Just wanted to get some input in the long term of this profession. So lets say we could pull in a hefty $50,000+ a year in sports investing. Should we be worried about the feds catching up to us? Would it wise to claim some of this money or no? How would you go about purchasing things?
I think it would look fishy driving around a $100,000 Porsche, working a day job, making $25k....
Any inputs?
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To remove first post, remove entire topic.
Just wanted to get some input in the long term of this profession. So lets say we could pull in a hefty $50,000+ a year in sports investing. Should we be worried about the feds catching up to us? Would it wise to claim some of this money or no? How would you go about purchasing things?
I think it would look fishy driving around a $100,000 Porsche, working a day job, making $25k....
They are great problems to have my friend. But don't worry, the more you make, the more you will find out the tricks to staying on the right side of the law. When you get to 50k per year, pm me and I will give you some advice on how to stay out of trouble.
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They are great problems to have my friend. But don't worry, the more you make, the more you will find out the tricks to staying on the right side of the law. When you get to 50k per year, pm me and I will give you some advice on how to stay out of trouble.
psic wrote an article on how to avoid being taxed on how ever much you make. I believe it was actually in one of the john morrison threads from last year or the year before that.
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psic wrote an article on how to avoid being taxed on how ever much you make. I believe it was actually in one of the john morrison threads from last year or the year before that.
I couldn't find the article but basicly it says not to cash out more than 1500 a day and too keep your money at home in a safe. too buy everything with cash. to only put enough money in the bank to cover bills. anything you can't buy with cash.
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I couldn't find the article but basicly it says not to cash out more than 1500 a day and too keep your money at home in a safe. too buy everything with cash. to only put enough money in the bank to cover bills. anything you can't buy with cash.
Very true JV. The trick to becoming a long term sports investor is to constantly data mine and stay up to date with the latest systems. These systems we use today will probably not work with the same effectiveness 5-10 years from now. New filters will be applied though.
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Very true JV. The trick to becoming a long term sports investor is to constantly data mine and stay up to date with the latest systems. These systems we use today will probably not work with the same effectiveness 5-10 years from now. New filters will be applied though.
Kong, do you use several systems at a time or do you keep it simple and use a favorite. I have an $850 bankroll and desperately dont want to lose it and also want to grow it to a point where it can nicely supplement or maybe even be my main income. I fully realize that I cant grow it by merely handicapping and playing my own picks. I gave up that hopeless plight a while ago. Any guidance you can give me is greatly appreciated. Also do you ever pay for services?
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Kong, do you use several systems at a time or do you keep it simple and use a favorite. I have an $850 bankroll and desperately dont want to lose it and also want to grow it to a point where it can nicely supplement or maybe even be my main income. I fully realize that I cant grow it by merely handicapping and playing my own picks. I gave up that hopeless plight a while ago. Any guidance you can give me is greatly appreciated. Also do you ever pay for services?
Kong, do you use several systems at a time or do you keep it simple and use a favorite. I have an $850 bankroll and desperately dont want to lose it and also want to grow it to a point where it can nicely supplement or maybe even be my main income. I fully realize that I cant grow it by merely handicapping and playing my own picks. I gave up that hopeless plight a while ago. Any guidance you can give me is greatly appreciated. Also do you ever pay for services?
Great Question! The only service I have ever paid for in my life is Platinum Sports Investing Club. Tod runs it and I owe most of what I know to him. He taught me how to invest in systems and correct money management techniques. Don't waste your time with pick services, look for guidance and information. My advice to you is to grow your bankroll slowly. Never bet more than 2% of it as a starting unit. Remember, slow and steady wins the race. I use the labouchere method becuase it works, but there is nothing wrong with using progressive style methods if you know what you are doing.
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Quote Originally Posted by SUPEREAGLE43:
Kong, do you use several systems at a time or do you keep it simple and use a favorite. I have an $850 bankroll and desperately dont want to lose it and also want to grow it to a point where it can nicely supplement or maybe even be my main income. I fully realize that I cant grow it by merely handicapping and playing my own picks. I gave up that hopeless plight a while ago. Any guidance you can give me is greatly appreciated. Also do you ever pay for services?
Great Question! The only service I have ever paid for in my life is Platinum Sports Investing Club. Tod runs it and I owe most of what I know to him. He taught me how to invest in systems and correct money management techniques. Don't waste your time with pick services, look for guidance and information. My advice to you is to grow your bankroll slowly. Never bet more than 2% of it as a starting unit. Remember, slow and steady wins the race. I use the labouchere method becuase it works, but there is nothing wrong with using progressive style methods if you know what you are doing.
I would quite often take a bankroll your size and double it. I would then ignore all of the things I'd been doing and take a $1500 or $2000 bankroll and turn it into a couple of hundred dollars. I called it "My turning firests into toothpicks tecnique". I tried marketing it and for some reason no one was interested.
Starting last basketball season I decided to pick how I was going to approach a season and not vary form it for any reason. I subscribed to PSIC's service and watched this firum closely. with the end of baseball season coming up I am going to be able to start drawing a salary from my sports betting this fall. Now much but it should cover a car payment.
My advice, stay conservative, grow slow and don't ever change horses mid stream. Following the different guys here should provide you with all the tools you need.
Good Luck
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Supereagle,
I would quite often take a bankroll your size and double it. I would then ignore all of the things I'd been doing and take a $1500 or $2000 bankroll and turn it into a couple of hundred dollars. I called it "My turning firests into toothpicks tecnique". I tried marketing it and for some reason no one was interested.
Starting last basketball season I decided to pick how I was going to approach a season and not vary form it for any reason. I subscribed to PSIC's service and watched this firum closely. with the end of baseball season coming up I am going to be able to start drawing a salary from my sports betting this fall. Now much but it should cover a car payment.
My advice, stay conservative, grow slow and don't ever change horses mid stream. Following the different guys here should provide you with all the tools you need.
Lets see some of PSIC's service plays,we can share the cost,thx
Tod sells a e-book for a reasonable price and a life time of e-mail picks comes with it. I think you should check it out if your intrested it's worth the money. www.ssbwins.com
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Quote Originally Posted by Anita z:
Lets see some of PSIC's service plays,we can share the cost,thx
Tod sells a e-book for a reasonable price and a life time of e-mail picks comes with it. I think you should check it out if your intrested it's worth the money. www.ssbwins.com
If you ever heard the old saying "Give a man a fish you feed him for a day, teach a man to fish..........."
PSIC pretty much taught me to fish.
If you want his picks someone on here posts them almost everyday.
It's almost as important to learn how he bets and why he bets as what his actual picks are. Good Luck.
I agree, go get his E-Book and and sign up with him for atleast a year. His knowledge is well worth the 400-500 bucks he charges. I am a student of the great PSIC. He basically walks you through how to make an income with sports investing. I told him that he needs to teach a college class on it, although I don't think the Universities would allow it.
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Quote Originally Posted by kevnbs:
If you ever heard the old saying "Give a man a fish you feed him for a day, teach a man to fish..........."
PSIC pretty much taught me to fish.
If you want his picks someone on here posts them almost everyday.
It's almost as important to learn how he bets and why he bets as what his actual picks are. Good Luck.
I agree, go get his E-Book and and sign up with him for atleast a year. His knowledge is well worth the 400-500 bucks he charges. I am a student of the great PSIC. He basically walks you through how to make an income with sports investing. I told him that he needs to teach a college class on it, although I don't think the Universities would allow it.
I have a question about staying on the right side of the law. Lets say I cash out $3-$4 grand off an online offshore sports book. What is the best way to do this? Get a check in the mail? Get it wired right into my bank account?
Any respone would be appreciated.
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I have a question about staying on the right side of the law. Lets say I cash out $3-$4 grand off an online offshore sports book. What is the best way to do this? Get a check in the mail? Get it wired right into my bank account?
I have a question about staying on the right side of the law. Lets say I cash out $3-$4 grand off an online offshore sports book. What is the best way to do this? Get a check in the mail? Get it wired right into my bank account?
Any respone would be appreciated.
This is exactly what I'd like to know.... Is it safer to just cash a check, and bring your cash home...or have it wired? What is the best way??
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Quote Originally Posted by BigShotBill:
I have a question about staying on the right side of the law. Lets say I cash out $3-$4 grand off an online offshore sports book. What is the best way to do this? Get a check in the mail? Get it wired right into my bank account?
Any respone would be appreciated.
This is exactly what I'd like to know.... Is it safer to just cash a check, and bring your cash home...or have it wired? What is the best way??
The safest way is to use the BetJamaica or TheGreek Debit card. You can withdrawal up to 1000 per day out of ATM, and there is no traces to you.
Does that only work if you have your online sportsbook accounts at BetJamaica or TheGreek?
I recently established an account at the Greek, and for me to deposit, I was advised (by theGreek) to get a bank VISA debit card. I was told this was the only way I could deposit using a VISA debit card if I was in the USA. Are you tellling me that there is a different card?
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Quote Originally Posted by KongKiller:
The safest way is to use the BetJamaica or TheGreek Debit card. You can withdrawal up to 1000 per day out of ATM, and there is no traces to you.
Does that only work if you have your online sportsbook accounts at BetJamaica or TheGreek?
I recently established an account at the Greek, and for me to deposit, I was advised (by theGreek) to get a bank VISA debit card. I was told this was the only way I could deposit using a VISA debit card if I was in the USA. Are you tellling me that there is a different card?
Big shot bill and joe money....take it from my mistakes that cost me a 90k bankroll to the IRS......I would take a check as a LAST option. Doing 1000 via western union or moneygram once a week for 4 weeks would be better.
Kong said it best...if you got to Bet jamaica or the greek and get the debit card....it comes to you without your name on it. When you get it you must submit a copy of your ID and proof of address to the issuer but that is strictly an anti-terrorism mandatory move.
After you get the card......I've stood in front of the ATM and done 10 straight transactions to get out 5 grand. The card has no limit other than the ATM's that have about a 500 per transaction limit.
If youre going to take checks keep them to 1,499 or less. You want to make 100% sure that the bank doesn't fill out a C.T.R.
Also, try to use sportsbooks that give checks drawn on American Banks not Costa Rican.
Hope this helps
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Big shot bill and joe money....take it from my mistakes that cost me a 90k bankroll to the IRS......I would take a check as a LAST option. Doing 1000 via western union or moneygram once a week for 4 weeks would be better.
Kong said it best...if you got to Bet jamaica or the greek and get the debit card....it comes to you without your name on it. When you get it you must submit a copy of your ID and proof of address to the issuer but that is strictly an anti-terrorism mandatory move.
After you get the card......I've stood in front of the ATM and done 10 straight transactions to get out 5 grand. The card has no limit other than the ATM's that have about a 500 per transaction limit.
If youre going to take checks keep them to 1,499 or less. You want to make 100% sure that the bank doesn't fill out a C.T.R.
Also, try to use sportsbooks that give checks drawn on American Banks not Costa Rican.
I think sports betting is legal in Canada??? NO?? If it's legal to do there is much less problems but as for income tax and banking rules I would still make my withdrawls small
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I think sports betting is legal in Canada??? NO?? If it's legal to do there is much less problems but as for income tax and banking rules I would still make my withdrawls small
On a little bit different category, but, what would you guys consider to be a better Book, in your own opinion, for Canadians
Pinnacle or TheGreek ?
Or is there maybe a different one you'd recommend. I have done a lot of research on all the books and have my own opinions, but am curious to here some unbiased ones. I'm currently looking to add another Sportsbook in addition to my existing one.
Cheers
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On a little bit different category, but, what would you guys consider to be a better Book, in your own opinion, for Canadians
Pinnacle or TheGreek ?
Or is there maybe a different one you'd recommend. I have done a lot of research on all the books and have my own opinions, but am curious to here some unbiased ones. I'm currently looking to add another Sportsbook in addition to my existing one.
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