Taxes... once again. - Page 2

AcmeSalesRep · #11 08-21-2005, 12:29 PM

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there are many that win.

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Your post was actually pretty good till you wrote the portion quoted above. There aren't many sports bettors who win at all. If you think so it must be nice to live in your world. There are more craps players that are long term winners than sports bettors, that alone should tell you something. [img]/images/graemlins/smile.gif[/img]

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I think this depends on how you define "many." I was not trying to imply that more than about 3% win long-term (those are numbers I have seen published; I do not vouch for their accuracy). However, that amounts to a fair number of people. And in any given year, more than that will come out ahead.

By my way of thinking of "many," I stand behind my post.

Acme

SinCityGuy · #12 08-21-2005, 12:29 PM

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There are more craps players that are long term winners than sports bettors, that alone should tell you something. [img]/images/graemlins/smile.gif[/img]

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Your statement is absurd. Do you see why?

grinin · #13 08-21-2005, 12:35 PM

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how many accountants in Miami, FL do you think will have experience with professional gamblers?

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I doubt there are many. However, dealing with an accountant who has no experience with professional gamblers is like asking a patent lawyer to help you in your drunk driving defense.

Well..., not quite that bad.

#14 08-21-2005, 02:42 PM

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I've heard of guys making a living off betting horses. I've also heard of guys making a living betting of dogs too. Anyone confirm?

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No. Do you know anyone personally?????

MicroBob · #15 08-21-2005, 02:55 PM

We've seen many many posts on here from posters who were told the most ridiculous advice from CPA's.
(not the least of which was "nobody is allowed to file a schedule-C on your gambling winnings" which is just plain wrong)

Not all of them know what the hell they are doing.

you don't JUST need a CPA. You need a CPA who is at leat somewhat familiar in this field.

Most CPA's who hear 'gambling winnings' just assume it's all the same as the little, old lady who hits a big slot-jackpot in Vegas.
Very few actually consider the possibility that some people out there actually have an expectation of profit.

buy a copy of Walter Lewis' Gamblers Guide to Taxes and bring it with you.
Then you can show the CPA what you are talking about.

kdog · #16 08-21-2005, 06:24 PM

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I've heard of guys making a living off betting horses. I've also heard of guys making a living betting of dogs too. Anyone confirm?

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At one time I actually knew quite a few people who made a living betting the dogs and although I was never a horse player I have met a couple of people who were good enough to make a living at that too.

But this was years ago when there was a lot less available gambling than there is now. The tracks that are still open now handle a fraction of the monies they used to. A $100 win bet will drop the odds on a dog significantly now and there's not enough in the exotic pools to make a score there either. It's a form of gambling whose time has pretty much passed and only those operating at the biggest tracks could stand a chance of making a living at it today.

Jimbo · #17 08-21-2005, 06:31 PM

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There are more craps players that are long term winners than sports bettors, that alone should tell you something. [img]/images/graemlins/smile.gif[/img]

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Your statement is absurd. Do you see why?

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No but I see why yours is. Take a 1.41% vig or a 5% vig on sports or an 8% vig on horses, which is lower. I rest my case, thanks for playing though.

Perhaps you would prefer I said craps players will lose less than sports bettors. At any rate my point was that there are not many sports bettors that are or will be winners in the long term.

iceman5 · #18 08-21-2005, 06:41 PM

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And how many of these "boat load" of gamblers do you think wins enough money to worry about reporting? Most of them lose, especially guys betting horses.

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I'm sorry...this is one of the dumbest things I have read in months. Most poker players lose money or win so little they never think about reporting...yet there are professional poker players living just about everywhere. It does not matter that most of the horse, dog, jai alai, and other sport players lose money; there are many that win. And there are accountants that know how to handle those people's taxes.

You seem to suggest a "screw it, you don't need an accountant that knows wtf he is doing when it comes to gambling" point of view. Gee...that's sound advice.

Acme

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Did you read my post? Quote it back yto me and tell me where I said you dont need an accountant that knows what hes doing when it comes to gambling winnings.

I said that there arent very many people betting horses that win. My best friend works at a horse track as a handicapper. Ive seen the stats (not that I needed to). Very few people win betting sports and even fewer win betting horses. The odds are stacked against you in that sport. That was my point. The fact that theres lots of horse tracks on Florida has no bearing on how many accountants in Florida know anything about correctly reporting gambling winnings. I bet you that you would do better just using Turbo Tax.

AcmeSalesRep · #19 08-21-2005, 06:52 PM

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Did you read my post? Quote it back yto me and tell me where I said you dont need an accountant that knows what hes doing when it comes to gambling winnings.

I said that there arent very many people betting horses that win. My best friend works at a horse track as a handicapper. Ive seen the stats (not that I needed to). Very few people win betting sports and even fewer win betting horses. The odds are stacked against you in that sport. That was my point. The fact that theres lots of horse tracks on Florida has no bearing on how many accountants in Florida know anything about correctly reporting gambling winnings. I bet you that you would do better just using Turbo Tax.

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Yawn. I never said you did. I said you seem to suggest it...

But what should I expect from someone that starts their post with "Did you read my post?"

Acme

AcmeSalesRep · #20 08-21-2005, 06:56 PM

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No but I see why yours is. Take a 1.41% vig or a 5% vig on sports or an 8% vig on horses, which is lower. I rest my case, thanks for playing though.

Perhaps you would prefer I said craps players will lose less than sports bettors. At any rate my point was that there are not many sports bettors that are or will be winners in the long term.

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Let's see...in craps, you cannot do anything (assuming you are not capable of manipulating the dice) to change the house advantage. In sports betting, you are competing largely against other people with the house taking a cut. For this reason, sports betting is beatable while craps is not.

In the long-term, there are winning sports bettors. In the long-term, nobody wins at craps (see assumption above; maybe a few people have this ability). So the thought that there are more winning craps players than sports betters is quite flawed.

Acme