Betting Blog

Is Sport Betting For You?

Posted on February 2009 in betting websites

Placing bets have been around for centuries, ever since men realized that competition is in the heart of success. Wagers increase the enthusiasm, the drive, and the determination to win. This may not be the case with everybody, but most of us have to have that final push for us to win.

Almost every event in this world may be tagged with a bet. We put wagers on relationships, on leisure, and sometimes even on random experiences of everyday life. It is no wonder then, that men learned to put wages on results of sports, hence, sports gambling came to life. Sports betting is simply gambling on the outcome of any sports people are fond of, like basketball, football, boxing, wrestling, and racing.

Sports betting has become so popular for people, since it intensifies the drive for competition. It has its way of bringing in more enthusiasts to any sport, and also especially raises attendance for the sport higher than what is normally expected. Betting, you see, clearly awakens the drive of man to succeed. The intense feeling of winning a bet can also be addictive, so it is no wonder that sports gambling reaches the limelight in any sports event.

Not only that, money comes easy in sports betting. You put up a certain amount, and it can double or even triple depending on the guidelines set. Of course, results can go the other way, too. If you lose, the money you placed on a bet will be given to the winner. So you leave your moneys worth to chances, as betting is wont to do. The sad thing here is, sometimes, games can be fixed. What if you are set out to lose? This is a hard pill to swallow, for in the world of betting, you really are leaving everything to chance, and you just have to accept the fact that you have been duped.

Bookmakers are a part of sports betting. These are the so called middle men who makes the transactions with the opposing bets. It is said that bookmakers make more money than the persons who made bets, though. The commission they get comes from the losing side, since the winner has a fixed amount of money to receive for the win.

Bear in mind that sports gambling is not as simple as you think. It is also illegal in the United States. It is also especially hard for the United States to regulate sports betting, since it really does dominate their culture, and it is a fact that sports betting adds up to the anticipation of any game. Ever since the advent of internet, sports betting gained more followers than ever, since internet made things easier for these bets to come to. The internet also opened a whole new arena for the bookmakers. Now, websites intended for sports wagering abound.

Sports betting may or may not be good for you. You alone can decide on that. Just remember you cannot leave everything to chance.

Wallace Willis
http://www.articlesbase.com/online-gambling-articles/is-sport-betting-for-you-79175.html

5 Responses to “Is Sport Betting For You?”

1. Anonymous Says:
   February 28th, 2009 at 1:28 pm

   Sport betting…..?
   Alright sport betting is illegal in every state except Nevada, right? But of course people bet online all the time. Hypothetically, If I bet on a game(online) and won some big money, wouldn't I have to report that when doing my taxes? Or what would happen? How can the government enforce this law?

2. Potsie Says:
   February 28th, 2009 at 6:30 pm

   First off, online sports betting is not illegal, but offline in the USA is. In addition, if the online sportsbook is located in the US then it is also illegal. If you use an offshore sportsbook then it is LEGAL! This is a little known fact. I've wagered online for 7 years and have won 5 figure payouts with no consequence. All you have to do is use a reputable site, such as those listed at http://GamblingReviewsSite.com The payout will come as a check or bankwire, but NOT in the wagering companies name. There is nothing on the payment that will show as a gaming source. You can say the money came from anywhere you want. As long as you pay tax, the government can do nothing. None of these sites report to the IRS or the US government anyway, so unless you have large transactions, they won't know. If you win a very large sum, then just break the payout down into chunks instead of getting the entire 100K in one payout!

   I would invite Mr. Feltcher (below) to cite the law that makes online wagering illegal. He will not, because there is no such law! The only law that pertains to wagering is the Wire Act of the 1960's and it does not address the internet.
   References :

3. Mr. Luva Luva Says:
   February 28th, 2009 at 6:32 pm

   The government enforce these laws. They are trying to but there are far too many off-shore online websites that will take American money. They can't control it and you DO NOT have to report the income to them. Like the ol' Vegas saying goes, what happens off-shore, stays off-shore.
   References :

4. W.C. Felcher Says:
   February 28th, 2009 at 6:34 pm

   Online sports betting is illegal in the United States. It makes no difference whether the gambling site is located in the U.S. or in some foreign jurisdiction. What matters is that the sports betting uses the instrumentalities of commerce in the U.S. (phone, fax, wire etc.) It is a little hazy as to where an internet transaction takes place for jurisdiction purposes, but the recent indictments and arrest warrants by the DOJ against British gambling moguls who arrive in U.S. airports strongly suggests that the DOJ thinks it has jurisdiction.

   Offline sports betting is legal in Nevada, or in most states if there is no house. In states which allow "social gambling", two friends can bet on a football game with each other so long as neither pays juice to the other upon losing. These bets however are not enforceable in a court of law.

   The IRS permits individuals to claim they are professional gamblers if they meet certain criteria. Professional gamblers can offset gains against losses for income reporting purposes. The primary question is proof and whether the taxpayer can persuade the IRS auditor of the legitimacy of the gambling activities.
   References :

5. William H Says:
   February 28th, 2009 at 6:36 pm

   Legal and illegal income is taxable per the Internal Revenue Service. Remember that Al Capone was put in jail because of income tax fraud, not for any violent crime.
   References :

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