 12, 2013, 10:36:07 am
Leave it in sportsbook and take withdrawals under the 10k limit until it runs out.
Yes, but I believe you owe the taxes on the full amount in the year that you win it. If a person were to get audited, would the IRS just take the info that you provided on the amount you won or would they want something official from sportsbook? And with sportsbook being offshore, they don't have to report anything.

Jeff "hogfanintx" Anderson

Those are the kinds of bets that need to be placed in a casino.  You call a guy like me who calls a guy and for a small fee makes those bets for you before the season and mails you the ticket.
Let's make some waves.

 

nughaud

Quote from: DadVader1 on December 11, 2013, 12:43:51 pm
I gave bookmaker a hard time last week when they insisted on charging me for a withdrawal, so I figure that I at least owe them a somewhat positive report for getting the check to me sooner than I expected.  Even though I requested the payout past their cut-off time last Tuesday, the check arrived within a week. 

Do you not get 1 free withdraw a month?
What was the fee on the check?

nughaud

Quote from: ur on December 12, 2013, 09:09:44 am
The Las Vegas Hotel says it had 14 bettors who placed a bet on Auburn to win it all at 1,000-1 odds. A spokesman for Sportsbook.com said it had two bettors who threw down $100 at 1,000-1 odds.

http://espn.go.com/college-football/story/_/id/10120901/auburn-tigers-fan-made-100-bet-win-national-title-500-1-odds#comments

Ok, I know this topic has been discussed thoroughly but this seems like a catch 22 situation for these two guys on sportsbook.com.  If they are from the U.S., and if they win, do they pay the taxes and risk arrest for online gambling or, do they not report it and risk arrest for tax fraud? This is not like winning a couple of hundred bucks gambling online. This is getting into big money.

Anyone who is playing SB's online from the USA is not paying any taxes, legal or illegal, since it's not legal to bet online.
As someone else said, continue to make withdraws until you get your money out. It might take a long time, but continue to do so. I'm not sure if SB dot com allows transfers to other books, so that's might be an option also.

nughaud

I've been so busy lately, but I hit some major parlays last week for a dime, so it was all good. I also took a few units on KC @ -3.

This is an example of some of the parlays I hit. I had some RRs on a few teams also, and in some other smaller parlays I bought up with Auburn -2/-3, which helped the payouts. It would have been all for naught if NE would have lost.

Wager Type : Parlay (8 team)
Wager Status : Win
Risk / To Win Amount : 10.00 / 177.20(USD)
Accepted : 12/7/2013 10:55AM - PST

#1) Wager Type : Spread
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Kansas City Chiefs
Time : 12/8/2013 10:00:01AM - (PST)
Line : -3 -110

#2) Wager Type : Money Line
Outcome : Win
Sport / Period : NFL Football / Game
Selection : New England Patriots
Time : 12/8/2013 10:00:01AM - (PST)
Line : -480

#3) Wager Type : Money Line
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Denver Broncos
Time : 12/8/2013 1:05:01PM - (PST)
Line : -615

#4) Wager Type : Spread
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Seattle Seahawks
Time : 12/8/2013 1:25:01PM - (PST)
Line : +10 -435

#5) Wager Type : Spread
Outcome : Win
Sport / Period : College Football / Game
Selection : Auburn
Time : 12/7/2013 1:00:01PM - (PST)
Line : +7 -283
Game Notes : (CBS) SEC Championship Game @Georgia Dome - Atlanta, GA - TIME CHANGE

#6) Wager Type : Spread
Outcome : Win
Sport / Period : College Football / Game
Selection : Stanford
Time : 12/7/2013 4:45:01PM - (PST)
Line : +10 -244
Game Notes : (ESPN) TIME CHANGE PAC 12 Championship Game @Sun Devil Stadium - Tempe, AZ

#7) Wager Type : Spread
Outcome : Win
Sport / Period : College Football / Game
Selection : Michigan State
Time : 12/7/2013 5:15:01PM - (PST)
Line : +10 -191
Game Notes : (FOX) BIG 10 Championship Game @Lucas Oil Stadium - Indianapolis, IN

#8) Wager Type : Spread
Outcome : Win
Sport / Period : College Football / Game
Selection : Fresno State
Time : 12/7/2013 7:00:01PM - (PST)
Line : -3 -105
Game Notes : (CBSC) MOUNTAIN WEST Championship Game @Bulldog Stadium - Fresno, CA

---------------------------------------------------

Wager Type : Parlay (5 team)
Wager Status : Win
Risk / To Win Amount : 20.00 / 138.35(USD)
Accepted : 12/6/2013 3:58PM - PST

#1) Wager Type : Spread
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Kansas City Chiefs
Time : 12/8/2013 10:00:01AM - (PST)
Line : -3 -110

#2) Wager Type : Money Line
Outcome : Win
Sport / Period : NFL Football / Game
Selection : New England Patriots
Time : 12/8/2013 10:00:01AM - (PST)
Line : -530

#3) Wager Type : Money Line
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Denver Broncos
Time : 12/8/2013 1:05:01PM - (PST)
Line : -615

#4) Wager Type : Spread
Outcome : Win
Sport / Period : NFL Football / Game
Selection : Seattle Seahawks
Time : 12/8/2013 1:25:01PM - (PST)
Line : +10 -435

#5) Wager Type : Spread
Outcome : Win
Sport / Period : College Football / Game
Selection : Auburn
Time : 12/7/2013 1:00:01PM - (PST)
Line : -3 +144
Game Notes : (CBS) SEC Championship Game @Georgia Dome - Atlanta, GA - TIME CHANGE

nughaud

Jeff, looks like you made some good calls last week. Congrats.

Jeff "hogfanintx" Anderson

Quote from: nughaud on December 12, 2013, 03:40:05 pm
Jeff, looks like you made some good calls last week. Congrats.

Thanks man you as well!
Let's make some waves.

Jeff "hogfanintx" Anderson

FYI not playing anything on Bolts and Broncos tonight.
Let's make some waves.

Spikes

You only have one life, so you better enjoy it!

Jeff "hogfanintx" Anderson

Quote from: Spikes on December 12, 2013, 04:07:55 pm
I'm on the over, just 1 unit.  56

I considered the over and had it at 53 and considered the Bolts +10.5 but left them both alone. I hope you hit the over. I like it, but just not enough to bet it.
Let's make some waves.

nughaud

I'll probably add the Broncos ML to one of my open parlays or buy it down to -3 or -6.

Line is dropping. It's 10 at some books now, and seeing it -10 (-103), which is the best line I can find.

I'll be taking the over 65.5 for the FSU/Auburn game.
Auburn doesn't play much defense and FSU can light it up. It could easily be similar to the last game Auburn played.
BM has the Auburn at +9.5 -110. I'd love taking it if I can get it at +10.

Jeff "hogfanintx" Anderson

Quote from: nughaud on December 12, 2013, 05:15:41 pm
I'll probably add the Broncos ML to one of my open parlays or buy it down to -3 or -6.

Line is dropping. It's 10 at some books now, and seeing it -10 (-103), which is the best line I can find.

I'll be taking the over 65.5 for the FSU/Auburn game.
Auburn doesn't play much defense and FSU can light it up. It could easily be similar to the last game Auburn played.
BM has the Auburn at +9.5 -110. I'd love taking it if I can get it at +10.

All I will say is be very careful betting bowl games early when they are a month away from being played. A lot can happen.
Let's make some waves.

nughaud

Quote from: Jeff "hogfanintx" Anderson on December 12, 2013, 06:09:05 pm
All I will say is be very careful betting bowl games early when they are a month away from being played. A lot can happen.

Yep, of course. It's not like I'm betting the house or anything. I'll always wager appropriately, depending on the situation and time is one of them.

 

Jeff "hogfanintx" Anderson

Quote from: nughaud on December 12, 2013, 09:03:20 pm
Yep, of course. It's not like I'm betting the house or anything. I'll always wager appropriately, depending on the situation and time is one of them.

Oh I hear ya.  Wasn't implying you don't know what your doing.  Just so much can go wacky between an opening bowl line and kick off.  Not sure why I tend to rehash that on here year after year.

My apologies.
Let's make some waves.

Hawgndaaz

Quote from: Jeff "hogfanintx" Anderson on December 13, 2013, 06:19:06 am
Oh I hear ya.  Wasn't implying you don't know what your doing.  Just so much can go wacky between an opening bowl line and kick off.  Not sure why I tend to rehash that on here year after year.

My apologies.

Injuries, suspensions, and most importantly...

who is going to sandbag and/or not play due to draft status?

Jeff "hogfanintx" Anderson

Quote from: Hawgndaaz on December 13, 2013, 10:18:25 am
Injuries, suspensions, and most importantly...

who is going to sandbag and/or not play due to draft status?

Yep along with coaching changes, interim coaches and so forth.
Let's make some waves.

Hawgndaaz

Quote from: Jeff "hogfanintx" Anderson on December 13, 2013, 10:26:51 am
Yep along with coaching changes, interim coaches and so forth.

I'm assuming you bet against an interim? Or am I just having reggie herring nightmares still?

Jeff "hogfanintx" Anderson

Quote from: Hawgndaaz on December 13, 2013, 10:28:00 am
I'm assuming you bet against an interim? Or am I just having reggie herring nightmares still?

Depends on the interim.  What position he was promoted from for the game. If the teams performance in the bowl could make him the long term coaching solution.  Differs with each situation.
Let's make some waves.

Spikes

Good Saturday to all!!

Took AZ in NCAA +3,  2 Star ( Game stated at 12) wanted to post anyway..

NHL SJ Sharks -180  ( 2 Star)

Good luck as always!!!
You only have one life, so you better enjoy it!

WILL CLINTON

Quote from: McKdaddy on December 08, 2013, 09:44:13 pm
At least Will seems to be enjoying his sickness.
Quote from: Jeff "hogfanintx" Anderson on December 09, 2013, 07:49:14 am
Lol he certainly does.

The way I see it, until I can't pay a bill, or my kids go without Christmas, it's still a hobby. lol.

Quote from: ur on December 12, 2013, 10:59:19 am
Yes, but I believe you owe the taxes on the full amount in the year that you win it. If a person were to get audited, would the IRS just take the info that you provided on the amount you won or would they want something official from sportsbook? And with sportsbook being offshore, they don't have to report anything.

At a casino, yes, you are right. If you go to Shreveport and win $10k playing cards, they will hold out taxes when they give you your winnings. But, you can claim gambling losses up to the amount you claim gambling winnings. You are 100% right about the off shore books. They aren't under US jurisdiction and tax laws. The problem is going to be explaining why you have a $10k check to cash. That's why I would request a $7k-$8k check every month until is paid out.

There is no sacred ground for the conquered.

Jeff "hogfanintx" Anderson

Quote from: WILL CLINTON on December 14, 2013, 04:17:49 pm
The way I see it, until I can't pay a bill, or my kids go without Christmas, it's still a hobby. lol.

At a casino, yes, you are right. If you go to Shreveport and win $10k playing cards, they will hold out taxes when they give you your winnings. But, you can claim gambling losses up to the amount you claim gambling winnings. You are 100% right about the off shore books. They aren't under US jurisdiction and tax laws. The problem is going to be explaining why you have a $10k check to cash. That's why I would request a $7k-$8k check every month until is paid out.



Actually I'm not sure that's correct.  I have won well over 10k several times playing blackjack at a casino.  Every time it has been marathon sessions.  You are not winning that 10k on one bet.  I have never paid taxes or had to.  Now at the horse track if you bet say 50.00 and hit a trifecta that pays over like 799.00 or something you have to pay taxes.

Blackjack maybe you are playing 25.00 50.00 100.00 or so a hand. It's cumulative and therefore shouldn't fall under that bracket.  A one time sports wager however that pays those amounts I think is different.
Let's make some waves.

WILL CLINTON

Quote from: Jeff "hogfanintx" Anderson on December 14, 2013, 04:29:07 pm
Actually I'm not sure that's correct.  I have won well over 10k several times playing blackjack at a casino.  Every time it has been marathon sessions.  You are not winning that 10k on one bet.  I have never paid taxes or had to.  Now at the horse track if you bet say 50.00 and hit a trifecta that pays over like 799.00 or something you have to pay taxes.

Blackjack maybe you are playing 25.00 50.00 100.00 or so a hand. It's cumulative and therefore shouldn't fall under that bracket.  A one time sports wager however that pays those amounts I think is different.

I could easily be confused, but now that I think of it, I've never had to pay taxes on my Poker winnings either. The reason I said that is that I know if you win a certain amount on a slot machine, you have to pay taxes on it, especially if it's a jackpot. There's probably a limit where you do have to pay taxes if it's over a certain amount, and don't beneath that.
There is no sacred ground for the conquered.

McHogLovin

Quote from: WILL CLINTON on December 14, 2013, 05:12:35 pm
I could easily be confused, but now that I think of it, I've never had to pay taxes on my Poker winnings either. The reason I said that is that I know if you win a certain amount on a slot machine, you have to pay taxes on it, especially if it's a jackpot. There's probably a limit where you do have to pay taxes if it's over a certain amount, and don't beneath that.


Local Cherokee Casino you have to claim poker winnings over 2500.  But if you win 12k you just have your poker buddies go to the cage with ya and cash out 2k 6 times and go home. 

jkstock04

It is confusing to me as well...one of my friends once hit 10k on a penny slot in Vegas and didn't have to pay a dime in taxes. They just counted out the cash and said have a nice day. I really don't understand how it all works.

Another buddy of mine...at a different casino got hot on the roulette wheel...won about 8k after buying in for 500 and they tried to make him fill out a form/pay taxes. If I remember right he had different people cash in 1k-2k at a time avoid it.

Once at the horse track I hit a $500 bet for about 6k and didn't have to pay a dime in taxes...but I have seen people who hit a trifecta for $700 who had to pay taxes. Lol like I said I don't get all this stuff.
Thanks for the F Shack. 

Love,

Dirty Mike and the Boys

 

Jeff "hogfanintx" Anderson

Chiefs -5.5 / 4 units
Jets +10.5 / 5 units
Giants +8.5 / 3 units
Bears -1 / 4 units
Pats +3 bought a half point / dime play
Let's make some waves.

widespreadsooie

You're supposed to get taxed on gambling winnings. You should receive a W2-G from the casino around tax time that reports all winnings and with holdings. If you didn't with hold at the window you will on your tax return.

Jeff "hogfanintx" Anderson

Quote from: widespreadsooie on December 15, 2013, 11:15:13 am
You're supposed to get taxed on gambling winnings. You should receive a W2-G from the casino around tax time that reports all winnings and with holdings. If you didn't with hold at the window you will on your tax return.


Dude.  If you play blackjack for 30 hours then walk over to the cage and cash in 14 grand in chips you don't pay taxes on it.  I never have. Have never received anything from the casino or the irs.  It's different hitting a jackpot on a slot. On those you will pay taxes.
Let's make some waves.

Da Porker

you pay federal taxes on any one bet that pays 600-1 or higher...amount won does not matter ie if you bet $10,000 and win $10,000, its tax free.  Bet $1 and win $600 (or more) will result in them holding 25% (i think that's still the % withholding).
Go Hogs

WILL CLINTON

Falcons  The Redskins are falling apart, so I figured I'd throw some on Atl.
Patriots
Panthers
Raiders
Bengals
Titans

This looks like all of today's. Good Luck everybody, and next weekend the Bowls start.

I already like Wash St -4.5 over Colorado St.
There is no sacred ground for the conquered.

widespreadsooie

Quote from: Jeff "hogfanintx" Anderson on December 15, 2013, 11:22:39 am

Dude.  If you play blackjack for 30 hours then walk over to the cage and cash in 14 grand in chips you don't pay taxes on it.  I never have. Have never received anything from the casino or the irs.  It's different hitting a jackpot on a slot. On those you will pay taxes.

If your winnings, regardless of where they came from, are subject to federal with holding you will receive a WG-2. If it isn't subject to federal with holdings you still are supposed to report it as income which can result in a lower refund or having to pay more in with your tax return.


Jeff "hogfanintx" Anderson

Quote from: Da Porker on December 15, 2013, 11:46:56 am
you pay federal taxes on any one bet that pays 600-1 or higher...amount won does not matter ie if you bet $10,000 and win $10,000, its tax free.  Bet $1 and win $600 (or more) will result in them holding 25% (i think that's still the % withholding).

I do believe that is correct
Let's make some waves.

ur

Thanks for the info but I'm still trying to find out what a person, like these two guys that bet on Auburn on Sportsbook, would do If he were to win a large amount online whether it be at one time or over the season(s). From what I understand, any income is taxed no matter how you made it. Now I know if you win at a casino and they pay you in cash that you are not going to report it unless you know the casino is reporting it. My question is more for online offshore winnings. How do you handle it when (if) you get audited and you have several thousand in deposits from checks from your offshore acct. If you listed it as income on your tax return, then you are possibly ok with IRS but would they turn you over to the feds if you told them where it came from thus getting in trouble for wagering. If you don't list it then you are in trouble for tax evasion, thus The catch 22 for which I am looking for an answer. If you don't ever get audited or never have the bank file a suspicious activity report (SAR) on your check, then you are ok. But if you ever do, then you have to come up with an answer.

Jeff "hogfanintx" Anderson

Quote from: ur on December 15, 2013, 01:44:54 pm
Thanks for the info but I'm still trying to find out what a person, like these two guys that bet on Auburn on Sportsbook, would do If he were to win a large amount online whether it be at one time or over the season(s). From what I understand, any income is taxed no matter how you made it. Now I know if you win at a casino and they pay you in cash that you are not going to report it unless you know the casino is reporting it. My question is more for online offshore winnings. How do you handle it when (if) you get audited and you have several thousand in deposits from checks from your offshore acct. If you listed it as income on your tax return, then you are possibly ok with IRS but would they turn you over to the feds if you told them where it came from thus getting in trouble for wagering. If you don't list it then you are in trouble for tax evasion, thus The catch 22 for which I am looking for an answer. If you don't ever get audited or never have the bank file a suspicious activity report (SAR) on your check, then you are ok. But if you ever do, then you have to come up with an answer.

Honestly I don't know. Two years ago I hit a ten team parlay online. Bet 5.00 and it paid out like 3600.00. I just made the withdrawal.  I would imagine 100k would draw quite a bit more attention though!
Let's make some waves.

Jeff "hogfanintx" Anderson

Let's make some waves.

Jeff "hogfanintx" Anderson

Need Tom Tereific to bail me out in my dime play!
Let's make some waves.

widespreadsooie

Quote from: ur on December 15, 2013, 01:44:54 pm
Thanks for the info but I'm still trying to find out what a person, like these two guys that bet on Auburn on Sportsbook, would do If he were to win a large amount online whether it be at one time or over the season(s). From what I understand, any income is taxed no matter how you made it. Now I know if you win at a casino and they pay you in cash that you are not going to report it unless you know the casino is reporting it. My question is more for online offshore winnings. How do you handle it when (if) you get audited and you have several thousand in deposits from checks from your offshore acct. If you listed it as income on your tax return, then you are possibly ok with IRS but would they turn you over to the feds if you told them where it came from thus getting in trouble for wagering. If you don't list it then you are in trouble for tax evasion, thus The catch 22 for which I am looking for an answer. If you don't ever get audited or never have the bank file a suspicious activity report (SAR) on your check, then you are ok. But if you ever do, then you have to come up with an answer.

If these guys hit their Auburn tickets they will most definitely need to consult a CPA.

McHogLovin

Quote from: Jeff "hogfanintx" Anderson on December 15, 2013, 02:15:32 pm
What was I thinking betting the g-men today!

That you needed a replacement for your Steelers.   ;)

Jeff "hogfanintx" Anderson

Quote from: McHogLovin on December 15, 2013, 05:07:41 pm
That you needed a replacement for your Steelers.   ;)


:) dime play bit the dust as well. 
Let's make some waves.

yardpig

Hey DadVader, are you going to use your spreadsheet data to play the bowl games?

Thanks for posting.

hollywood hog

Quote from: Jeff "hogfanintx" Anderson on December 16, 2013, 09:18:04 am

:) dime play bit the dust as well.

Ehhh, u still broke even. Not bad for a bad day.  DeAngelo saved u with that 18 yard run on 3rd and 10 with 2 mins left.  He gets 9 or less and the FG was goin up. 

Jeff "hogfanintx" Anderson

Quote from: hollywood hog on December 16, 2013, 12:37:14 pm
Ehhh, u still broke even. Not bad for a bad day.  DeAngelo saved u with that 18 yard run on 3rd and 10 with 2 mins left.  He gets 9 or less and the FG was goin up. 

Yes sir.  Can't complain too much.
Let's make some waves.

DadVader1

Quote from: yardpig on December 16, 2013, 09:21:29 am
Hey DadVader, are you going to use your spreadsheet data to play the bowl games?

Thanks for posting.

Definitely.  I've been immersed in handling a family emergency, so football dropped off my radar for the last week or so.  The emergency is over, and the outcome was what I had hoped for and expected (which is a HUGE relief).  It will take me a few days to get back up to speed on bowl season, but I'll run the numbers and post what I find.

yardpig

Quote from: DadVader1 on December 17, 2013, 08:34:02 am
Definitely.  I've been immersed in handling a family emergency, so football dropped off my radar for the last week or so.  The emergency is over, and the outcome was what I had hoped for and expected (which is a HUGE relief).  It will take me a few days to get back up to speed on bowl season, but I'll run the numbers and post what I find.

Thanks.

I am glad you had a good outcome with your family emergency.

arkfanchip

Ohio State -3 against Clemson as close to a lock as you will find. 

widespreadsooie

Quote from: arkfanchip on December 20, 2013, 09:15:16 am
Ohio State -3 against Clemson as close to a lock as you will find. 

I like it, but never use the dreaded "L" word.

Hawgndaaz

Well I didn't lose any Thursday night NFL or college football bets last night :)

Jeff "hogfanintx" Anderson

Quote from: arkfanchip on December 20, 2013, 09:15:16 am
Ohio State -3 against Clemson as close to a lock as you will find. 

Way too far in advance for me to look at that game, but if they were playing tomorrow I would make a healthy play the opposite way.
Let's make some waves.

McHogLovin

Quote from: Jeff "hogfanintx" Anderson on December 20, 2013, 05:19:19 pm
Way too far in advance for me to look at that game, but if they were playing tomorrow I would make a healthy play the opposite way.

Ditto.  Ohio State doesn't even want to be there and this was the best Clemson could hope for after the loss to Florida State.  But I do  hate betting on Clemson.  They always bend me over. 

Jeff "hogfanintx" Anderson

Quote from: McHogLovin on December 20, 2013, 07:45:47 pm
Ditto.  Ohio State doesn't even want to be there and this was the best Clemson could hope for after the loss to Florida State.  But I do  hate betting on Clemson.  They always bend me over. 

Clemson will stink it up once or twice a year, but Ohio St has been way over valued all season. 
Let's make some waves.

WILL CLINTON

Tomorrow's action

USC -6.5  2*
Wash St -6  2*
UL Lafayette +2.5  1*
Buffalo  +1  1*

I also have 2 ML parlays going

Buffalo, North Carolina, Wash St, Marshall, Miami, Michigan, East Carolina, Boise St, Bowling Green, Notre Dame, Minnesota, UL Lafayette, USC, N Illinois, BYU
this one pays out $11,211 on a $2.47 bet

Oregon, Az St, UCLA, TAMU, Georgia, LSU, Stanford, Baylor, Bama, Ok St, Ohio St, Ball St
this one pays out $114 on a $2 bet

I'll probably have action on almost every ball game.

Good Luck to everyone.
There is no sacred ground for the conquered.