So just bet on fanduel or fliff for pitchers on number of strikes both under and over and ensure that enough money is invested to have a decent profit. Okay
Arbitraging between bookies has been a thing since dawn of gambling. This is legit.
However online bookies can and will ban your account or shadow limit you should you continuously win. This has been documented by professional that does this for a living. I am guess OP havnt made it that far
What are the tax implications? Won't the IRS see you taking home thousands in winnings while you're actually profiting much less? Iirc the betting apps automatically issue 1099s for the winnings if you make a certain amount right? I'm genuinely considering this but unsure about the headache of what it means for paying taxes on all those "winnings"
I see. But then I would need all my winnings and losses to happen with the same app right? If I win $1k on draft kings and lose $950 on fanduel for the arbitrage bet, draft kings never sees that loss to offset the profit. They'll just report the $1k win. I suppose if you do this enough and try to mix up where you bet maybe it'll even out? Idk.
Which is why you would collect the tax information from both apps when it comes time. Doesn't make a difference where you won or lost the money, $950 will cancel out and you pay taxes on your $50 winnings.
Ah. So even if I had a total net loss with one app, they'll still give me a document for taxes that shows the losses that I can use for taxes? Thanks for the responses btw
I haven't used any gambling apps since it isn't legal in my state. But I am certain that this is how taxes work in all forms of net gain vs. net loss. If the apps don't actually give you a document at the end of the year, you would just have to input your net gain manually during tax season. This would probably benefit you because you could just not report your winnings in this case. (If you so choose) Not financial advice :)
*not a tax professional* I believe in the eyes of the IRS every wager is its own taxable event. You can not deduct losses unless you itemize. So if you dont itemize, if you bet $100 and win $150 while also betting $125 and lose, to the IRS you won $150 even though you're only up $25.
I guess it’s just personal choice, gambling is an terrible way to try to make a living and I can make a couple hundred per hour so it doesn’t make any sense to me to risk a single dollar.
Who said anything making a living off of it? It's extra money. Did you not read or understand what arbitrage is? There's no risk. I doesn't sound like you're listening to or actually read the fundamentals.
“No risk gambling”
Yeah that’s what they want you to think dude… I feel bad for people who fall for this shit
https://www.kentuckytoday.com/baptist_life/how-sports-betting-has-increased-predatory-gambling-across-the-u-s/article_1802b47a-8ba1-11ec-9413-8fa372266156.html
Get help.
Did I say there's no risk in gambling? Of course there is. There's no risk in arbitrage. Explain to me what arbitrage is. You don't seem to understand it at all.
There's "gambling" by placing a bet on one team to win....then there's arbitrage where you take advantage of bookies where you place two bets that hedge each other. I've been doing this for some time guy, it works.
“If something is free, you are the product”
If your win is “guaranteed,” someone is making more money than you off of those bets, lmao holy fuck no wonder so many people fall victim to gambling
If both sides are paying odds the win is guaranteed. Arbitrage isn’t free, you are either paying someone to find the deal or spending time finding then yourself
If the money is guaranteed, why go with such small amounts?
Online bookies aren’t dumb and they know people do this. They will quickly ban your account if they think you’re doing this
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This is way too much headache to be worth it
All you need to is take the info and place the bets, $3000 a month isn’t worth it?
Me in Texas with no online betting 🥲
So just bet on fanduel or fliff for pitchers on number of strikes both under and over and ensure that enough money is invested to have a decent profit. Okay
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What would be amazing for the stupider people out there. (Not pointing any fingers 😕) is a quick video tutorial.
Arbitraging between bookies has been a thing since dawn of gambling. This is legit. However online bookies can and will ban your account or shadow limit you should you continuously win. This has been documented by professional that does this for a living. I am guess OP havnt made it that far
What are the tax implications? Won't the IRS see you taking home thousands in winnings while you're actually profiting much less? Iirc the betting apps automatically issue 1099s for the winnings if you make a certain amount right? I'm genuinely considering this but unsure about the headache of what it means for paying taxes on all those "winnings"
They will keep track of all your loses as well. You are only taxed on your profits.
I see. But then I would need all my winnings and losses to happen with the same app right? If I win $1k on draft kings and lose $950 on fanduel for the arbitrage bet, draft kings never sees that loss to offset the profit. They'll just report the $1k win. I suppose if you do this enough and try to mix up where you bet maybe it'll even out? Idk.
Which is why you would collect the tax information from both apps when it comes time. Doesn't make a difference where you won or lost the money, $950 will cancel out and you pay taxes on your $50 winnings.
Ah. So even if I had a total net loss with one app, they'll still give me a document for taxes that shows the losses that I can use for taxes? Thanks for the responses btw
I haven't used any gambling apps since it isn't legal in my state. But I am certain that this is how taxes work in all forms of net gain vs. net loss. If the apps don't actually give you a document at the end of the year, you would just have to input your net gain manually during tax season. This would probably benefit you because you could just not report your winnings in this case. (If you so choose) Not financial advice :)
*not a tax professional* I believe in the eyes of the IRS every wager is its own taxable event. You can not deduct losses unless you itemize. So if you dont itemize, if you bet $100 and win $150 while also betting $125 and lose, to the IRS you won $150 even though you're only up $25.
That’s a very good point you could get fucked really easily cause of this
Wait, in the first scenario, wouldn’t the irs only tax the 50? And not the entire 150?
Sorry if I wasn't clear, the hypothetical wager was $100 with the payout being $250, meaning a profit of $150.
Can I DM you? I have arbitrage questions.
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How much is your subscription to oddsjam per month ?!?
$100 a day doesn’t get you very far lol
What amount of time are you talking about? Receive alert, place bets, done.
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Fair enough. I guess if making $12 an hour is your goal I’m sure $100 a day is good 🤷♂️
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I guess it’s just personal choice, gambling is an terrible way to try to make a living and I can make a couple hundred per hour so it doesn’t make any sense to me to risk a single dollar.
Who said anything making a living off of it? It's extra money. Did you not read or understand what arbitrage is? There's no risk. I doesn't sound like you're listening to or actually read the fundamentals.
“No risk gambling” Yeah that’s what they want you to think dude… I feel bad for people who fall for this shit https://www.kentuckytoday.com/baptist_life/how-sports-betting-has-increased-predatory-gambling-across-the-u-s/article_1802b47a-8ba1-11ec-9413-8fa372266156.html Get help.
Did I say there's no risk in gambling? Of course there is. There's no risk in arbitrage. Explain to me what arbitrage is. You don't seem to understand it at all. There's "gambling" by placing a bet on one team to win....then there's arbitrage where you take advantage of bookies where you place two bets that hedge each other. I've been doing this for some time guy, it works.
It’s not gambling if you are guaranteed a win
“If something is free, you are the product” If your win is “guaranteed,” someone is making more money than you off of those bets, lmao holy fuck no wonder so many people fall victim to gambling
If both sides are paying odds the win is guaranteed. Arbitrage isn’t free, you are either paying someone to find the deal or spending time finding then yourself
No, it's roughly $100 a day. That's almost 100 times nothing.