Online Sports Wagering Faqs
All you need to know to Wager on a Sportsbook Online
Q - Is sports wagering on the internet legal?
A - According to CNN, More than $2 billion will be illegally wagered by Americans through offshore Internet wagering sites this year. The reason being is that the wagering laws created in the past are old and do not cover the internet which is why congress repeatedly tries to pass a ban on internet wagering to no success. So for the time being, YES you can wager on the internet.
Q - Can I be prosecuted for wagering on the internet?
A - In all our years in this industry, there has never been a known case of someone being arrested for placing personal wagers on the internet. Unless you are running your own "House" you will not be prosecuted by the law.
Q- Where can I wager legally on sports?
A - You can legally wager on sports in Las Vegas, Atlantic City, and various Indian Casinos. If you want to wager on sports from the privacy of your home you can wager at any online sportsbook.
Q - What sports can I wager on?
A - The best thing about wagering on sports online is that there are a whole variety of sports to wager on out there. You can wager on NFL Football, College Football, NBA Basketball, College Basketball, NHL Hockey, MLB Baseball, Boxing, World Soccer, Golf, Tennis, Horse Racing, and even the Stock Market!
Q - How do I collect my winnings from an online sportsbook?
A - When wagering with a reputable sportsbook you can receive your cash using the following methods: Wire Transfer, Fed Ex, DHL, Direct Deposit, Regular Mail, Fire Pay, Neteller, within a few days of the request.
Q - Do I have to pay the IRS taxes on my winnings?
A - You should always pay taxes on your winnings just like you do when you go to Vegas. However don't forget to claim your losses also. The IRS does not care about the wagering as long as you give them a piece : )
Q - What is the minimum wager that must be reported to the IRS?
A - While all wagering wins and losses are supposed to be reported to the IRS at the end of the year, you should know that all deposits and withdrawals over $10,000 must be reported to the IRS by your bank. So keep the deposits and withdrawals under $10,000.