05-11-2021, 09:15 PM
п»їIllegal Sports Betting.
Illegal Sports Betting.
Sports betting is a huge industry. Some states have legalized certain activities in recent years, but many online betting sites and activities are still unlawful. To avoid illegal sports betting, you must understand and follow current state and federal laws before making a wager.
Illegal sports betting has real consequences for people who place and receive wagers—and for the safety of the American public.
Organized crime groups often run illegal gambling operations. These groups often use the money made from illegal gambling to fund other criminal activities, like the trafficking of humans, drugs, and weapons. These operations may also be involved in tax evasion and money laundering.
One of the FBI’s priorities is to investigate organized crime groups that operate illegal sports betting operations and disrupt and dismantle their activities.
Besides possibly funding organized crime activities, people who place wagers with illegal sports betting operations may be at risk of extortion and violence, which bookmakers may use to collect debts.
Report Illegal Sports Betting.
To help address this crime, the FBI encourages anyone with information about illegal sports betting operations to submit a tip online or report it to the Internet Crime Complaint Center (IC3). Tips can be kept anonymous.
Penalties in Soccer Betting.
That critical twelve yards. The longest walk. But can you really take advantage of penalties in soccer betting?
The top teams tend to get most of the penalties that are awarded. Yet this is because they are the better teams with more skilful players, not because there is any particular bias towards them, as some fans would suggest! Also, the top teams tend to adopt a more attacking style of football, especially if they are playing weaker teams from lower in the table / league. Simple logic dictates that better teams will take the ball into the penalty area more frequently than the opposing weaker side.
There is a close correlation between the number of goals вЂfor’ and вЂagainst’ and the number of penalties вЂawarded’ and вЂgiven away’ by teams. This correlation exists for good teams as well as bad teams.
The chances of a penalty being awarded in a game does not really vary much from season to season or game to game, regardless of how вЂhigh profile’ the match might be. Penalties are awarded around 20% of the time which equates to odds of around 4/1 or 5.0 decimal.
You won’t find many sportsbooks offering odds better than 5/2 (or 3.5 decimal) or sometimes higher on the betting exchanges – so value is hard to come by.
Often the best markets relating to soccer betting are those offering odds on penalties not being given. Check out Sporting Index for some decent вЂpenalty’ markets.
The Importance of Penalties.
Soccer is a low scoring game and so a penalty awarded to a team can of course make the difference between winning and losing. Penalties are therefore invaluable to teams.
Around 76% of penalties are successfully converted and this figure does not really vary based on the quality of the teams in the game. The advantage is firmly with the penalty kick taker.
One noticeable difference between a penalty taken in the вЂreguular’ ninety minutes and one taken during a shoot-out, is that the average conversion rate drops from 76% to 70%. The reasons for the reduced CR are вЂnerves’ or the added pressure that an important tournament or competition brings, inexperienced players being forced to take penalties, following on from which there is a lack of randomness in shot placement.
Aveage Penalties Per Game & Average Conversion Rate.
(League, Average Penalties Per Game, Average Conversion Rate)
League APPG ACR Serie A 0.32 75% La Liga 0.28 73% Bund’a 0.27 76% Ligue 1 0.27 75% PLeague 0.23 80%
Which teams benefit the most?
For soccer betting it is worth knowing which teams are winning penalties and which teams are giving them away. Below you can see the top ten teams, with the best for/against ratio, for penalties awarded – across the big five European leagues:
Which teams benefit from penalties the most?
(Team, Penalties For, Penalties Against, Penalty Ration).
Team Pfor. Pag. Penalty ratio Barcelona 88 30 2.93 Bayern 79 30 2.63 Bournm’th 43 17 2.53 Chelsea 79 37 2.14 Napoli 76 36 2.11 Real Madrid 91 44 2.07 Man City 74 36 2.06 PSG 67 34 1.97 Bor. Dort 48 25 1.92 Leicester 37 20 1.85.
Penalty Taking Strategy for Players.
Players tend to naturally strike the ball across their body (right-footed players to the left and vice versa). Stats suggest penalty takers will choose their вЂstrong side’ 62% of the time. Yet for the best chance of success, the penalty taker’s choice of shot placement should be totally random.
Players who mix up their penalty placement (e.g. Harry Kane and Mark Noble in the Premier League) have a better than average penalty conversion rate. These players are successful with over 85% of their penalties, compared to the league average conversion rate of 80%. Yet the sample available is still relatively small.
One of the best penalty takers to grace the game was Matt Le Tissier. He has the best penalty conversion rate of anyone who has twenty plus penalties in their career – scoring 48/49 (98%).
Did Your Team Just Win Big? Here’s What You Need to Know About Paying Tax on Sports Betting.
Did you know that 118 million people bet on sports each year?
Sports betting gives savvy gamblers an opportunity to collect cash while their favorite players collect trophies.
You don’t have to drop by a casino or a race track to bet on sports, either. Gamblers can take home winnings after fantasy football games, office parties, and Saturday night poker.
That cash isn’t necessarily free and easy, however. Gambling winnings, just like any other income, are taxed in the United States.
If you raked in gold last year for sports betting, keep reading. In this post, we discuss everything you need to know about paying tax on sports betting.
What is Sports Betting?
Sports betting is a form of gambling. It allows sports fans to bet on who they think will win a tournament, game, or race.
Naturally, gamblers put down cash when placing these wagers. These wagers can vary from a few pennies to thousands of dollars.
“Winners” cart home cash, often a percentage or total of all bets placed on a specific team, player, or participant.
You don’t have to visit a racetrack or basketball court to engage in sports betting. A lot of bets occur informally. For example, you and your friends may bet on March Madness results from the comfort of your own living room!
This is because sports betting hasn’t always been technically legal in the U.S. It’s been around for centuries, but it hasn’t enjoyed the hazy legality that gambling institutions like casinos have enjoyed for quite some time.
In fact, until May 2018, only four states in America permitted sports gambling: Montana, Delaware, Nevada, and Oregon.
The Supreme Court gave states the right to legalize sports betting in 2018. Since then, quite a few have come on board. Sports betting is now legal in West Virginia, Mississippi, New Jersey, Pennsylvania, and Rhode Island.
Nonetheless, while sports betting is illegal in a large portion of the U.S., this doesn’t get you off the hook of paying taxes. Whether or not your state permits betting, you’re still eligible to pay taxes on any income acquired through gambling means.
If you are living in a state where it’s legal to bet on sports, it’s especially important to follow tax rules when reporting winnings.
How Much Tax Do I Have to Pay on Sports Betting?
You’re a regular at the racetrack and a natural at predicting World Open results. So how much tax do you have to pay in consequence?
Taxable Winnings.
The IRS classifies all gambling winnings as taxable income–whether or not these winnings were earned legally. Such income can come from raffles, lotteries, horse races, and casinos.
The IRS doesn’t mention sports betting on its website, but these do count as gambling winnings.
Any cash winnings or prizes (such as vehicles or vacations) also count, assessed at their “fair market value.”
How to Pay Taxes on Sports Betting.
If you’ve earned your winnings at a gambling facility, that facility will actually issue you a tax form for those winnings at the start of tax season. However, this only happens if you win $600 or more (or if you’ve won at least 300 times at that facility).
You’ll also receive said form–Form W2-G–if you cart home at least $1,200 from a slot machine and $1,500 from keno.
And if you really bring home the bacon, earning at least $5,000 for sports betting, this definitely goes on your tax record.
If you receive cash from a sports betting facility, you will receive a total that already has taxes taken out of it. Facilities are required to withhold 24% of your earnings for federal withholding tax.
You will see this spelled out in your W2-G when tax time rolls around. However, if you receive off-the-record winnings, these are still taxable.
You will have to report them as other income when filing your taxes, and these will be taxed along with the rest of your income according to your filing status and tax bracket.
You may also have to pay state income tax on your sports betting cash, depending on where you live.
Claiming Sports Betting Losses.
It may be possible to report any sports betting losses. So, if you had a bad night last week at the stadium, don’t worry.
Sports betting losses are tax-deductible, but under very specific conditions. The most important of these conditions is that you can’t claim losses that total more than your gains.
So, if you lost $5,000 on sports betting last year but took home $7,000 in the end, you’d be able to deduct all of those losses. If you lost $15,000 on sports betting but took home $5,000, you would only be able to deduct $5,000 of your lost bets.
Tips for Reporting Sports Betting Income.
You may be tempted to withhold your sports betting cash from Uncle Sam, especially if you won it informally (i.e., outside of a gambling facility).
However, failing to report taxable income on your tax return (via Form 1040) can result in severe penalties. Some of these include serious jail time, on top of relevant fees.
You may also be subject to an IRS audit at any time.
For this reason, we strongly recommend keeping a diary or journal of your sports betting wins and losses. You can do this on your phone, a notepad, whatever is most convenient for you.
In your notes, you should be recording:
The Type of Gambling The Date Your Gains (Wins) Your Losses The Location The People You’ve Bet With Attach/Hold onto any Relevant Forms or Receipts Detailing Cash Transactions.
Claiming your gambling losses can also help you minimize how much of your sports betting earnings you give back to Uncle Sam.
Read the rest of our tips on reporting gambling income and losses here.
Maryland Passes Bill That Waters Down Illegal Sports Betting Penalties.
Brian Pempus Published: Apr 11, 2019.
A bill cleared the Maryland Legislature last week that will reduce penalties related to illegal gambling.
The legislation was introduced in January and marks the culmination of a three-year effort in Maryland to update and modernize the law on the books. The legislation didn’t receive a single вЂnay’ vote in either the Maryland House or Senate. It awaits approval by the governor.
Under the bill, anyone caught engaging in illegal betting could be subjected to a $500 or $1k citation depending on the amount of money involved, rather than a potential criminal misdemeanor charge that, upon conviction, carried with it a fine and/or a six-to-12-month jail sentence.
Individuals involved with “running” illegal gambling, for example a bookie, could still face a misdemeanor charge, but would potentially face up to six months in jail, instead of at least six months up to a year. The fine for bookies would be capped at $5k, up from $1k. That doesn’t include any potential asset forfeiture. It’s worth noting that sentences for both gamblers and bookies are suspendable.
The bill isn’t about sports betting specifically, but it was on the sponsor’s mind when he pitched the bill to the Maryland House Ways and Means Committee in January.
Sponsor says it’s about time.
Delegate David Moon, a Democrat from Montgomery County, told his colleagues at the hearing that Maryland’s consideration of legalizing sports betting should provide the impetus for the legislature to finally act on what he considers to be antiquated criminal statutes.
“I think it’s a particularly timely topic to take up, since it appears that Maryland is about to embark on another expansion of legalized gambling in the form of sports betting,” Moon testified. “I continue to think it’s a little bit immoral for us to keep expanding gambling without addressing what criminal penalties we have left on the books.”
Maryland failed to legalize sports betting this year, but the conversation will continue in 2020. It’s worth noting that in addition to local bookies, Maryland residents currently have access to offshore sports betting platforms that are effectively illegal. Moon’s legislation doesn’t address internet gambling.
Moon stressed to his colleagues that an NCAA March Madness bracket is still illegal gambling in Maryland, even though that is never enforced. The major problem, according to Moon, is that illegal gambling involving dice, which he said is a popular activity in urban areas, is enforced. Under soon-to-be previous Maryland law, there was a specially enhanced penalty for dice — up to two years in jail.
That’s draconian, according to Moon’s testimony.
“These crimes of gambling are not enforced evenly,” Moon said. “I have never heard of a single person being brought [to court] for their $1 NCAA bracket, but you do see residents in urban areas brought up for doing practically the same thing, except with dice.”
Moon offered up an analogy to marijuana to further elucidate the intention of the bill.
“What the bill is proposing is that we treat gambling the way we treat drugs, marijuana in particular, where if you are a dealer, the equivalent of that would be a bookie, that would continue to be a jailable criminal offense, but if you are the вЂuser,’ or in this case, the ordinary person gambling, that would be a ticket.”
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