Question to Top Cappers

Question

In the past I&#x27;ve lost a lot. A LOT. I&#x27;ve learned from these mistakes and I have started a new strategy where I attempt to make $1k a week and then stop betting completely until the following week begins on Monday. I go through two bookies so I just try to make $500 from each, each week, and then stop and collect on Sunday night. This has worked for me for the past 7-8 weeks and I have accumulated about 7.5k in savings. All of this is documented on covers.com in my profile and posts history...I have one of the bookies Chase Quickpay me or deposit in my account $500 each week.The other bookie gives me $500 cash each week.Soooo I guess my QUESTION is: After the course of a few more months or years, will the IRS come after me noticing about $25k each year deposited in my account or quick-payed to my account? And also what should I do with the cash from the other bookie?? Do I deposit this and take the risk of getting flagged by the bank?I have an actual job that pays about $30k a year and am just out of college. I&#x27;d love some advice on this matter as I am not at all knowledgable on taxes or saving money the right way. If I were to make $50k total each year through these bookies and then $30k through my actual job, I would be really content. I just don&#x27;t want to get in legal trouble with the $50k...Appreciate your thoughts and your skepticism that I can keep this up lol.Bol to all

SlimJim15 · Answer

In the past I&#x27;ve lost a lot. A LOT. I&#x27;ve learned from these mistakes and I have started a new strategy where I attempt to make $1k a week and then stop betting completely until the following week begins on Monday. I go through two bookies so I just try to make $500 from each, each week, and then stop and collect on Sunday night. This has worked for me for the past 7-8 weeks and I have accumulated about 7.5k in savings. All of this is documented on covers.com in my profile and posts history...I have one of the bookies Chase Quickpay me or deposit in my account $500 each week.The other bookie gives me $500 cash each week.Soooo I guess my QUESTION is: After the course of a few more months or years, will the IRS come after me noticing about $25k each year deposited in my account or quick-payed to my account? And also what should I do with the cash from the other bookie?? Do I deposit this and take the risk of getting flagged by the bank?I have an actual job that pays about $30k a year and am just out of college. I&#x27;d love some advice on this matter as I am not at all knowledgable on taxes or saving money the right way. If I were to make $50k total each year through these bookies and then $30k through my actual job, I would be really content. I just don&#x27;t want to get in legal trouble with the $50k...Appreciate your thoughts and your skepticism that I can keep this up lol.Bol to all

BREADDDMANNN · Answer

U got awhileee before 30k comes especially since uve lost a LOT wuld worry as bout if u get to 20k and wat have u learned? Im dying to know the secret lol

SlimJim15 · Answer

Lol idn. Check through my posts the last couple months and maybe you&#x27;ll find the "secret"

heinz2141 · Answer

I&#x27;m no top capper, but I&#x27;m an accountant.  The only time the IRS is going to come after you is if your tax return gets audited.  For someone making your approx wages, this won&#x27;t happen unless you do a terrible job on your taxes or try and make a bunch of false deductions or claims that would seem "outside the norm" for someone making your wages.  Your $500-$1000/week deposits aren&#x27;t going to set off flags with anybody that can do anything about it.  Do your taxes correctly on the wages you get a W-2 for and you should be fine.

vanzack · Answer

&#xD;&#xA;It is astonishing when a covers poster gets it exactly right.&#xD;&#xA;&#x2B;1.

vanzack · Answer

Slim Jim -&#xD;&#xA;Now I will address your strategy - I know it is not why you posted this -you wanted tax advice which post #4 should be the beginning and end of that subject.&#xD;&#xA;But....&#xD;&#xA;It sounds to me like you have some kind of press strategy - or martingale strategy.  Just a guess, but that is what it sounds like.  In a nutshell -  a recipe for disaster.&#xD;&#xA;Secondly - I would like to ask you - why set an arbitrary amount (1k) to win in an arbitrary time period (1 week)?  Just curious of your thoughts on this.  What if you win 1k by Tues, and the games you would bet on W, TH, and F are better than the games you would bet on next M or T?

vanzack · Answer

And then of course the obvious....&#xD;&#xA;If you can make 1k a week, with regularity, why not add a zero to that and make 10k a week?

eliminat0r85 · Answer

[Quote: Originally Posted by vanzack]  And then of course the obvious....&#xD;&#xA;If you can make 1k a week, with regularity, why not add a zero to that and make 10k a week?&#xD;&#xA;  [/Quote]Worddd if you can make 1k a week easily with regularity you should be able to make 10k a week easily with regularity. Whats your secret? were you betting more plays before hand and now youre more selective. If so why limit yourself to an arbitrary amount, you have obviously figured out a formula on how to rank your plays, play the top ranked ones.

Michael990 · Answer

The problem with this strategy is this : there will come a Weekend where you&#x27;re down lets say 3000 for the week so far because your plan to get to &#x2B;1000 didn&#x27;t work so well that week.. You&#x27;ll then load up on one game for 4000 thinking all u need to do is hit that game and boom ur up 1000 and the slim jim train rolls on. You&#x27;ll lose that game and suddenly be down 7400 thus wiping out seven weeks worth of profits.

SlimJim15 · Answer

I mean with a 10k roll like I have, it&#x27;s not as easy to "just make" 10k a week. I&#x27;m content trying to get 10% ROI each week.Thanks for all the advice fellas

eliminat0r85 · Answer

So whats your cutoff point as far as losses go?What do you exactly do to make 1 grand a week. Are we talking 10 100 bets. 1 1k bet. 4 250 bets. Do you chase if you&#x27;re down?

SlimJim15 · Answer

I start out the week making a couple $200-$300 bets. Soon as I'm at +$500-$600, I take shots with heavy favorites at -300/-400 lines to win a couple more hundred.

I pick my spots and some days don't even bet. Once I reach +$1000 for the week i stop betting completely till I collect the following Monday.

I know the sample size is small (7 weeks), but I hope to continue this

SlimJim15 · Answer

When I lose early in the week, I try to continue wagering without tilt and if I lose 1k I try and stop and just pay that off and wait till the following week to start again.

Luckily, I've had 7 straight weeks of 1k+ profit

eliminat0r85 · Answer

Damn better hope the dogs never bark, that would hurt real quick. When its profitable its profitable though.

Question to Top Cappers

Hot Forum Topics