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Sports Gambling

by Jerry "Jet" Whittaker
June 18, 2006


Gambling on sporting events is as old as civilization. Made popular by the Romans and the Emperors hundred day games in the Arena of Rome, this mode of gambling has become popular for the compulsive gambler as well as the novice alike. In the modern age of gambling leaving aside all forms of animal fights and racing there are actually four ways to bet on sports in the U.S. Out of these two are legal. So far as betting on sports is concerned you can bet on any sport the sports book you are wagering on covers. You can bet on any sport the Sports Book you are wagering with covers. This includes professional as well as college football and basketball, professional baseball, professional hockey, and animal races. Sports Books may even offer proposition bets on professional golf tournaments and the like, but not on a regular basis for other events in those sports.


Ways and means of sport gambling:

Gambling through Sports books is legal betting through the bookies in almost every state and town is more popular. The risks are higher but then the benefits make up for the risks not to mention avoiding the reports to the IRS. Firstly sports books will not accept wagers across state lines and they can also setup phone accounts. Secondly illegal bookies are worse than the sports bookies. Betting through international sports books is fast becoming a popular form of sport betting with the technological advancements such as the Internet and the mobile phone operators. However most of these gambling outfits are fly-by-night scams and many are in between.


The lottery is ringing as far as football betting goes. Calling the game sports action keeping the minimum bet at $2.00 and the minimum number of games you can bet on is fixed at three. The payoff for a three game win is $5.00 for every dollar that has been wagered. Four games gets $10.00 dollar for every dollar wagered and so on. It gets better when the number of games bet on increases. A seven game winner usually pays from $150 - $350 per dollar wagered.


Tax on sports gambling:

As with casino gambling it is mandatory for you to report your winnings and your losses to the IRS on the appropriate forms at the end of the year, but if you bet more than $10,000 at once, you must fill out some IRS paperwork at the ticket counter. All money won must be reported to the IRS.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



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