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Questions tagged [gambling]

Gambling is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning money or material goods.

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28
votes
4answers
10k views

Is it possible to get reverse life insurance?

So if you die the provider gets x amount from your estate but the provider pays you while you live? For arguments sake say I had a 1% chance to die in a given year I get £100 that year from a reverse ...
61
votes
2answers
15k views

I won a car in a poker game. How is that taxed in Canada?

For the sake of title transfer and taxes, is this a gift or a sale? This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway. I live in ...
2
votes
5answers
566 views

Why do casinos give away free stuff?

Many online casinos (I'm in Europe) give away free bets (mostly restricted to new players) or offer poker freerolls tourneys (to all players), where you can join for free or for 1c (to guarantee that ...
1
vote
1answer
171 views

Is it viable to use betting sites to “hedge” against world events?

These days gambling of world events, like a No-deal Brexit, or the results of an election is a fairly well established thing. (I imagine most people do it as a bit of a laugh) I am wondering if one ...
4
votes
1answer
220 views

Would gambling with a credit card negatively impact my credit score assessment?

To preface I do know that gambling is generally a waste of both time and money, and as such I do not gamble. Sometimes though I do match betting. For those that don't, know it is betting for an ...
4
votes
2answers
153 views

Gambling as geopolitical insurance

I am a British citizen living in Germany. I do not know the odds of any particular outcome of Brexit (and I'm not sure how to calculate any odds, as I don't have any relevant expertise in politics or ...
0
votes
2answers
173 views

Best way to claim a winning lottery ticket anonymously [closed]

What is the best way to claim a winning lottery ticket anonymously?
3
votes
4answers
3k views

Are there people who make a living of sports betting?

I know that the overall expected value of sports bet is negative, however this is not as straight forward a system as scratchcard for instance. I am not asking whether it is a good investment to put ...
1
vote
2answers
221 views

Winning a jackpot on a scratchcard in Colorado as a UK resident

Can someone tell me what I would need to do if I win a million dollars on a scratchcard while I am in Colorado next month, as I believe there is a gambling tax treaty between the UK and US and I do ...
6
votes
2answers
2k views

How long to save losing lottery tickets?

I know I can write off losing lottery tickets (a) up to the amount of any winnings, and (b) provided I itemize my federal taxes. But does that apply only to losses in the same year as winnings, or ...
4
votes
2answers
660 views

Can a IT Ltd company gamble and claim the losses as an expense?

As a UK Ltd company is it legally expected that an IT company might bet the companies money and then claim the losses as an expense against that tax year?
48
votes
8answers
17k views

Tax on gambling winnings with social security number

My roommate told me that he met someone at an MGM casino who won $100,000. That person told my roommate that he does not have a social security number to turn his winnings into cash. He made a deal ...
1
vote
2answers
128 views

Is there any advantage or strategy in buying/investing shares of many companies spread-out vs. fewer/more selective ones all-in?

For those seeking high risk and trying to capitalize on rising stock prices -- specifically the potential for sky-rocketing prices (like shares ten-fold or higher within 1 year) -- would one have ...
-1
votes
2answers
950 views

Investing/business with other people's money: How does it work?

I have heard of this phrased such as "OPM" -- basically, "other people's money." It's something said that, if you don't have the funds necessary to invest, use someone else's money. What does this ...
2
votes
3answers
581 views

Can I mitigate lottery withholding tax by making an epic Vegas trip?

Lottery withholding taxes are quite substantial, and from my understanding of the federal tax regulations, gambling winnings can be offset by gambling losses up to the amount won. So if someone won 5 ...
4
votes
3answers
270 views

Reality show winner to Vegas bust, what's the math?

A friend won a reality show a few weeks ago. About $20k. They gave him all $20k and he has to figure out the taxes. Riding high on the money, he did what any beer drinking, pot smoking, god-...