Betting Talk

withdrawls from sportsbooks

jrballard72jrballard72 Senior Member
edited February 2007 in Sports Betting
I know this has been asked before but what is a safe amount to cash out from a sportsbook. I am going to have to cash out via fed ex check and just wasn't positive if anyone knew the amount that is about the amount i should cash out. Thanks alot

Comments

  • ChazknowsChazknows Banned
    edited February 2007
    To expand on that, for example, Bodog sends a check with "Fedex"as the company responsible for payment, or is it "Bodog" printed on the check, and Fedex is the carrier? And if it is Bodog on the check, dose anyone know how a bank responds to that when u go to cash? Any responses would be appreciated. thanks fellas.

    Chaz
  • Flaggy03Flaggy03 Senior Member
    edited February 2007
    5,000 is usually a benchmark for you to be safe....thats kinda standard

    hope this helps...
  • EastcoastEastcoast Senior Member
    edited February 2007
    all I know is a gift of less than 10,000 is legal and anything deposited under 5,000 is not subject to investigation. I believe it's below 5,000, or maybe that is another law I am thinking of.
  • EastcoastEastcoast Senior Member
    edited February 2007
    under 10,000 is untaxable is what i meant
  • Gator101Gator101 Banned
    edited February 2007
    you mean under 2000 is taxable in the US, just like casinos if you win more then that on a slot machine or something then they make you file out a federal tax sheet, someone correct me if i am wrong
  • EastcoastEastcoast Senior Member
    edited February 2007
    I was talking about a gift. Like I said I don't know anymore than the 2 numbers I provided. 4,999 in a savings account is not questioned and 9,999 from a friend or family member is not taxable. all I know, or pretend to know I guess.
  • opieopie Senior Member
    edited February 2007
    My wife used to work at a bank that my best friend owns. They are required by law to fill out paper work for any amounts above 9999.00$ that are deposited and they do it on everyone. I came in to the bank with 11,000 not even in one check it was a couple of checks. My wife had to do paper work on me! Another thing is my buddy did the same thing got up to the counter gave them the checks that totaled 16,000$, they told him they were going to have to do paper work on him. he got pissed off got his checks back closed his account there. Right then! He was a friend of mine so I called my wife at the bank to see what was going on, they told me they had to fill the paper work out anyway because they had handled the checks. Hell the checks had the company's name that he worked for, it wasn't like they were from some casino or somthing! so beware. I went to talk to my friend that owns the bank he told me the government is really cracking down and warned me about the online gambling! He does it too!
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