| 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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