OT: Supreme Court-States can legalize sports betting

[Husky25]

I'm not sure this is right. I believe it's "you must report any winnings that exceed either $600 AND 300 times your initial wager". Nobody reports wins over $600. that don't meet the 300-1 threshold.

It was a straight copy and paste from investopedia. The general rule to be issued a 1099-misc. is any nongovernmental or incorporated vendor who performs $600 worth of services in the tax year.

BTW, normally $600 is the minimum one can win on a single bet that pays off at 300x. The minimum bet at the races, as I recall, is $2.00. However, I agree that if someone wins over $600 over the span of multiple races with cash betting, those winnings are more than likely not being reported.

 

[XLCenterFan]

Not sure how it works at OTB, but in the CT/AC poker rooms, you get a 1099 for any wins over $5K, and the casinos report it to the IRS. However, this is only for tournaments and poker room-related jackpots, not cash games. For example: If you play in a tourney with a $400 buy-in and cash for anything above $5,401, you're getting a 1099. They don't take the taxes out, you must report it yourself. Now, if you have yearly losses to write off against that, up to the amount you've won, you won't pay taxes, but if you don't have losses, you will owe taxes. However, there are no tax reports for cash games. Say you buy into a 5-10 NL cash game for $1K, and cash out for $7K, there will be no record and no IRS reporting. I spent almost all of my 20's in East Coast poker rooms, but never won anything significant on the horses, so I do not know how that works. Technically, you're supposed to report any income, at any amount (minus losses if it is gambling income) but no one does, and as long as no 1099 is issued, no one checks.

 

[T-Squared]

I completely agree that CT Lottery would ruin sports gambling. Casinos and OTB would handle the administration far more effectively and efficiently. The State should then tax them accordingly as they already do.

BTW, both MJ and gambling should be made available.

Why would the CT Lottery ruin sports gambling? And how would they ruin it?

Asking for a friend.

 

[XLCenterFan]

CT Lotto has a history of being unorganized and messing things up. Also, when an organization is state-run, as opposed to an organization that does the same exact thing, but is tried and true, and their actions are shaped more by market forces (like a William Hill or Bodog in the sports book operations sense), they almost always do it better.

Error In CT Lottery 'Super Draw' Game Leads To Second Drawing; Lottery Says Keep Tickets

 

[Waquoit]

It was a straight copy and paste from investopedia. The general rule to be issued a 1099-misc. is any nongovernmental or incorporated vendor who performs $600 worth of services in the tax year.
BTW, normally $600 is the minimum one can win on a single bet that pays off at 300x. The minimum bet at the races, as I recall, is $2.00. However, I agree that if someone wins over $600 over the span of multiple races with cash betting, those winnings are more than likely not being reported.

It might be out-of-date. The IRS changed the reporting rule recently. Before if you hit 3 number tribox that paid $650, it was reportable. And by reportable, I mean it gets reported before you get paid. Now it's not reported because the 300-1 test is applied to the total bet (in this case a box with six combinations), not just that one winning bet that was a part of the total ticket. And these days, the minimum bet for some wagers is only a dime.

 

[JMick]

So XLcenterfan has slotted in nicely to replace whalers gambling addiction. The timing is uncanny

 

[XLCenterFan]

So XLcenterfan has slotted in nicely to replace whalers gambling addiction. The timing is uncanny

Please elaborate, I am new here...just a Boneyard rookie.

 

[intlzncster]

So XLcenterfan has slotted in nicely to replace whalers gambling addiction. The timing is uncanny

Is whaler on temporary or perma ban. If perma, that's a shame.

 

[Husky25]

It might be out-of-date. The IRS changed the reporting rule recently. Before if you hit 3 number tribox that paid $650, it was reportable. And by reportable, I mean it gets reported before you get paid. Now it's not reported because the 300-1 test is applied to the total bet (in this case a box with six combinations), not just that one winning bet that was a part of the total ticket. And these days, the minimum bet for some wagers is only a dime.

When did that change? Granted, I haven't been to the track in some time, but the minimum bet was always $2.00, even at the SAM sites. I also thought that even though it is a single transaction for speed simplicity sake, a box bet is actually 6 distinct wagers. Finally, if someone is betting $0.10, they have problems that Gamblers' Anonymous can't handle and this whole thread should be moot to them.

As I said, it was a straight copy and paste from Investopedia, However, according to instructions for IRS form W2-G (which is probably where I should have gone in the first place):

Reportable Gambling Winnings

Report gambling winnings on Form W-2G if:

1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,
2. The winnings (reduced by the wager) are $1,500 or more from a keno game,
3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are: a. $600 or more, and b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).

 

[Husky25]

Why would the CT Lottery ruin sports gambling? And how would they ruin it?

Asking for a friend.

My friend wants to know if your friend works for the Connecticut Lottery Corporation.

 

[XLCenterFan]

When did that change? Granted, I haven't been to the track in some time, but the minimum bet was always $2.00, even at the SAM sites. I also thought that even though it is a single transaction for speed simplicity sake, a box bet is actually 6 distinct wagers. Finally, if someone is betting $0.10, they have problems that Gamblers' Anonymous can't handle and this whole thread should be moot to them.

10-cent bets are only for superfectas, pick 6's and similarly extreme longshots. You cannot place a 10-cent win/place/show bet or trifecta box.

 

[JMick]

Is whaler on temporary or perma ban. If perma, that's a shame.

I can't tag him in posts so it's not looking good

 

[JMick]

Please elaborate, I am new here...just a Boneyard rookie.

Whaler11 is/was a jerk who I enjoyed quite a lot. He bet sports a lot so people would call him a gambling addict to rib on him or after he insulted them. You have stepped up and taken his place for gambling talk. He's either suspended or banned as of a couple days ago

 

[Husky25]

10-cent bets are only for superfectas, pick 6's and similarly extreme longshots. You cannot place a 10-cent win/place/show bet or trifecta box.

Good grief. What's the point? Although a Superfecta Box at $0.10 would actually cost $2.40...but still.

 

[XLCenterFan]

Whaler11 is/was a jerk who I enjoyed quite a lot. He bet sports a lot so people would call him a gambling addict to rib on him or after he insulted them. You have stepped up and taken his place for gambling talk. He's either suspended or banned as of a couple days ago

Wow, you're right, my timing has been impeccable. I can assure you I am level-headed, will not be a jerk, and I'd rather laugh at myself than someone else. I do love me some sports/poker/golf gambling though! I can also assure you I am not him-I am a Bruins fan.

 

[Husky25]

Whaler11 is/was a jerk who I enjoyed quite a lot. He bet sports a lot so people would call him a gambling addict to rib on him or after he insulted them. You have stepped up and taken his place for gambling talk. He's either suspended or banned as of a couple days ago

In fairness to Whaler, there are many other, and far worse, jerks than he on all of the boards.

 

[Waquoit]

4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are: a. $600 or more, and b. At least 300 times the amount of the wager,

Yeah, that "and" was the thing for me. And I think the rule change came last fall.

 

[MadDogRevival]

And those people [who smoked pot] were way more likely to try other things.

True. Like think for themselves.

 

[CAHUSKY]

BTW, both MJ and gambling should be made available.

They are here! Living in Nevada is great. Oh yeah, hookers too. All within 15 minutes of my front door.

 

[MattMang23]

People like to equate pot with alcohol, but in regards to driving while under the influence they are not the same. As everyone knows, driving ability decreases significantly with alcohol use, and that's why there are such strong penalties for drunk driving.

Pot, on the other hand, does not impair a person's driving ability nearly as much as alcohol does.

And, yet, the penalties for court convictions of driving under the influence of marijuana are literally the same, as referenced under state statute 14-227a(g).

 

[MattMang23]

There is a legal distinction, but to me there is no difference between a DUI, DWI, or OUI. Under the influence of an intoxicant is under the influence of an intoxicant. If one is caught, One needs to suffer the consequences. Done and done.

No. There is not a legal distinction, at least not in Connecticut. They fall under the same statute.

 

[MattMang23]

Is whaler on temporary or perma ban. If perma, that's a shame.

What was his offense?

 

[XLCenterFan]

Does anyone else think this will renew the push to legalize on-line poker? Man I miss Sundays on PokerStars-awesome events. Although, my wife did say she may not have married me if on-line poker was still around! Just like Saturdays are for the boys, Sundays were for watching sports while playing PokerStars tourneys. If sports betting will be allowed, and we will have the ability to wager on-line or through an app, then other skill-based internet wagering (which both are) should be allowed as well.

 

[Edward Sargent]

Vegas is livid about this. There is no question that Vegas has made itself a destination for gambling and non-gambling, but it's all a big house of cards. Those gigantic places need visitors and sports books were a big draw. How many here have taken trips with their boys to gamble, hit steak houses and gentleman's clubs, etc? Even if you didn't lose in the sports book, you spent a lot on food and other entertainment. Closer legal sports gambling gives you another reason to take that trip elsewhere. Vegas will lose visitors and they now lose leverage. There are other voices in the space. The pro sports leagues have already said they want a cut. The states will all say no, but those leagues have impressive people working for them and someone will come up with a way (either legally or politically) for the leagues to get their cut.

Re weed vs. gambling, I fully believe that if both were made legal, gambling would negatively impact significantly more lives than marijuana. That includes not only the user/gambler, but also the collateral damage. The most chronic pot smoker will still function in life and the product will not be expensive enough to result in destitution and crime. There doesn't seem to be any evidence to believe that legalized pot would change society anymore than alcohol. I believe easier, legal access to gambling will result in lost life savings, crimes to compensate for losses, and eventual return to black market betting. I'm still okay with the legalization.

Vegas is an outdated model.

 

[Showballot]

Don't see how the state won't allow them to offer it.

Vegas is irate with this decision. Will be interesting what happens to Vegas in 10-15 years

Vegas will continue to boom. It’s the entertainment capital of the world. You think it’s going to fall apart because other states will be able to allow sports gambling? Vegas has evolved and the high end dining, night clubs, pool parties are much of the focus now. The hockey team did incredible there this year and so will the NFL team. Las Vegas will continue to thrive.