I like fading the public. What's the best website/twitter account for tracking large public favorites? I'm already on SportsInsights.
DK went live in Michigan at noon today and is giving away $. Boost on if a 3 pointer is made by the Pistons tonight and if a TD is scored Sunday
Here's my approach right now: my state legalized in November so I don't have enough losses to itemize. If I did then I would and report my winnings and losses and pay taxes accordingly. Unless I get something from the legal sites, I'm not going to report it. I know that's not the way it works, but I'm an underwriter and gamble almost every day, so I feel like I understand risk, and this is one I'm willing to make. Again this is only if the books do not send me any type of tax form, which again, I know the responsibility is on me and not them. Of course this is subject to change as I read more about other people's experiences, but the laws need to change because it makes it not worth it to begin with and will draw people to offshore or illegal books.
Yeah me too. I believe with more states legalizing that the laws will be updated sooner than later, but all those $10 arbs I was hitting could really come back to bite me in the ass. My net winnings were about 2k and total winnings more than 10k. If I'm paying 24% tax bracket on those total winnings then I'm actually losing money. Makes no sense. Also no way I would've won that much on regular or offshore books. I hit those promos and bonuses hard, so I hate when people say to not use the legal books - well then I wouldn't have won anything or would be barely above 50%
I haven’t made a sports bet since Wild Card Sunday. I got busy with work and the girl coming up. Trying to impregnate her which is probably stupid but who knows.
I wouldn’t expect the tax laws for gambling to change anytime soon. They wrote it that way on purpose
I disagree, once people get crushed with taxes and quit these legal books, there will be lobbying to change it
Florida doesn’t have legal sports gambling yet so I don’t have to worry about it but a quick google says draftkings/fan duel/etc have to issue you a 1099 if you have over $600 in net winnings. That is also reported to the IRS
https://rotogrinders.com/threads/ro...020-2021-tax-q-a-thread-3499738#reply-3526688 According to this, this CPA doesn't think we should worry. He says everything is one "session" on each website. Which means I actually should've tried to lose everything on my profitable site to my unprofitable one on December 31. Shoot
Someone tell me about UFC. I took that DK boost for McGregor to win at +100 but that's only a $25 max. DK and FD both have boosts for him to win in rounds 1 or 2. That a good play?
Got drunk last night thanks to a couple of triple IPAs and bet my buddy Bucs +3 for $200, not really feeling it today
Told my friend to fade McGregor, then I fell asleep and forgot to bet. Oops. Could have used that one.
I keep going back and forth on this KC/BUF game. KC should win, but at the same time they have not been too impressive the last month or so, while Buffalo has been solid.
I like GB today but the other game is a crap shoot imo. Might do Buffalo +3 so it'll probably end like the KC playoff games last year where the Buffalo cover looks great for 55 minutes.
Just dropped a 10u bet on GB -3 and a 3u bet on GB/GB halftime/full game. All TB bets looking good now.
my standard "bet the most talented player on the team that wins the coin flip" is working very well for me this year