I'm heading to Vegas and want to know a few things before I go. I want to bet 30k on pats to win afc championship at 2/1. Should I go to to 10 diff books laying 3k at each (roughly,) so not to have winnings over 10k Or should I lay two bets of 15k?? Will I get taxed or what is my best route to stay under Rader and not be taxed
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I'm heading to Vegas and want to know a few things before I go. I want to bet 30k on pats to win afc championship at 2/1. Should I go to to 10 diff books laying 3k at each (roughly,) so not to have winnings over 10k Or should I lay two bets of 15k?? Will I get taxed or what is my best route to stay under Rader and not be taxed
I would lay the bet at different bookies, 3k each book. I believe if your winnings exceed 5k you are subjected to 25% federal tax and then state tax, depending on if each state has income tax.
I would lay the bet at different bookies, 3k each book. I believe if your winnings exceed 5k you are subjected to 25% federal tax and then state tax, depending on if each state has income tax.
I hate to be the bearer of bad news but you're not going to get anywhere near +200 on the Patriots to win the AFC. If you're lucky, you may be able to find them at +150. Las Vegas sportsbooks are a joke and have been ripping people off for years in every way they can. The only people that bet in them are rube tourists and ham and egger locals.
If you do find the +150 or better, spread the money around so the price doesn't move. The books are scared to death of losing so they'll move the line quickly and other books will move the price without even taking a bet so whatever little value you find will disappear quickly.
You can bet up to $10,000 cash in a 24 hour period at each sportsbook. Don't go over that and they'll be no tax implications of any kind at the price you'll be getting the Patriots at. You also don't have to show any ID.
I hate to be the bearer of bad news but you're not going to get anywhere near +200 on the Patriots to win the AFC. If you're lucky, you may be able to find them at +150. Las Vegas sportsbooks are a joke and have been ripping people off for years in every way they can. The only people that bet in them are rube tourists and ham and egger locals.
If you do find the +150 or better, spread the money around so the price doesn't move. The books are scared to death of losing so they'll move the line quickly and other books will move the price without even taking a bet so whatever little value you find will disappear quickly.
You can bet up to $10,000 cash in a 24 hour period at each sportsbook. Don't go over that and they'll be no tax implications of any kind at the price you'll be getting the Patriots at. You also don't have to show any ID.
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