Hey-
I was interested in getting into sports arbitrage, so does anyone know the tax laws for that in Canada and the USA? Is there a limit on how much one can make or be taxed on? Any advice, tips or contacts would be greatly appreciated. Sports betting is totally legal in Canada at least. I just made a bet on hockey last night at the lottery website. thanks so much everyone
2007-01-10 13:04:17 · 3 answers · asked by gordons_19 1 in Games & Recreation ➔ Gambling
Sports betting -online at least- is illegal in the States, but the IRS has a place on your tax return to claim illegally made money, so if you choose to claim it, I guess you could. I think Canada is the same way the UK is and it's tax free.
2007-01-10 17:47:34 · answer #1 · answered by kenny_scarface 4 · 0⤊ 0⤋
1
2016-12-22 23:46:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Sports arbitrage is absolutely positively illegal for individuals who reside in the US, and absolutely positively legal for individuals who live in Canada (and the rest of the world.)
I can tell you that if you are a professional gambler in the US, you pay normal taxes (15%-30%) based on your tax bracket, etc. You can also deduct losses against wins, and also travel expense, computer costs, etc. But to be considered a pro most of your annual inome must be derived from gambling.
As a casual gambler in the US you must claim all wins and losses and deduct losses up to the amount you won (so you can't report a loss at year end, just "0") As a casual gambler you must pay teh highest tax rate for capital gains -- 30% and cannot claim expenses.
The best place to be a pro or do arbitrage is England -- no taxes on any gaming wins! Might be the same in Canada -- just dont know.
As for arbitrage it is absolutely impossile to make a consistent living at it. Too much software out thre now and too many people doing it -- they get snapped up immediately, and when they don't the arbs are usually at sportsbooks you may not have an account at.
Good luck!
2007-01-13 09:38:26 · answer #3 · answered by ticketstrategies 2 · 0⤊ 0⤋
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2016-05-01 17:42:09 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sports betting systems are sets of events that when combined for a particular game for a particular sport represents a profitable betting scenario
2016-05-16 10:24:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋