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is it legal to bet online?

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Posted: #1
i have been betting for over 4 years now and have made lots of money but now want to go BIG!!!


So my first question is. "Is it legal to bet on sports online?"

I live in New Jersey(and not Las Vegas)
So wanted to know the laws behind that.
I actually wanted to start an LLC and basicaly invest on sports (aka sports betting) and i dont mind taxing taxes on my winnings.

But i am concerned if that is will be legal.
Why ask?

Because i will be making huge deposits and making huge payouts from foreign countries(offshore sportsbooks)

So yes there is such thing called money laundering which the government will like to suspect but then if i declare its business, am i doing a legal business?

Please the experts and veterans, chip in.
Thanks!!!
 
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Posted: #2
no. not legal.
 
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Posted: #3
Quote Originally Posted by lesliecheung:

no. not legal.

that sucks
so any way around this plan to make it legal or loop hole around it?

will love ideas/recommendations/advice
 
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Posted: #4
Use a underground bookie and deal in cash.
 
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Posted: #5
i would ask in the NFL betting forum too as theres more degenerates like myself there overall 
 
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Posted: #6
Yes,  only if you don't get caught
 
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Posted: #7
 
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Posted: #8
yes, you can pay taxes on your winnings, just as you have to pay taxes if you win in vegas and they get your name and ss# if you win big that counts as income.. If you don't repot you wining then it's tax evasion. As long as you don't say it was done over seas you can claim it as income. As for losses, that part I never was able to find the answer to.
 
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Posted: #9
certo in America il gioco funziona in modo strano mi e capitato ad Atlantic City di voler cambiare con una carta di credito delle fiche e volevano che pagassi la commissione...in europa Italia Francia non esiste che pago una commissione

 
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Posted: #10
Quote Originally Posted by The_Extremist:

yes, you can pay taxes on your winnings, just as you have to pay taxes if you win in vegas and they get your name and ss# if you win big that counts as income.. If you don't repot you wining then it's tax evasion. As long as you don't say it was done over seas you can claim it as income. As for losses, that part I never was able to find the answer to.

What do you claim it as
 
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Posted: #11
le vincite sono tassate alla fonte...se i giochi sono AAMS riconosciuti dai monopoli di stato che diventano sostituti di imposta
sei partito cn 10000 ne vinci 100000 hai giocato online o no online con servizi aams monopoli di stato la vincita e tutto ok
se poi la cifra e enrme la dai a un notaio che con anonimato incassa per te e li versa all estero


 
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Posted: #12
Pay the taxes on your winnings and no one will care.  Living in NJ you probably have a State law against it.  But there is no Federal law against placing a bet online.  There is a law against taking a bet (i.e. Being a bookie) which is why everything is offshore.

Use bitcoin to make your transfers and you are not violating any wire laws, but again it's illegal for financial institutions to transfer money to gambling sites, but not for you to make the deposit.  The last nay thing you would ever get busted on is tax evasion.  So pay your taxes and you will be fine.
 
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Posted: #13
Quote Originally Posted by sscott999:

Pay the taxes on your winnings and no one will care.  Living in NJ you probably have a State law against it.  But there is no Federal law against placing a bet online.  There is a law against taking a bet (i.e. Being a bookie) which is why everything is offshore.

Use bitcoin to make your transfers and you are not violating any wire laws, but again it's illegal for financial institutions to transfer money to gambling sites, but not for you to make the deposit.  The last nay thing you would ever get busted on is tax evasion.  So pay your taxes and you will be fine.

That should say the only thing you would get busted on is tax evasion.
 
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Posted: #14
Quote Originally Posted by sscott999:


That should say the only thing you would get busted on is tax evasion.

What do you claim it as??
 
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Posted: #15
Quote Originally Posted by The_Extremist:

yes, you can pay taxes on your winnings, just as you have to pay taxes if you win in vegas and they get your name and ss# if you win big that counts as income.. If you don't repot you wining then it's tax evasion. As long as you don't say it was done over seas you can claim it as income. As for losses, that part I never was able to find the answer to.

What if am approached for money laundering? 
i mean requesting big payouts often may set that alarm

 
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Posted: #16
Quote Originally Posted by fcksptbtng:


What if am approached for money laundering? 
i mean requesting big payouts often may set that alarm


I'm not a lawyer bro but I will tell you if you win money whether its on blackjack in vegas, sportsbook, or slot machines and the casino reports it to IRS, you will have to claim it as income. Now if its off shore and they don't report it to IRS and you claim it as income, no one is going to come and look to see where you gambled your money at at long as you paying your taxes to IRS. No way to track where you won or lost. It s your word basically. 
 
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Posted: #17
Move close to Atlantic City and fuhhhgeddaboudditt

 
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Posted: #18
Quote Originally Posted by fcksptbtng:

i have been betting for over 4 years now and have made lots of money but now want to go BIG!!!


So my first question is. "Is it legal to bet on sports online?"

I live in New Jersey(and not Las Vegas)
So wanted to know the laws behind that.
I actually wanted to start an LLC and basicaly invest on sports (aka sports betting) and i dont mind taxing taxes on my winnings.

But i am concerned if that is will be legal.
Why ask?

Because i will be making huge deposits and making huge payouts from foreign countries(offshore sportsbooks)

So yes there is such thing called money laundering which the government will like to suspect but then if i declare its business, am i doing a legal business?

Please the experts and veterans, chip in.
Thanks!!!

Google it and you will get all the answers, try to do it yourself first before asking all these stupid questions. That's what the internet is for lazy assssssssssssssssss

 
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Posted: #19
Since you're such a big shot and have all these plans why not move to Vegas or even abroad or something?
 
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Posted: #20
In canada it is legal but with offshores banks frown on it. I was marked as a money launder and they told to stop or they would close my bank account. Started using a entropay or idebit for withdrawals etc.

What are you betting on?
 
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Posted: #21
Quote Originally Posted by kingroby1:

certo in America il gioco funziona in modo strano mi e capitato ad Atlantic City di voler cambiare con una carta di credito delle fiche e volevano che pagassi la commissione...in europa Italia Francia non esiste che pago una commissione



If you get busted, start speaking in a foreign language and claim 'no innglish'

 
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Posted: #22
Quote Originally Posted by The_Extremist:


I'm not a lawyer bro but I will tell you if you win money whether its on blackjack in vegas, sportsbook, or slot machines and the casino reports it to IRS, you will have to claim it as income. Now if its off shore and they don't report it to IRS and you claim it as income, no one is going to come and look to see where you gambled your money at at long as you paying your taxes to IRS. No way to track where you won or lost. It s your word basically. 

Di you read the part of money laundering?
Seems you never sent big money or receive big money from offshore to think that exists.

Well it exists and you can report income, but when government come telling you they suspect yyou laundering money, sports betting the last thing to save one's self. Hope you get the point of this.
 
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Posted: #23
Quote Originally Posted by Rikow:

Since you're such a big shot and have all these plans why not move to Vegas or even abroad or something?

because am not a teenager to just move anywhere i want just like that
i mean move abroad? must be a huge joke 
 
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Posted: #24

You can play legal just in onlone casinos because of really strict registration procedure in the state. As well, there is one caveat in New Jersey that you can play in online casinos only if you are in the state, but it`s not a problem if you llive here. The list of legal casinos can be found on special profile platforms, for example, I like playnj.com and slots-nj.com most of all. There are lists of only legal casinos, and their regulation is very strict. 

 
 
Captain
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Posted: #25
Uncle Sam does not care if you won your money on offshore books. As long as what you report can be verified with bank statements and you pay taxes on them, you can just list them as gambling winnings and be on with your life.
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