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Supreme Court strikes down federal ban on State Sports betting (NJ et. al.)

RecreationalRogerRecreationalRoger Posts: 686Subscriber
http://www.nj.com/politics/index.ssf/2018/05/jersey_winsloses_its_bet_as_supreme_court_allowsre.html#incart_big-photo

This is a very good thing (or very bad, depending on how well I do or don't pick games)

Comments

  • neverlearn2 Posts: 2,608Subscriber
    How they gonna tax this? End of year or every bet?
  • BartBart Posts: 5,085AdministratorLeadPro
    neverlearn2 said:
    How they gonna tax this? End of year or every bet?
    I would assume would be like any other form of gambling taxation. Each bet is a win/loss event in sports gambling (there is no session) so one must record all their winnings and deduct their losses against then, if filing as a non professional gambler.
  • RecreationalRogerRecreationalRoger Posts: 686Subscriber
    http://www.nj.com/politics/index.ssf/2018/05/sports_betting_sports_gambling_us_supreme_court_new_jersey.html#incart_2box_nj-homepage-featured

    Not sure about individual taxes, but there are plans to tax the betting providor on revenue.

    In NJ the only time the state issues W2G is if you win a one time payout of i **think** $599 (could be $1199). This applies to things like the lottery and slot machines. You dont get any forms if you win a $2000 bet at blackjack; im not sure about horse racing. There are also law in place about 10K wins.

    In general in NJ its up to the individual to honestly report gambling wins and losses.

    According to the article, nj plans to allow online sports betting the same way they allow online gambling now - ie you have to prove you are located in the state at the time of the wager.

    Does anyone play poker online in nj and if so does the state issue you a W2G at the end of the year?
  • nofriends333 Posts: 811Troll
    Yippee now i can bet my fav sports team legally without having to worry if those shady off shore gambling sites will pay off a winning ticket. Not saying they dont pay up but the aggravation you have to go through to get your money western union fees bank transfer blah blah is so aggravating. At least now you can place a bet get a ticket and cash it in legally whenever you want . On the flip side it might turn me into a compulsive gambler I am 90 min from AC and only 23 min from Monmouth Park
  • nofriends333 Posts: 811Troll
    RecreationalRoger said:
    http://www.nj.com/politics/index.ssf/2018/05/sports_betting_sports_gambling_us_supreme_court_new_jersey.html#incart_2box_nj-homepage-featured

    Not sure about individual taxes, but there are plans to tax the betting providor on revenue.

    In NJ the only time the state issues W2G is if you win a one time payout of i **think** $599 (could be $1199). This applies to things like the lottery and slot machines. You dont get any forms if you win a $2000 bet at blackjack; im not sure about horse racing. There are also law in place about 10K wins.

    In general in NJ its up to the individual to honestly report gambling wins and losses.

    According to the article, nj plans to allow online sports betting the same way they allow online gambling now - ie you have to prove you are located in the state at the time of the wager.

    Does anyone play poker online in nj and if so does the state issue you a W2G at the end of the year?
    Roger if you hit a $250 high hand at Borgata they hit you with 1099 as soon as they pay you the money

  • nofriends333 Posts: 811Troll
    if anyone out there needs to wager on their fav sports team including you Bart send me a direct message i would be more than happy to place the bet for you . Yes i can be trusted even though i have no friends
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