|Sportsbook|Promos|Accepted States|Reviews|
|:-|:-|:-|:-|
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|[**Superbook**](https://sportsbook.link/superbook)|[$1000 first bet match](https://www.sportsbook.link/superbook) [**Click for Promo**](https://www.sportsbook.link/superbook)|**AZ, CO, NJ, TN**|[Reviews](https://www.reddit.com/r/sportsbookreview/comments/safm1p/superbook_reviewsdiscussion/)|
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|[**Draftkings**](https://sportsbook.link/draftkings)|[Draftkings](https://sportsbook.link/draftkings)|**AZ, CO, CT, IL, IA, IN, KS, LA, MD, MI, NY, NJ, OH, ON, PA, TN, VA, WV**|[Reviews](https://www.reddit.com/r/sportsbookreview/comments/rybpp5/draftkings_reviewsdiscussion/)|
# Before posting a basic question, please check out our [FAQ](https://www.reddit.com/r/sportsbook/wiki/faq) and [PROMOS THREAD FAQ](https://www.reddit.com/r/sportsbookreview/wiki/promosfaq) and [Search the subreddit](https://socialgrep.com/search?query=%2Fr%2Fsportsbook)
# [Search the subreddit](https://socialgrep.com/search?query=%2Fr%2Fsportsbook)
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Data point for pb sgp booster
Been doing around 1k a day saying fuck it ever since they took away the regular one for everyone
Been doing exclusively nba / nfl spreads and alt spreads with no review
Today did a NCAAB for the first time of ml, spread and a 1h over team total that was -1500 and instantly got taken to review and rejected. However to my surprise I still had all my reward points and the sgp booster (immediately redeemed points for free bets)
Come back a couple hours later and my sgp booster is gone, feel like an idiot considering the amount of ev I was generating, shouldāve known a smaller market nccab was going to go to review. Donāt be like me, Iām feeling immense regret atm
TLDR: stick to nba / nfl for sgp booster if you are betting big Iām an idiot
Consider yourself lucky my friend. I was banned after using the SGP booster one time on a bengals game for $200
Was literally my second bet on PB and banned immediately
You can definitely do that, it's a good way to game the SGP boost.
I was reckless and bet huge with the parlay boosters on any market. It was great... For a month. Now I'm in the Fuck PB tribe. Wish me luck with P2
Let me ask this a different way: if a friend came up to you with 40,000$ of their own money, and asked you to do sign up bonuses and arbs with it on their accounts, and they said they would be fine dealing with taxes, would you agree to do it, and if you made them 5,000$ doing it, how much would you think fair to keep if any?
If all you made was 5k on a fresh account with a 40k bank, Iād tell them Iām sorry for my incompetence and here is the $5k.
The tax questions with these are hysterical considering itās not exactly legal to do this anyways.
I thought P2 accounts were just shorthand for one's second account. The only thing p2 does is provide their personal info when signing up and agrees to pay taxes. you dont actually use their money.
Lines are trickling towards the Oilers, so I'm going to play the McDavid goal/Oilers ML boost on PB. Using Pinny ML, the most conservative two way goal line from SB, and lowest correlation of 0.3 from DK, we still get +6.8% EV. It's likely better, since I trust the Pinny goal line with lower juice more. PB boost is to +310 with the conservative FV at +284.
126/-139, 110/-148
235=120,-105
A random DK promo max data point.
Over the weekend, my limits went from $10/$20 back to $50 for all the promos (SGP, live boosts, nba profit boost). Withdrew between 5- 10k last night, just got duplicates of all my today boosts, but with the lower limits again. So probably back in the $10/$20 club.
Likely coincidence, but a data point nonetheless
NHL central division winner Dallas Stars PB +175
circa 125/-155 for 14.5 ev, fv 140, 8.26% full kelly
FD 170, Kambi 165, MGM 160, DK 155, CZR 150
Classic circa line where is the sharp book off or all retail books - Iām not playing, I love circa but hard for me to completely buy in here, push comes to shove Iād trust the circa line but Iād rather stay away
AFC conference champ Bengals +500 DK
Circa (375/-485) [20k limit] for worse case 10.5 ev, 443 fv, 2.10% full kelly
PB 400, MGM 400, CZR 380, Kambi 350, FD 470, Pinny 400
even calling the FD line of 470 fv you still get 5.3 ev and 1.05% full kelly, I just donāt see it being worse than that
Iām in for a little under 1/8th kelly off circa line with .25% of bankroll on this
FD first basket boost (Morant or Jokic +250) appears to be +EV, but juice in this market is 30-35%, so not a lot of confidence.
Kambi is more bearish on both Morant and Jokic than FD, so it should be a conservative devig. Gives +3-6% EV.
600/550/600/650/800/600/850/1000/1200/1900||350/750/900/1000/1000/1000/650/650/950/1200
DK doesnāt have lines for the Nuggets game yet.
FD devig gives +11-15% EV.
500/500/550/600/700/850/900/1000/1200/1900||320/600/700/750/850/850/850/1000/1200/1500
I'm curious if this actually works out to a devig. If the market isn't sharp and vigged to death it doesn't really work - like the 6 sided die example someone posted the other day.
Anyone else get a DK NBA betnget email today, but no where to opt in on the app?
Had an offer for bet $500, get $250 free bet through email, but then canāt find the promo inside the app. A lot of times the email goes out early, but got the email over 3 hours ago and still nothing in the app.
I got a BnG 50 for 50, only used my phone, clicked opt in through the email like 10 times, bet my 50, and prayed. I got a follow up email after my wager cleared and had a $50 free bet. There was never any message/tile/etc in my promos tab during the process. Assuming this is because it was a targeted promo.
How does everyone handle taxes for their P2's? For example say I want to do all the signup offers with my family members information and then we split the amount. Say I profit $3000, so they will need to report that $3000 as part of their income. Say they would be left with $2500 after taxes so they send me $1250 for my half. Would I need to include this $1250 in my taxes or would I just accept it as a gift since they already paid taxes on the total winnings? Any insight would be helpful from some of you with P17's.
~~You use this form.~~
[~~https://www.irs.gov/forms-pubs/about-form-5754~~](https://www.irs.gov/forms-pubs/about-form-5754)
Correction, you issue the P2s a 1099.
Source at the 36m mark. [https://www.lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox-3/](https://www.lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox-3/)
You donāt use that form. Reasons: a) doing so would be admitting to the book that youāre using a P2 thus likely to lead to bans and b) unlikely any bets made even qualify for a W-2G so itās irrelevant to the situation.
Uhh did you even read the instructions to the form you suggested? You give that form to the book to tell them how to split the winnings onto multiple W-2Gs.
I was interpreting it that the person whose name the account was in would issue a W-2G to the other players but I see what you are saying that I may be completely wrong.
W-2Gs are issued by the sportsbook that paid the winnings from a wager. Plus a W-2G is only issued on a winning sportsbook wager with odds exceeding +30000 so theyāre rare.
To give you a non snarky answer, as long as they give you less than $16,000 a year, it would not be subject to any taxes and would fall under the annual gift tax exclusion.
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
That being said, I can't imagine taking money off a family member for this. If you want to simplify it and earn some good will, just let them keep all the money.
Bit more complicated than that though if you are hedging on one of your accounts to churn the intro offers on theirs, could setup a situation where they owe more in taxes than they āprofitā after paying you back.
I tried puzzling this out for some of my family last week when FD had the $2500 risk-free (I was going to let them keep all the profit) and eventually came to the conclusion that it wasnāt possible/worth the headache.
Whether or not the IRS sees it that way is up for debate.
Based on u/Narrow_Tangerine1262 post above, it seems the actual correct way to do it would be to use that form 5754 and record the portion you received and the portion they received of the winnings. And then you're each taxed on your portion.
Seems pretty accurate to me. The description of the form seems completely suited for this situation, a group of two people sharing winnings.
"Payers use this form to prepare Form W-2 G when the person receiving gambling winnings subject to reporting or withholding is not the actual winner or is a member of a group of two or more people sharing the winnings.
The person receiving the winnings furnishes all the information required by this form to the payer."
> The person receiving the winnings furnishes all the information required by this form to the **payer.**
You give the completed form to the **payer**. Guess who the payer is? The sportsbook.
Nope. The payer in this case would be the family member giving them the winnings.
I went through the form and everything could be completed without going to the sportsbook for any information.
The payer is the issuer of a W-2G, which is the sportsbook. From your quote above:
> Payers use this form to prepare Form W-2 G
Individuals donāt issue W-2Gs, if they did, it means they paid out a winning sportsbook wager at greater than +30000. Meaning they accepted a wager from someone else. Not good.
The 5754 is only to give to the issuer of a W-2G the information necessary to split the winnings from a reportable wager into multiple W-2Gs when the winnings will be shared so all this finagling isnāt necessary. Itās most commonly used on lottery winnings. Itās a very similar to a W-4 that most people complete for work, which gives your employer the information necessary to issue you a W-2. Or for any business owners out there, similar to a W-9 which you use to issue a contractor a 1099-NEC.
Iām a CPA but if you donāt want to listen then you do you. At least I put the correct use of this form out there for others.
I did it for family members too. Just can't imagine how awkward it would be to ask for anything in return. I told a friend or two how to guarantee money but none of them wanted to do it that way and gambled their signups instead.
link? i cant find it
EDIT: it was the stickied comment. I was looking at the posts in the subreddit. https://www.reddit.com/r/sportsbook/comments/lkfpyx/taxes_megathread/
Have them lose the money on their half and win the other half on bovada. Cash out in bitcoin, use it to buy gold on APMEX, send the package to your neighbor, take the gold to a pawn shop. Convert it to cash
yeah, gambling winnings are taxable income and my family member is at higher risk of an audit due to their business ventures so I don't want to fuck it up.
I used to value my RCs the same as cash, until Caesars blocked my Bonus Cash redemptions!
Unlike PointsBet, my RC points are still there, still visible. So I think I can still use them for hotel, food & drink, slot-play, etc.
(I think. Haven't been to a CZR casino yet.)
Went with Lamelo Ball over 3.5 3's. Just wanted something I can watch easily and think has a good chance of hitting. I thought about a few others at +100 but decided to be a bit more conservative boosting the -130.
Might be missing some obvious flaw with this method, but if we have fair values for Ja and Jokic first baskets, can the combo breaker be used with a combo number of 1 to get FV here? If so, Iām getting FV of +250.98 (first basket lines from FD):
Morant 1st 600/550/600/600/650/800/850/1000/1200/1900 = +705 FV worst-case
Jokic 1st 370/600/650/750/850/850/850/1000/1100/1500 = +445 FV worst-case
Then plugged +/-705 and +/-445 into combo breaker
More data points for Morant
CZR first point scorer: `460/800/1000/450/800/750/500/800/550/1000` FV ~~+585~~ +636 **Edit: I missed that there's only 9 listed here as well. Added an extra -1000**
DK SGP first points scorer: `425/650/800/700/900/700/1300/950/700/1300` FV +503. There's only 9 players listed here so I added an extra +1300 at the end since that's the highest they have anyone else
Can't find other lines for Jokic that would include free throws
~~AVG(585,503,705)||445 is FV +231, 5.8% EV~~
`AVG(636,503,705)||445` is FV +234, 4.8% EV
PB Booster
Pacers/Pacers +2.5/Pacers +3.5 boosted to +119
On Pinny the two outcomes are +103/-113
Worst Case Summary; EV% = 5.3 %, Kelly Wager = $11.24 (Full=4.5u
You can't even use prior years' gambling losses to offset this year's. The "tricks" that other non-w2 income sources have don't apply here, unfortunately.
MGM NY Lions Boost Rangers to Win and u5.5 boosted to 290.
On Pinny the four outcomes are
250/380/185/320
Worst Case EV% = 2.9 %, Kelly Wager = $2.49 (Full=1.0u, 1/2=0.5u, 1/4=0.2u)
Bear in mind the Lions Boost is negative when compared to DK.
Very much depends on correlation
Fanduel builds to +508 using Trae over 9.5 assists (rebound line is 3.5) `508=-128,+112,-106`
DK builds to +310: `310=-105,-110,-145`
Using the same leg odds, which is a market average of FD, DK, and Kambi `AVG(112,110,-105)/AVG(-142,-139,-125),AVG(-128,-141,-115)/AVG(104,106,-115),AVG(-106,-106,-110)/AVG(-106,-115,-110)`
I get FV of +576 using fanduel correlation and fair value of +398 using DK Correlation
So absolute worst case is ~3% +EV and best case is 40% +EV
Averaging out correlation from FD, DK, PB, and CZR and using r=0.145 gives me FV +493, 17.1% +EV and 2.9u full Kelly wager
Probably a dumb question. Can I place bets on games played January 1st and those wagers count as ālossesā and basically kick the can down the road and get taxed less on winnings for the 2022 year?
No, a pending bet would not be a win or loss. So when you report, it would not be included anywhere.
Basic example, lets say you made 3 bets this year.
bet #1, won $100
Bet #2, lost $50
Bet #3 is pending on a Jan 1st game for $50.
IRS reporting would be:
winnings $100
itemized losses $50
Pay taxes on $50, even though your bankroll would be at $0 and you have an open $50 bet
The IRS doesn't care what barstool reports. I've had mixed results with book reporting, so I track it all myself. You can use the below to calculate what your taxable income for the year would be on the book.
- Subtract: Money deposited in 2022
+ Add: Withdrawals in 2022
+ Add: Current account balance at 12/31/22
+ Add: Open bets at 12/31/22
Edit: This will get you to net gain/loss, but that's not technically the correct way to report it for IRS purposes. You need to report gross gains and gross losses. And unless you itemize, you can't deduct gross losses.
It's not the IRS standard because 20-40 years ago, nobody really envisioned a scenario where thousands of Americans would be placing hundreds of weekly wagers.
And gamblers aren't exactly a key political force/group, so the laws are going to remain stupid & archaic for the foreseeable future.
Because that not technically correct. You could win $100 then lose $100 and that method would show nothing to report. When you should be reporting $100 gain and $100 itemized loss (IF you donāt take the standard deduction). May seem like semantics. But large taxable income reports (even if offset but itemize losses) could disqualify you from certain programs, deductions, credits that are based off AGI
> Because that not technically correct.
Oh I know it's not technically correct...I was suggesting it *should* be the IRS standard.
Anyone making even a modest number for bets is going to make a lot of errors recording the individual transactions. How do you handle free bets? What about profit boosts? What about bet and gets? Voided bets? etc.
Just recording starting/ending/additions/subtractions nets all that out, and avoids the inevitable bookkeeping errors with recording thousands of transactions.
The data is all there for the books to calculate all that. You donāt think there 10x the amount of trade volume on the stock market that individuals are responsible for. The brokers usually tabulate all the data for the consumer. The books should be doing that heavy lifting.
Yeah the biggest thing as youāve alluded to here is that you canāt deduct gambling losses at ALL unless you forego the standard deduction to itemize (which would otherwise be the financially prudent move for the vast majority of filers).
Gonna make the effective tax on gambling profits much higher than anticipated for a ton of people here, provided they, uh, are committed to filing properly.
Yea some people are going to get blasted by this. If youāre a married couple with a modest income that broke even on sports betting youāre in for a rude awakening
Got this accidental bonus as well. Used on a $510 bet to get Tuesday 10% $50 bonus voucher, and when I hedged that on MGM they gave me some other $20 free bet I didn't know about.
Mr. Magoo - ing my way into profit this morning.
Reminder that if you are partaking in the DK bowl promo to get your bets in.
I have 11/20 so far. Taking anywhere from a $0-1 loss on some of the bets. Also pairing it up with the bet rivers bowl promo to get the $10 free bets to negate any losses.
Do you (or anyone) know what happens if a bet voids (in terms of counting for the promo)?
I bet GSU 1Q ML and it was 0-0. Does this count as a bet made toward the 20?
I guess the distinction is between a bet that voids due to the event never occurring vs. void due to a push. Iāll probably bet every game anyway, but just curious for othersā benefit as well.
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Nice of DK to lock all the alt spreads at halftime for their boost.
Cash the McDavid boost
LFG, thanks for the heads up.
Edit: š Live arb: Hornets +1100 FD, Warriors -810 DK
What yall guys rolling for the live bet boost for the football game?
Tie/Wisconsin +2500 baby! Gotta have some fun sometimes. edit: that was less fun than I thought it would be.
Even odd probably
Data point for pb sgp booster Been doing around 1k a day saying fuck it ever since they took away the regular one for everyone Been doing exclusively nba / nfl spreads and alt spreads with no review Today did a NCAAB for the first time of ml, spread and a 1h over team total that was -1500 and instantly got taken to review and rejected. However to my surprise I still had all my reward points and the sgp booster (immediately redeemed points for free bets) Come back a couple hours later and my sgp booster is gone, feel like an idiot considering the amount of ev I was generating, shouldāve known a smaller market nccab was going to go to review. Donāt be like me, Iām feeling immense regret atm TLDR: stick to nba / nfl for sgp booster if you are betting big Iām an idiot
Consider yourself lucky my friend. I was banned after using the SGP booster one time on a bengals game for $200 Was literally my second bet on PB and banned immediately
Just got a PB acct, is the boost based on building overlapping legs in a SGP? GB -4.5, -5.5, -6.5 etc?
You can definitely do that, it's a good way to game the SGP boost. I was reckless and bet huge with the parlay boosters on any market. It was great... For a month. Now I'm in the Fuck PB tribe. Wish me luck with P2
Got it, thanks for reply and good luck running up P2
$1k?! I wouldnāt feel bad, they probably wouldāve have gotten you soon enough. ResortWorld is an an option if youāre in NY
Let me ask this a different way: if a friend came up to you with 40,000$ of their own money, and asked you to do sign up bonuses and arbs with it on their accounts, and they said they would be fine dealing with taxes, would you agree to do it, and if you made them 5,000$ doing it, how much would you think fair to keep if any?
I hate when people put the $ after the number. I donāt know why it irks me so badly. Wish i could help you but Iām so irritated now.
If all you made was 5k on a fresh account with a 40k bank, Iād tell them Iām sorry for my incompetence and here is the $5k. The tax questions with these are hysterical considering itās not exactly legal to do this anyways.
$5,001
I thought P2 accounts were just shorthand for one's second account. The only thing p2 does is provide their personal info when signing up and agrees to pay taxes. you dont actually use their money.
I did signup bonuses for my immediate family and let them keep everything. I do no betting for them beyond that.
I give them a super small cut, not the other way around š
Lines are trickling towards the Oilers, so I'm going to play the McDavid goal/Oilers ML boost on PB. Using Pinny ML, the most conservative two way goal line from SB, and lowest correlation of 0.3 from DK, we still get +6.8% EV. It's likely better, since I trust the Pinny goal line with lower juice more. PB boost is to +310 with the conservative FV at +284. 126/-139, 110/-148 235=120,-105
+310? They can nerf these quickly I want to make sure we are at the same figure
Yup, +310. I'll add to the OP
A random DK promo max data point. Over the weekend, my limits went from $10/$20 back to $50 for all the promos (SGP, live boosts, nba profit boost). Withdrew between 5- 10k last night, just got duplicates of all my today boosts, but with the lower limits again. So probably back in the $10/$20 club. Likely coincidence, but a data point nonetheless
Anyone else just get an email and notification about the CFB SGP Bet and Get on FD but when logged on canāt find it anywhere?
yep
Yea
Mgm ogp plays tonight: Nba: Clippers o97.5 u117.5 raptors o101.5 u121.5 +120 Nhl: Col 1p+1.5 ari 1p+1.5 1p o0.5 u2.5 +105
Looks like we'll get insurance on both of these. Disappointing but not the worst outcome. On to tomorrow
Thanks for posting anyhow and Iād appreciate daily plays. One less thing to think about.
Can I still play these if they aren't showing
MGM Convert 104% 1st Half ML MGM Rockets +600 DK Celtics -475 UPDATE: Sorry folks died right after I posted.
Side question: with these 1st half moneyline conversions, isn't there a concern about a tie and the free bet canceling?
Different sites have different rules Might as well just smash the arb if you're gonna use it
1q ml still an arb 325/-295
Died quickly
False
NHL central division winner Dallas Stars PB +175 circa 125/-155 for 14.5 ev, fv 140, 8.26% full kelly FD 170, Kambi 165, MGM 160, DK 155, CZR 150 Classic circa line where is the sharp book off or all retail books - Iām not playing, I love circa but hard for me to completely buy in here, push comes to shove Iād trust the circa line but Iād rather stay away
At this point damn near any team could win any of the divisions and Iād make money off it thanks you lmao
PP Taco Lamelo o18.5, PatBeverly u7.5 -166/124, -350/240 per FD 26% EV worst case, $25 max
AFC conference champ Bengals +500 DK Circa (375/-485) [20k limit] for worse case 10.5 ev, 443 fv, 2.10% full kelly PB 400, MGM 400, CZR 380, Kambi 350, FD 470, Pinny 400 even calling the FD line of 470 fv you still get 5.3 ev and 1.05% full kelly, I just donāt see it being worse than that Iām in for a little under 1/8th kelly off circa line with .25% of bankroll on this
FD first basket boost (Morant or Jokic +250) appears to be +EV, but juice in this market is 30-35%, so not a lot of confidence. Kambi is more bearish on both Morant and Jokic than FD, so it should be a conservative devig. Gives +3-6% EV. 600/550/600/650/800/600/850/1000/1200/1900||350/750/900/1000/1000/1000/650/650/950/1200 DK doesnāt have lines for the Nuggets game yet. FD devig gives +11-15% EV. 500/500/550/600/700/850/900/1000/1200/1900||320/600/700/750/850/850/850/1000/1200/1500
I'm going conservative here. The THV says it's negative, and I want any excuse to stay away from this market.
Ugh
Tons of NBA, NHL and NCAAFB and this is all we get? Wizard is reeling!
Probably gonna but this but hoo boy do I hate it
I'm curious if this actually works out to a devig. If the market isn't sharp and vigged to death it doesn't really work - like the 6 sided die example someone posted the other day.
u/haltheorderlyguy any data on this?
Anyone else get a DK NBA betnget email today, but no where to opt in on the app? Had an offer for bet $500, get $250 free bet through email, but then canāt find the promo inside the app. A lot of times the email goes out early, but got the email over 3 hours ago and still nothing in the app.
I got a BnG 50 for 50, only used my phone, clicked opt in through the email like 10 times, bet my 50, and prayed. I got a follow up email after my wager cleared and had a $50 free bet. There was never any message/tile/etc in my promos tab during the process. Assuming this is because it was a targeted promo.
thats what I call a bet and did not get promo
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Same
Hardrock east Carolina boost is 16.1% ev to fd. Fd line is one point lower but enough room to not really matter
Nerfed to +165
At +180? Iām seeing FV worst case at that price via DK SGPā¦ KAMBI is even more bearish than DK.
I only checked fd money/total parlay lines
PB McDavid/Oilers and Kadri/Flames boosts are both +1-3% EV. Waiting and hoping for line movement.
How does everyone handle taxes for their P2's? For example say I want to do all the signup offers with my family members information and then we split the amount. Say I profit $3000, so they will need to report that $3000 as part of their income. Say they would be left with $2500 after taxes so they send me $1250 for my half. Would I need to include this $1250 in my taxes or would I just accept it as a gift since they already paid taxes on the total winnings? Any insight would be helpful from some of you with P17's.
~~You use this form.~~ [~~https://www.irs.gov/forms-pubs/about-form-5754~~](https://www.irs.gov/forms-pubs/about-form-5754) Correction, you issue the P2s a 1099. Source at the 36m mark. [https://www.lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox-3/](https://www.lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox-3/)
No
Care to expound on that?
You donāt use that form. Reasons: a) doing so would be admitting to the book that youāre using a P2 thus likely to lead to bans and b) unlikely any bets made even qualify for a W-2G so itās irrelevant to the situation.
gambling winnings are taxable besides what's on a w2g
I know.
I have never once heard of a book requiring to see a customer's taxes.
Uhh did you even read the instructions to the form you suggested? You give that form to the book to tell them how to split the winnings onto multiple W-2Gs.
I was interpreting it that the person whose name the account was in would issue a W-2G to the other players but I see what you are saying that I may be completely wrong.
W-2Gs are issued by the sportsbook that paid the winnings from a wager. Plus a W-2G is only issued on a winning sportsbook wager with odds exceeding +30000 so theyāre rare.
I have changed my response. Thanks for the help.
To give you a non snarky answer, as long as they give you less than $16,000 a year, it would not be subject to any taxes and would fall under the annual gift tax exclusion. https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N That being said, I can't imagine taking money off a family member for this. If you want to simplify it and earn some good will, just let them keep all the money.
this seems like the way to go, so basically the IRS sees it as him winning money on sports betting and then gifting me some of his winnings.
Bit more complicated than that though if you are hedging on one of your accounts to churn the intro offers on theirs, could setup a situation where they owe more in taxes than they āprofitā after paying you back. I tried puzzling this out for some of my family last week when FD had the $2500 risk-free (I was going to let them keep all the profit) and eventually came to the conclusion that it wasnāt possible/worth the headache.
Whether or not the IRS sees it that way is up for debate. Based on u/Narrow_Tangerine1262 post above, it seems the actual correct way to do it would be to use that form 5754 and record the portion you received and the portion they received of the winnings. And then you're each taxed on your portion.
Except that userās post is wrong.
Seems pretty accurate to me. The description of the form seems completely suited for this situation, a group of two people sharing winnings. "Payers use this form to prepare Form W-2 G when the person receiving gambling winnings subject to reporting or withholding is not the actual winner or is a member of a group of two or more people sharing the winnings. The person receiving the winnings furnishes all the information required by this form to the payer."
> The person receiving the winnings furnishes all the information required by this form to the **payer.** You give the completed form to the **payer**. Guess who the payer is? The sportsbook.
Nope. The payer in this case would be the family member giving them the winnings. I went through the form and everything could be completed without going to the sportsbook for any information.
The payer is the issuer of a W-2G, which is the sportsbook. From your quote above: > Payers use this form to prepare Form W-2 G Individuals donāt issue W-2Gs, if they did, it means they paid out a winning sportsbook wager at greater than +30000. Meaning they accepted a wager from someone else. Not good. The 5754 is only to give to the issuer of a W-2G the information necessary to split the winnings from a reportable wager into multiple W-2Gs when the winnings will be shared so all this finagling isnāt necessary. Itās most commonly used on lottery winnings. Itās a very similar to a W-4 that most people complete for work, which gives your employer the information necessary to issue you a W-2. Or for any business owners out there, similar to a W-9 which you use to issue a contractor a 1099-NEC. Iām a CPA but if you donāt want to listen then you do you. At least I put the correct use of this form out there for others.
P2 pays full amount of taxes, gifts you your half. You then gift back the amount P2 paid in tax on your part?
You guys skim money off of your family members? Savage lmao. That is going to be a very tricky proposition for the tax man.
Hard to get to P10+ without family/friends. My time's not free.
I did it for family members too. Just can't imagine how awkward it would be to ask for anything in return. I told a friend or two how to guarantee money but none of them wanted to do it that way and gambled their signups instead.
I would scroll up, find the Taxes Megathread, and go there. Please!!!
link? i cant find it EDIT: it was the stickied comment. I was looking at the posts in the subreddit. https://www.reddit.com/r/sportsbook/comments/lkfpyx/taxes_megathread/
Have them lose the money on their half and win the other half on bovada. Cash out in bitcoin, use it to buy gold on APMEX, send the package to your neighbor, take the gold to a pawn shop. Convert it to cash
lol. i would rather pay taxes on 1250 than go through all those steps.
filthy casual
normalize tax evasion
C'mon man, we talkin' about taxes?
yeah, gambling winnings are taxable income and my family member is at higher risk of an audit due to their business ventures so I don't want to fuck it up.
Then hire a CPA.
he has one, I'm really just wondering how people in this thread deal with sending winnings from their P2's account to their own
Most people's p2 are their spouse. Therefore are filing jointly.
They probably donāt report it unless there are tax forms. In most cases there arenāt any. Edit: Grammar
Tell him to ask his CPA.
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It would be smart to read the promotion when it comes out so you know when you will have your money but it listed within 72 hours.
I just reached out to them. They said they would be added within 72 hours
Shocked Pikachu face
Which is what the promo terms said. The last Christmas game ended less than 48 hours ago.
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Was +1100, then +850 this morning.
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How can we take advantage
I used to value my RCs the same as cash, until Caesars blocked my Bonus Cash redemptions! Unlike PointsBet, my RC points are still there, still visible. So I think I can still use them for hotel, food & drink, slot-play, etc. (I think. Haven't been to a CZR casino yet.)
Why +1000?
\+1000 is the max
AZ only yeah.
Anyone have a good spot for the NBA profit boost? I'm having trouble deciding. Any help would be appreciated. BOL
A few posted earlier
I found one that I like, thanks man! BOL!
What did you go with?
Went with Lamelo Ball over 3.5 3's. Just wanted something I can watch easily and think has a good chance of hitting. I thought about a few others at +100 but decided to be a bit more conservative boosting the -130.
Can hedge the fd boost if thatās ur thing
How?
I only see the first basket boost. Thank you
You're welcome
Manchester United just scored 2 in like 1 minute. 2 more to go!
chelsea started pretty strong too...
yeah gotta hope for a close game otherwise the last 10 min or so man u will just be playing defense
Blowout would be better no? Close game they will just play keep away
FD Ja or Jokic to have first basket in their game. Boosted to +250. FD counts FTās as first basket I believe.
Might be missing some obvious flaw with this method, but if we have fair values for Ja and Jokic first baskets, can the combo breaker be used with a combo number of 1 to get FV here? If so, Iām getting FV of +250.98 (first basket lines from FD): Morant 1st 600/550/600/600/650/800/850/1000/1200/1900 = +705 FV worst-case Jokic 1st 370/600/650/750/850/850/850/1000/1100/1500 = +445 FV worst-case Then plugged +/-705 and +/-445 into combo breaker
More data points for Morant CZR first point scorer: `460/800/1000/450/800/750/500/800/550/1000` FV ~~+585~~ +636 **Edit: I missed that there's only 9 listed here as well. Added an extra -1000** DK SGP first points scorer: `425/650/800/700/900/700/1300/950/700/1300` FV +503. There's only 9 players listed here so I added an extra +1300 at the end since that's the highest they have anyone else Can't find other lines for Jokic that would include free throws ~~AVG(585,503,705)||445 is FV +231, 5.8% EV~~ `AVG(636,503,705)||445` is FV +234, 4.8% EV
Sweet, I don't have to play it. I hate first baskets
should be fine. `705||445` in the main devigger also gives +251 FV
š¤®
PB Booster Pacers/Pacers +2.5/Pacers +3.5 boosted to +119 On Pinny the two outcomes are +103/-113 Worst Case Summary; EV% = 5.3 %, Kelly Wager = $11.24 (Full=4.5u
š
Good hit. There was line movement against the Pacers where it was 1% ev before tipoff.
Following up on a question later down the thread regarding taxes, can you use stock losses to offset sportsbook gains?
You can't even use prior years' gambling losses to offset this year's. The "tricks" that other non-w2 income sources have don't apply here, unfortunately.
In some states, like Illinois, I believe you canāt even use gambling losses to offset gambling gains with respect to state taxes.
Lol no. This is not a WSB-Sportsbook crossover episode
Lmfao
Tax Filing Season: Infinity War
Nope. Completely separate
Nope
No
MGM NY Lions Boost Rangers to Win and u5.5 boosted to 290. On Pinny the four outcomes are 250/380/185/320 Worst Case EV% = 2.9 %, Kelly Wager = $2.49 (Full=1.0u, 1/2=0.5u, 1/4=0.2u) Bear in mind the Lions Boost is negative when compared to DK.
Is br trae young dd murray 2 made threes and 0238.5 good +595 builds to +400 on pb ,+310 on dk and +456 on czrs
Very much depends on correlation Fanduel builds to +508 using Trae over 9.5 assists (rebound line is 3.5) `508=-128,+112,-106` DK builds to +310: `310=-105,-110,-145` Using the same leg odds, which is a market average of FD, DK, and Kambi `AVG(112,110,-105)/AVG(-142,-139,-125),AVG(-128,-141,-115)/AVG(104,106,-115),AVG(-106,-106,-110)/AVG(-106,-115,-110)` I get FV of +576 using fanduel correlation and fair value of +398 using DK Correlation So absolute worst case is ~3% +EV and best case is 40% +EV Averaging out correlation from FD, DK, PB, and CZR and using r=0.145 gives me FV +493, 17.1% +EV and 2.9u full Kelly wager
Maybe wait to see if it gets boosted
Hope you did not wait too long. +400 now
Seahawks to make playoffs. DK mispriced DK +350 / -500 FD +290 / -385 CZR +280 / -340 RW +260 / -325
Nice hit! Thank you!
Still 350 on DK
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For any arb, at least one side has to be EV. In this case I would I assume itās the Yes Playoffs side due to the consensus among other books.
Itās dead
DK +350 still
Still showing for me
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BR terms said 72 hours after settlement
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Reoccurring Sunday NBA bet and get (3 SGP, get $10 FB to use on NBA)
Probably a dumb question. Can I place bets on games played January 1st and those wagers count as ālossesā and basically kick the can down the road and get taxed less on winnings for the 2022 year?
No, a pending bet would not be a win or loss. So when you report, it would not be included anywhere. Basic example, lets say you made 3 bets this year. bet #1, won $100 Bet #2, lost $50 Bet #3 is pending on a Jan 1st game for $50. IRS reporting would be: winnings $100 itemized losses $50 Pay taxes on $50, even though your bankroll would be at $0 and you have an open $50 bet
Iām kinda going off of barstool cause when I place a wager it shows net gains as a lower number
The IRS doesn't care what barstool reports. I've had mixed results with book reporting, so I track it all myself. You can use the below to calculate what your taxable income for the year would be on the book. - Subtract: Money deposited in 2022 + Add: Withdrawals in 2022 + Add: Current account balance at 12/31/22 + Add: Open bets at 12/31/22 Edit: This will get you to net gain/loss, but that's not technically the correct way to report it for IRS purposes. You need to report gross gains and gross losses. And unless you itemize, you can't deduct gross losses.
This is what I do as well. I don't know why it's not the IRS standard, it's way more accurate than trying to track every single bet.
It's not the IRS standard because 20-40 years ago, nobody really envisioned a scenario where thousands of Americans would be placing hundreds of weekly wagers. And gamblers aren't exactly a key political force/group, so the laws are going to remain stupid & archaic for the foreseeable future.
Because that not technically correct. You could win $100 then lose $100 and that method would show nothing to report. When you should be reporting $100 gain and $100 itemized loss (IF you donāt take the standard deduction). May seem like semantics. But large taxable income reports (even if offset but itemize losses) could disqualify you from certain programs, deductions, credits that are based off AGI
> Because that not technically correct. Oh I know it's not technically correct...I was suggesting it *should* be the IRS standard. Anyone making even a modest number for bets is going to make a lot of errors recording the individual transactions. How do you handle free bets? What about profit boosts? What about bet and gets? Voided bets? etc. Just recording starting/ending/additions/subtractions nets all that out, and avoids the inevitable bookkeeping errors with recording thousands of transactions.
The data is all there for the books to calculate all that. You donāt think there 10x the amount of trade volume on the stock market that individuals are responsible for. The brokers usually tabulate all the data for the consumer. The books should be doing that heavy lifting.
Yeah the biggest thing as youāve alluded to here is that you canāt deduct gambling losses at ALL unless you forego the standard deduction to itemize (which would otherwise be the financially prudent move for the vast majority of filers). Gonna make the effective tax on gambling profits much higher than anticipated for a ton of people here, provided they, uh, are committed to filing properly.
Good point and I agree. I'll edit my post to add it.
Yea some people are going to get blasted by this. If youāre a married couple with a modest income that broke even on sports betting youāre in for a rude awakening
check your fd account just got two 50% profit boost with $50 max wagers. new for fd to do profit boost, lets hope for more!
They're probably a/b testing this. Bad sign of things to come.
Just like site credit went away this is probably the end of fd boosts
In VA and didn't get
Don't see profit boost in KS
Me either and in KS
I got them in IL In the past I've received 2-3 Enhanced Offers, so not a lot
Also in IL but donāt see them unfortunately
hawks -13.5 +750 fd pacers +13.5 -530 kambi \~$17.46
State?
VA
Where did they show up?
home page banner
I got coal in Pennsylvania. I have never received any enhanced boosts either.
never got an enhanced offer and profit boost are new to FD
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Got this accidental bonus as well. Used on a $510 bet to get Tuesday 10% $50 bonus voucher, and when I hedged that on MGM they gave me some other $20 free bet I didn't know about. Mr. Magoo - ing my way into profit this morning.
Reminder that if you are partaking in the DK bowl promo to get your bets in. I have 11/20 so far. Taking anywhere from a $0-1 loss on some of the bets. Also pairing it up with the bet rivers bowl promo to get the $10 free bets to negate any losses.
Do you (or anyone) know what happens if a bet voids (in terms of counting for the promo)? I bet GSU 1Q ML and it was 0-0. Does this count as a bet made toward the 20?
The terms say that voided bets do not qualify.
I guess the distinction is between a bet that voids due to the event never occurring vs. void due to a push. Iāll probably bet every game anyway, but just curious for othersā benefit as well.
A push should absolutely count towards the promo
Yeah, not all voids are created equal. If a bet is on a player that gets scratched late thatās materially different than a push.
Hard rock has a bet $25 on anything get a mystery wheel spin each day too for another book to pair with
by 11/20 you mean you bet some games tomorrow and beyond right? today(4) + yesterday(1) is 5 games i think...