Anthony Perez55 said:Could you please send those links again?
I took a look at the Law recently, but either I'm just a bit slow or the whole thing was incredibly vague.
Hey, don't be an idiot—don't go insulting the other members here. 🙂
The payments through various channels were left unspoken.
Online wallets.As for bank transfers to the sportsbook, nothing is left unsaid. Everything is laid out in black and white, yet nobody actually follows through.
Evo posta sa teme o online klađenju:
Joshua Garcia8 said:There you go, Eric Fox7 really hit the nail on the head with that one. 👍
Plus, you can't forget about the penalties hitting both the legal entities—meaning the folks actually calling the shots—and the individuals themselves.
Ali (we always have an "ali" here) anything's possible. Easygoing. Find a way to bypass direct deposits and withdrawals. Banks vs. the other side. So, using a bookie through an intermediary like DraftKings or PayPal basically means... Chase PayPal DraftKings.
The IRS might stick its nose in again if you move too much cash at once. If you drop a massive sum into your account—not sure what the exact threshold is—the banks and the Treasury get an alert. Then you're stuck explaining where the money came from or dealing with corporate tax questions. That’s why I never move big amounts in one go. Makes me wonder if the IRS actually has the legal right to come sniffing around like that. Digital wallets. Transaction statements and everything else...
Basically, it’s all one big gray area. The real question is what happens once we fully integrate into the European Union—specifically, what our politicians are actually going to decide. The EU basically left it up to individual member states to decide whether to approve or ban those offshore online betting sites that aren't officially registered in the country.
Since there’s this mandatory 5% fee being passed straight from the bookies to us—and given that the government is always scraping the bottom of the barrel for cash—I can't help but wonder about our tax ID system. It's still a bit of a mess. Is it possible they’ll just decide to turn this gray area into a black one? If they do, registration for anyone living in the US could be blocked on all those international online sites, just like how it works in other parts of Europe. We'd basically be stuck playing in the local sandbox, getting hit by that 5% fee (assuming they don't hike it up) plus whatever corporate tax they decide to slap on top. Great. Just great.
Here’s a snippet from the Law. Haven't reread the whole thing yet—running a bit short on time, so I might have missed something crucial.
Chapter IX. FOREIGN GAMBLING OPERATIONS
Article 68.
Not allowed:
Foreign operators running gambling games under Article 5 and prize games under Article 69 of this Law within the United States.
Participating in foreign gambling if the bets are being placed within the US.
3. Collecting roles within the US to participate in or pay for gambling games hosted abroad,
4. Selling, holding, business transfers, issuing, advertising, or any promotion of foreign gambling and prize games within the United States.
(2) This prohibition under item 4 of section 1 also applies to service providers and publishers.
(3) Individuals who do not hold American citizenship but are temporarily staying in the US are permitted to hold bets or winnings from foreign gambling games for their own personal participation.
(3) A fine ranging from $10,000.00 to $16667 will be imposed on any individual acting against the ban regarding foreign gambling (Article 68.).
Here’s the Law, I've looked through it along with the regulations attached to it, though I can't recall them all offhand 😢
Regarding the Gambling & Tax thread, we touched on this a bit—here is the link so take a look or drop a comment.
These posts really belong in the online betting thread, so I'll move them over there tonight.