New pro bettor here sicking a little financial guidance
tranceraven
Junior Member
Hello there,
Based on some extreme "luck" I have had in the last few years with NFL betting I decided to "go pro" for a while and see how it goes, I have never ever participated in a forum like this, so sorry if this is inappropriate or even not allowed to be discussed, but I'm a bit lost in terms of knowing how to deal with money transfers, bank accounts, tax policies as my case is quite particular as the fact in my country of birth in south america gambling is illegal and I'm currently living in another one now in europe where I currently have a bank account which I presume would be then used for my new eventual winnings, if this cannot be discussed here, can someone please inbox me with some tips n stuff ? Im totally lost in terms of how to deal with eventual big chunks of profit within my european account being a non EU citizen, etc... now if this is fine, lets discuss it here shall we?!
T
Based on some extreme "luck" I have had in the last few years with NFL betting I decided to "go pro" for a while and see how it goes, I have never ever participated in a forum like this, so sorry if this is inappropriate or even not allowed to be discussed, but I'm a bit lost in terms of knowing how to deal with money transfers, bank accounts, tax policies as my case is quite particular as the fact in my country of birth in south america gambling is illegal and I'm currently living in another one now in europe where I currently have a bank account which I presume would be then used for my new eventual winnings, if this cannot be discussed here, can someone please inbox me with some tips n stuff ? Im totally lost in terms of how to deal with eventual big chunks of profit within my european account being a non EU citizen, etc... now if this is fine, lets discuss it here shall we?!
T
Comments
My advice would be to consult a tax attorney or some other legal professional in your country. Asking anonymous posters on a sports betting forum (populated largely by U.S. residents) about this stuff is OK as a starting point, but not something you want to rely on when you're talking about legal/tax issues.
Also, FYI, no one can "inbox" you as we do not have private messaging or allow the sharing of contact info here, sorry.
Best of luck!
Ok, well I will try to find a local tax attorney here, in the meanwhile, if there is anyone with some experience handling withdrawals in UK, Germany or Austria or Switzerland, and can share their experience, please do so!
Best wishes
T
Please take this the right way, but if you're asking for this sort of advice, you likely are not ready to become a professional sports bettor.
Not sure exactly what info you're looking to read about, but some books to try include Sharp Sports Betting by Stanford Wong (where you can find a short, outdated quote from yours truly in the 2nd edition), Weighing the Odds in Sports Betting by King Yao, and Conquering Risk by Elihu Feustel.
If you're not already familiar with the Kelly Criterion, I also suggest googling that topic.
Was pondering the same thing......any country where it is prohibited would be new to me. Maybe across the pond, in Nigeria it's illegal. They seem to have many people there who have large sums of money they inhereted or 'won' and need somebody to move it out of the country for them.......
love this quote
edit: so much that ill add a gif
Hi tranceraven,
I'm spaniard but i know that in Austria,Germany and Uk,users don't pay taxes by earning acquired in gambling.
Did dsgator move to Europe?
Btw, I'm Brazilian and as far as I know sports betting is prohibited there. Any brazilians around? Now I live in Germany..
So you guys think NETTELER ATM CARD withdrawal is a reasonable "short term"alternative eh? FOr daily expenses is fine, but lets say I want to withdrawal 100K so I can buy myself an apartment here, how would I do this?
T
My uncle is a relatively famous german ex chess/ex backgammon player/ now professional poker player and he once told me there is taxes for sure and german ones for gamblers aren't fun at all, back then he suggested to open an account in austria instead of germany, but that is mostly all i got from him, that day was the last time i spoke to him if not i could probably know all i need with him right, but the mofo dont give much of a fuck as we arent really that close so I quit trying..
For a non-N.American you catch on to the lingo pretty fast. LOL Where did you say you now live? DENMARK?
Germany.
Germany: Online sports betting in Germany is illegal. Similar to the United States, Germany outlaws all forms of wagering online except horse racing. The German government actively prohibits citizens from accessing online gaming websites and forbids German banks from doing business with unlicensed non-state run gambling operators. Many European online bookmakers still accept German citizens as customers, and no Germans have been charged criminally for wagering online.
False.
Country dependent for gambling income.
maljkovic - "I'm spaniard but i know that in Austria,Germany and Uk,users don't pay taxes by earning acquired in gambling. "
This is true as well in many other countries - in some, it is only taxable if it is one's primary income, or if one is deemed a "professional" gambler.
What will make me be considered a professional gambler ? Amount earned? How long and often i do it?
T
"Things are even tougher for this year's WSOP champion. Even before leaving the casino, Hachem turned over 6 percent of his winnings to the casino for U.S. taxes. Upon arriving in Australia, he may face the country's highest tax rate of 47 percent. This would leave the world champion with less than half of his winnings.
There is, however, a chance that Hachem might get lucky and beat the system. According to Australian law, luck plays a big part in what can be taxed. "If it's a business skill, it's classified as income; if it's chance, it's not income," said a spokeswoman for the Australian taxation office.
This is where things get even murkier for Hachem. Despite admitting to playing poker professionally for three years after winning the WSOP, he is now claiming that poker is merely his hobby. Thus the debate over his professional status may be a costly one.
According to the taxation office spokeswoman, Australian law states that "skill and chance" can mean a combination of the two factors, and the tax office's decision ultimately comes down to personal circumstances. If the tax office decides he played in a tournament as a professional, he will be taxed in a similar manner to sporting wins instead of as lottery winnings or the prize of other games of chance.
Everyone in the poker community is pulling for Hachem to beat the odds once again and win this hand!"
http://www.pokernews.com/news/2005/07/poker-taxman-cometh.htm
how high do online betting sites usually deal with, how big of a bet or prize will they accept to deal with? Are there online bettors swinging millions like in poker or ? Anywhere i can get that sort of info? Are there like in poker famous "ballers" or something, is there a social network for this kind of degenerate?
Agree with this and more.
I find nothing credible about these posts beginning with the OP.
Also, between posts #1 and #18 he's gone from trying out being a pro to it being "a side thing".
"how high do online betting sites usually deal with, how big of a bet or prize will they accept to deal with?"
I knew this was coming next.
I want to know how much of high rolling goes on within online beting sites, if they are used to deal and pay people 6 digits all the time, if there is a history of problems withdrawing 6 digits, etc, etc, i dont honestly see whats wrong with my doubts, what should i do instead of asking you guys? Asking the turkish guy with a stick in his mouth left of the kebab house wearing adidas n bling instead? Or wait, i should just get the hell off your garden with my infectious amateur speech..
We welcome all new members here at BT, but your story has taken more twist and turns then The Three Apples.
The United States in the only country in the world that taxes citizens on income earned while resident in other countries.