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Old 12-08-2005, 01:29 PM
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Default Re: Reporting $$ from sports betting

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Not to rain on your parade. How is it that you are sure of 20k to the green from sports betting next year? Im v. skeptical as thats double your current bankroll...

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I only have 10k in Stars. I have roughly around 35k skattered in a few different sports betting sites. Each bet I risk 2% of my roll. Everything is worked out quite nicely. And no, I'm not guaranteeing I will make money. But in the past 4 years, I've won 55-61% of my bets. There's no reason to think I shouldn't next year as well.

I just heard in a few sports betting forums on other sites different tax filing advice than what I hear in the 2+2 poker forums. I am acquainted with how you all file your poker earnings, but in other sports betting sites, they think you'll get in trouble with teh IRS either way, whether u report or not.
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