rapidviper54 said:Hey, what's up to all the online bettors out there.
I see you guys have some experience with online betting, so I wanted to ask something. I'm looking to drop a few hundred bucks at an online casino myself, but there's one thing I'm wondering about.
I get how the transfer process works, but my real question is about getting paid out. For instance, if I'm moving money from PayPal to my Chase Visa—people told me Chase is the best way to handle this kind of thing—does that automatically go into my foreign currency account, or what? Especially now that they've introduced this new policy. Foreign currency account.I'm wondering if Chase is actually flagging anything. Let's be real—nobody is out here actually paying taxes on their gambling winnings. 😂
If you could help me out with some useful info, I’d really appreciate it.
It would be stupid if everything turned out to be illegal. I mean, DraftKings basically has their own turf at the LA Galaxy stadium, they advertise everywhere in the media, and they even sponsored shows on CNN (or ABC). ☕
I don't feel like reading the other posts. They probably contain incorrect data.
Yeah, that Chase Visa is linked to the foreign currency account. I haven't run into any issues in the last two years since I started betting online.
There were all these rumors about a new gambling tax coming our way, but nothing actually happened. A whole lot of nothing. As far as I know—and I'm pretty sure on this—online gambling winnings aren't taxed unless you're having the money paid out to a corporate account.
Look, the fact is you're just paying yourself. You're moving money from PayPal to Chase. It isn't like a sportsbook is sending you a direct payout; you're just transferring funds between your own accounts. I guess nobody really cares if you want to move money back and forth every single day. It's your business. PayPal doesn't ask where the money came from, and that's pretty much the end of it.
As of January 1, 2007, a new law went into effect requiring all foreign wire transfers to be received directly into a foreign currency account. It’s some kind of money laundering precaution, I guess. I’ve actually been called into my bank a few times to sign paperwork explaining why I was receiving funds from Sweden into my checking account. That's where my salary goes. Even then, I'm not considered a tax liability because the taxes are already withheld at the source, and we have a double taxation treaty with Sweden and most other countries anyway. So, I don't even qualify as a taxpayer based on my wages.
Since they haven't managed to pull anything off following that announcement about the gambling tax—including online betting—it means they don't have any legal ground to stand on. I guess. An online sportsbook already pays taxes, so making players pay too would just be double taxation. Not to mention that if online betting actually became taxed like that, the whole thing would probably stop working. If there were a 30% tax, for instance, you’d effectively be getting 30% lower odds. Maybe.
Chase hasn't once asked me where my money comes from or anything like that in two years, even though I've pulled over $10,000 from PayPal.
Don't sweat the taxes. You aren't going to get some raid from the IRS or a subpoena showing up at your door. Online business operates under international and global standards, not according to the corrupt, monopoly-driven whims of local political parties. Over there, you only pay exactly what you spend—no extra tax, no surcharges, no hidden fees, and none of those manipulative costs. Those local politicians don't have any legal leg to stand on anyway.
Here is a guide on how to use PayPal, along with some general tips for anyone just getting started with online betting:
www.bettingonline.comBanners and reviews for Betfair, 888 Casino, and some poker rooms are going up soon. Pick whatever you want. If I actually had the time, I’d probably post some betting strategies too. Until then, I'm available via PM if anyone has questions.
