Posted:
#1
Would a sports betting and poker hedge fund be legal In Canada?
Gambling Hedge fund in Canada
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Posts: 6
Posted:
#3
Cuban started thinking about this 12 years ago and it's only a matter of time before it happens.
The hedge fund in the UK was Centaur Galileo, they went broke because of ''sheer bad luck" supposedly.
Atm it would be me and a partner playing online tournaments and cash games. We are both very good winning players. But I want to try and scale it by raising debt.
I would raise funds like bonds @ 8.5 % around. A % of profits are distributed to investors capping their return at 15%. The fund keeps the rest.
If incorporated, would the funds profits be considered Capital gains, therefore taxed @ 50% or can I get the normal corporate tax rate of 15%?
Thanks for your input and sorry for late reply
Posted:
#4
Quote Originally Posted by AGamblor:
Cuban started thinking about this 12 years ago and it's only a matter of time before it happens.The hedge fund in the UK was Centaur Galileo, they went broke because of ''sheer bad luck" supposedly.Atm it would be me and a partner playing online tournaments and cash games. We are both very good winning players. But I want to try and scale it by raising debt.I would raise funds like bonds @ 8.5 % around. A % of profits are distributed to investors capping their return at 15%. The fund keeps the rest.If incorporated, would the funds profits be considered Capital gains, therefore taxed @ 50% or can I get the normal corporate tax rate of 15%? Thanks for your input and sorry for late reply
Cuban started thinking about this 12 years ago and it's only a matter of time before it happens.The hedge fund in the UK was Centaur Galileo, they went broke because of ''sheer bad luck" supposedly.Atm it would be me and a partner playing online tournaments and cash games. We are both very good winning players. But I want to try and scale it by raising debt.I would raise funds like bonds @ 8.5 % around. A % of profits are distributed to investors capping their return at 15%. The fund keeps the rest.If incorporated, would the funds profits be considered Capital gains, therefore taxed @ 50% or can I get the normal corporate tax rate of 15%? Thanks for your input and sorry for late reply
Where are you on your sports betting hedge fund venture? Have you pursued this and ate you open to discussing this in depth or a somewhat tangential approach...?
Posted:
#6
I seemed to remember reading something about 8/9 months ago about Nevada passing a law legalizing sports betting mutual funds, so I started searching and found this: https://www.legalsportsreport.com/7709/entity-sports-betting-launch/
I can't comment on whether or not this is legal in CAN yet, but I still dont quite get how a poker "hedge fund" would be plausible functionally (typically funds are setting up a series of portfolios that individuals can get involved in and then roll over by grouping investments together.) This to me seems more like a staking scenario than a fund structure.
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