CT Sports Betting coming very soon | Page 3 | The Boneyard

CT Sports Betting coming very soon

mussels said:
So what do they do, call you in for a money management counseling session and put a letter in your file?
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No they learn everything about you and your family and pressure you that way. They try to work with you and put you on a payment plan. Once violence is used you are looking at RICO charges and that will cost them more.

in addition all legitimate bookies know all the players in the game they talk to each other cause sometimes they have to lay off action so they don’t get killed so if someone burns them you aren’t getting another book to play with until you settle your debts
 
HuskyAlum012 said:
Do you really need this if you can make bets on your smart phone?
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Fair point - but in my mind I would actually love going to Bobby V's, placing a bet, and then eat/drink watching the game that I bet on. I guess I'm just itching to get out of my house after these past 12 months.
 
superjohn said:
Good for the state. As someone who doesn't smoke weed and rarely bets on games why do people who smoke weed and bet on games want to do it through the state?
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I don't smoke weed so I don't have an answer for that, but for betting it is way better that they legalized it in Tennessee for a few reasons...

1) I don't have to give my credit card / bank info to some sketchy site. Just linked my preexisting DraftKings DFS account to my new DraftKings Sportsbook app.
2) I can take legal recourse if something goes wrong (I've been stiffed by bookies before and nothing I could do).

I guess for me personally, I prefer these things be legal (but not government run) for the same reason I prefer to buy my medicine from a pharmacy, buy liquor at a package store or deposit my money at an FDIC insured financial institution. Some level of consumer protection vs transacting with some stranger on the streets.
 
August_West said:
Um because then you are not breaking the law?

Um because then you are not supporting organized crime? Do you know how much violence is created out of black market drugs and betting?
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I think the ease of apps work too.

One of the guys I talk to is a big into this. It is the live in-game betting with apps as what is really fun. Things like third quarter bets and parlays etc. Or, betting on a tennis tournament live.

It is more than just taking the Giants and the points. Odds change in real time in some of these instances. Tennis is what I heard is a lot of fun to bet.
 
Deepster said:
That's funny. My uncle and grandfather were both bookies and I grew up with them taking bets at the dinner table while I was doing my homework. Phone ringing off the hook, them scratching bets down in a notebook. Weird to think of some similar thing still happening today.
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I think most bookies these days are setup with offshore websites and they in turn provide you with a login and password and setup your account with whichever settings you agree to with them.

For me, each week I start with the same beginning balance on Monday and I am hard capped on the site in terms of the amount I can risk for each rotation number.
 
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methodology said:
Bookies aren't breaking legs anymore.

Betting is not illegal. Accepting bets and being a book is illegal
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exactly. So if you are placing a bet with someone who illegaly accepts bets you are giving money to organized crime. Yes or no?

And bookies absolutely still break legs. Try running a five figure debt with one where you cant pay. Get back to me on the outcome.
 
How is this going to be taxed? You need taxes to be low on this type of stuff for it to make sense. Any edge you have is going to be marginal to begin with. If people are losing too much they will just go back to their bookie. The risk of using a black market bookie is so low.
 
UcannUconn said:
How is this going to be taxed? You need taxes to be low on this type of stuff for it to make sense. Any edge you have is going to be marginal to begin with. If people are losing too much they will just go back to their bookie. The risk of using a black market bookie is so low.
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Unless there’s some new rules I don’t know about, your basic sports bet is not going to be taxed. The state takes their cut out of whoever takes the bet. That’s why when someone says they use a bookie to avoid taxes I don’t know what they’re talking about.
 
August_West said:
exactly. So if you are placing a bet with someone who illegaly accepts bets you are giving money to organized crime. Yes or no?

And bookies absolutely still break legs. Try running a five figure debt with one where you cant pay. Get back to me on the outcome.
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Been there done that vouched for wrong person and I was on the hook. $35k wasn’t harmed cut a deal and I never gave up my buddy which gained me much respect with those real deal guys

they will go to every extent to not resort to violence. Things have changed they use different routes now
 
Waquoit said:
Unless there’s some new rules I don’t know about, your basic sports bet is not going to be taxed. The state takes their cut out of whoever takes the bet. That’s why when someone says they use a bookie to avoid taxes I don’t know what they’re talking about.
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The state keeps records of your winnings and you might get a w-2g. The state already knows what you wagered and won and you will have paid taxes not worth it to have an IRS audit for trying to hide it from federal government
 
methodology said:
The state keeps records of your winnings and you might get a w-2g. The state already knows what you wagered and won and you will have paid taxes not worth it to have an IRS audit for trying to hide it from federal government
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Just do what everyone else does if you are lucky enough to claim winnings. Head to your local sports book/OTB and pickup all the losing tickets to claim those against your winnings.
 
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methodology said:
Been there done that vouched for wrong person and I was on the hook. $35k wasn’t harmed cut a deal and I never gave up my buddy which gained me much respect with those real deal guys

they will go to every extent to not resort to violence. Things have changed they use different routes now
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I knew a guy who got caught up like that, they got what money they could get out of him and made him lose his job. He was pretty much forced to move and moved to Vegas, where he's a professional gambler last I heard.
 
Thanks for the feedback on Sport Tech and Sports Haven, I did not see that. New Haven is much closer than Mohegan Sun.
 
methodology said:
The state keeps records of your winnings and you might get a w-2g. The state already knows what you wagered and won and you will have paid taxes not worth it to have an IRS audit for trying to hide it from federal government
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What are you talking about? How does the state know?
 
Waquoit said:
Unless there’s some new rules I don’t know about, your basic sports bet is not going to be taxed. The state takes their cut out of whoever takes the bet. That’s why when someone says they use a bookie to avoid taxes I don’t know what they’re talking about.
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That’s interesting. So when you cash out on a legal sports betting app they do not withhold anything from your earnings?
 
UcannUconn said:
That’s interesting. So when you cash out on a legal sports betting app they do not withhold anything from your earnings?
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I can only say how it works in horse racing. I use an online service for all my bets. I deposit money and bet off what I deposit. They do front you the money in the respect that you can start betting right away. They don't make you wait for the transaction to clear.

I have made about 800 bets this year and have cashed about 48. No tax has been taken out of any bet. I had a Pick 4 that paid $1,800 that not only had no taxes taken out but wasn't even reported to the IRS because it didn't hit the 300-1 threshold. When you take money out of your account, they don't take any money out for taxes ever. If you are lucky enough to hit a big one, they take the tax out first then deposit the balance in your account.
 
methodology said:
Been there done that vouched for wrong person and I was on the hook. $35k wasn’t harmed cut a deal and I never gave up my buddy which gained me much respect with those real deal guys

they will go to every extent to not resort to violence. Things have changed they use different routes now
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Sounds like a real hoot
 
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HuskyAlum012 said:
ctmirror.org

Mashantucket Pequots join Mohegans, agree to revised sports betting deal

The last piece of a deal aimed at legalizing sports betting and online gambling fell into place Thursday with the Mashantucket Pequots accepting a revised version of terms unexpectedly announced two weeks ago by Gov. Ned Lamont and the Mohegan Tribal Nation.
ctmirror.org ctmirror.org

Foxwoods tribe officially on board
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I feel like the State of Connecticut's situation with the two tribes is on shakier legal ground than the 1992 law that was struck down in 2018, opening the way for sports betting in CT.


How can Connecticut authorize which parties can handle sports betting on any basis other than an objective standard that any party can meet? Put another way, the state can't pick winners.
 
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