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Is betting sports
on the internet legal?
Can i get arrested
for gambling on the internet?
Where can i bet
legally on sports?
What sports can i
bet on?
How do i collect
my winnings from an online sportsbook?
Do i have to pay
the IRS taxes on my winnings?
What is the
minimum bet that must be reported to the IRS?
Q - Is betting
sports on the internet legal?
A - According to CNN, More than
$2 billion will be illegally wagered by Americans through
offshore Internet gambling sites this year. The reason being
is that the gambling laws created in the past are old and do
not cover the internet which is why congress repeatedly tries
to pass a ban on internet gambling to no success. So for
the time being, YES you can bet on the internet.
Q -
Can I be prosecuted for
gambling on the internet?
A - In all my years in this industry, there has
never been a known case of someone being arrested for placing
personal wagers on the internet. Unless you are running
your own "House" you will not be prosecuted by the law.
Q -
Where can i bet legally on sports?
A - You can legally bet on sports in Las Vegas, Atlantic
City, and various Indian Casinos. If you want to bet on
sports from the privacy of your home, you can bet at any of
the approved
sportsbooks I have listed on this site.
Q - What
sports can i bet on?
A - The best thing about betting sports online is that
there are a whole variety of sports to bet on out there.
You can bet on NFL Football, College Football, NBA Basketball,
College Basketball, NHL Hockey, MLB Baseball, Boxing, World
Soccer, Golf, Tennis, Horse Racing, and even the Stock Market!
Q - How
do i collect my winnings from an online sportsbook?
A - When betting with a reputable sportsbook you can
receive your cash using the following methods: Wire
Transfer, Fed Ex, DHL, Direct Deposit, Regular Mail, Fire Pay,
Neteller, within a few days of the request.
Q - Do i
have to pay the IRS taxes on my winnings?
A - You should always pay taxes on your winnings just like
you do when you go to Vegas. However don't forget to
claim your losses also. The IRS does not care about the
gambling as long as you give them a piece : )
Q - What
is the minimum bet that must be reported to the IRS?
A - While all gambling wins and losses are supposed to be
reported to the IRS at the end of the year, you should know
that all deposits and withdrawals over $10,000 must be
reported to the IRS by your bank. So keep the deposits
and withdrawals under $10,000.
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