Hey guys, how about we work on sharing information about known laws and policies for wagering on sports while in Nevada? Eventually we all make our first trip to the Mecca of sports bettors.
So, what are the rules/laws for wagering... (okay this is where everyone posts their questions and the Las Vegas experienced provide answers.
*This thread including any and all comments herein are not to be deemed as legal advice and is for recreational purposes only. All parties are expected to be of sound mind and to administer their own due diligence in researching all information therein.
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To remove first post, remove entire topic.
Hey guys, how about we work on sharing information about known laws and policies for wagering on sports while in Nevada? Eventually we all make our first trip to the Mecca of sports bettors.
So, what are the rules/laws for wagering... (okay this is where everyone posts their questions and the Las Vegas experienced provide answers.
*This thread including any and all comments herein are not to be deemed as legal advice and is for recreational purposes only. All parties are expected to be of sound mind and to administer their own due diligence in researching all information therein.
Look in archives as this question has been answered numerous times. If the payout of the wager is 300-1 or greater(parlay,ml oretc)then you give ss# and this is IRS. If your payout odds are less then 300-1 there is NO IRS,and you and the sportbook just settle up.If the amount totals more then $9999. then you will file a form that is stating there was an amount >$9999. and this is NOT tax but is the result of the Banking Act of 1991 that tracks money-landuering. If you wish to avoid this reporting have your sportbook winnings paid in chips at the window and both you and the book avoid filling out this bs,they don't want to do it as much as you don't.If you are going to make a wager >9999.00 do it with chips.THERE is NO TAX on SPORTS BETS!!!!!
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Look in archives as this question has been answered numerous times. If the payout of the wager is 300-1 or greater(parlay,ml oretc)then you give ss# and this is IRS. If your payout odds are less then 300-1 there is NO IRS,and you and the sportbook just settle up.If the amount totals more then $9999. then you will file a form that is stating there was an amount >$9999. and this is NOT tax but is the result of the Banking Act of 1991 that tracks money-landuering. If you wish to avoid this reporting have your sportbook winnings paid in chips at the window and both you and the book avoid filling out this bs,they don't want to do it as much as you don't.If you are going to make a wager >9999.00 do it with chips.THERE is NO TAX on SPORTS BETS!!!!!
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