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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How can I provide proof of ownership of a bank account?

I set up a gambling account ended up making a large amount of money. I have verified my ID and proof of address and I want to withdraw, but I need a proof of ownership of the bank account that funded ...
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3 votes
2 answers
207 views

Expected Value for a casino sign up bonus

I live in NY, and recently online casinos have become legal, with many of them offering some pretty lucrative bonuses to sign up. For example, one such casino offers a 100% deposit match "first ...
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1 vote
2 answers
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Why might a Fan Duel bettor want to launder his winnings through someone else's bank account? [duplicate]

A friend of my son's won a lot of money from betting on Fan Duel. We can't figure out why the friend asked my son to receive payments related to the guy's winnings. After receiving the transfer of $...
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2 votes
2 answers
191 views

Is this gamble arbitrage opportunity?

Suppose someone offers you the following gamble: You pay $7 and toss a coin. If the coin comes up heads, he pays you $10, and if tails comes up, he pays you $5. You in turn get the idea of offering ...
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1 vote
0 answers
87 views

What do you call bets where you can trade and cash out early? [closed]

What do you call bets where you can trade and cash out early? For example, recently I saw an Olympics2021 bet, where the current "share" price for the bet is $0.70 and will "expire"...
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37 votes
12 answers
8k views

Hedging vs just betting less

This is a question from a layperson about the fundamental concept of hedging, with regards to investing, gambling, and any situation in which hedging is used to manage risk. I do not understand why ...
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0 votes
5 answers
319 views

How are retail forex brokers different from betting shops?

I'm struggling to find differences between bookmakers and retail forex brokers (e.g. OANDA). The former deals with horse racing, greyhound racing and sports, while the latter deals with currency ...
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6 votes
1 answer
281 views

How can I gamble in a "lottery" by using financial instruments?

I noticed that some financial instruments have lottery-like payoffs. If that is really the case, I am planning to play the "lottery" using financial instruments instead of the lotteries ...
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1 vote
1 answer
887 views

Global poker taxes

Global Poker is a US facing site that uses sweepstakes laws as a "loophole" for online poker. The way it works is you can buy "gold coins" which are totally worthless. However, when you buy gold coins ...
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27 votes
4 answers
11k 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 ...
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63 votes
2 answers
16k 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 ...
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4 votes
5 answers
993 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 ...
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1 vote
1 answer
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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 ...
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4 votes
1 answer
252 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 ...
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4 votes
2 answers
193 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 ...
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2 answers
205 views

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

What is the best way to claim a winning lottery ticket anonymously?
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3 votes
4 answers
5k 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 ...
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  • 133
1 vote
2 answers
236 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 ...
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6 votes
2 answers
4k 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 ...
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  • 511
4 votes
2 answers
2k 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?
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49 votes
8 answers
19k 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 ...
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1 vote
2 answers
149 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 ...
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-1 votes
2 answers
1k 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 ...
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2 votes
3 answers
637 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 ...
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4 votes
3 answers
294 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-...
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