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How close?I have someone very close to me who is in management of the new sportsbook there. It’s been great for them so far.
Wait until tomorrow. Father's Day. Second biggest crowd behind the HaskellI have. Went Friday to Monmouth park. Was organized. Love it that it's finally reality. Heard it was a real busy today.
Forget it, I’m not getting people into trouble. Get a free rewards Card. Protects u from lost tickets and gets you some bonus points. Also, it’s necessary for any plays over 1,000.How close?
The benefits of a rewards card it tracks your bets. So if you win $600 on a bet but lose most of it you don't pay taxes on the single bet. Wins are offset by lossesForget it, I’m not getting people into trouble. Get a free rewards Card. Protects u from lost tickets and gets you some bonus points. Also, it’s necessary for any plays over 1,000.
I hope they enlarge the Sports Book and sort of make it more fan friendly whereby you can hangout etc a la the Sports Pages in Vegas.
The benefits of a rewards card it tracks your bets. So if you win $600 on a bet but lose most of it you don't pay taxes on the single bet. Wins are offset by losses
I would double-check that if I were you. Unless something has happened recently I don't know about, federal law taxes winnings with no offset for losses.
I would double-check that if I were you. Unless something has happened recently I don't know about, federal law taxes winnings with no offset for losses.
As long as you itemize you can offset losses against winnings. Under the new tax code a lot of people who used to itemize won't be doing so any longer.
You do not need to have a rewards card in order to itemize your losses, however, you do need to have contemporaneous records in case you are audited. Frankly, having a rewards card will be troublesome for many horseplayers because if you have, for example, $5,000 in aggregate winnings for the year and $5,000 in offsetting losses BUT YOU DO NOT ITEMIZE you will have to report the winnings as income but not be able to offset it with the losses. As a result your income taxes will be higher even though you had a net $0 income from gambling.
I'm not a CPA but I am a poker player who has winnings to report every year.
Can’t bet on RU thru NJ sitesHave odds been published on Rutgers winning Big Ten or National championship? Worth a $10 bet.
Do you have to report if you win a horse with a clock in its stomach?I would double-check that if I were you. Unless something has happened recently I don't know about, federal law taxes winnings with no offset for losses.
Not being able to offset your sports bet winnings against your loses unless you itemize is a MAJOR issue.
I pay less taxes NOT itemizing mainly because I own my home and don't have enough expenses to warrant itemizing.
But if i bet $50 a game on, say, 6 games a week (3 NFL, 3 College) over the course of 20 weeks (regular season & playoffs) and I win 50% of the time, that means I will have "won" $3,000 and lost $3,300 (assuming a 10% vig).
Even at the new 12% tax bracket I would owe $360 in taxes on my "winnings". Damn.
I knew legal sports betting was too good to be true. For that kind of money, "alternative" options to bet on sports may continue to be attractive to many people.
I believe that a FIELD bet at (100/1) might payoff for Rutgers winning NCG. Also, it would cover most MAC schools.Have odds been published on Rutgers winning Big Ten or National championship? Worth a $10 bet.
I'm utterly unsympathetic.
If you're betting 300 bucks a week across half a dozen games, you have a problem - and it ain't the IRS.
It’s a relatively low number. I would say the average football gambler is betting about $100 a game on about 10 games a week. 4 on sat, 4 sun, Monday and Thursday.But he's only betting during football season. Is this really an outrageous amount of money to bet? I'm not a gambler at all. but I always assumed that there were many gamblers betting at least this month weekly during football season.
Not being able to offset your sports bet winnings against your loses unless you itemize is a MAJOR issue.
I pay less taxes NOT itemizing mainly because I own my home and don't have enough expenses to warrant itemizing.
But if i bet $50 a game on, say, 6 games a week (3 NFL, 3 College) over the course of 20 weeks (regular season & playoffs) and I win 50% of the time, that means I will have "won" $3,000 and lost $3,300 (assuming a 10% vig).
Even at the new 12% tax bracket I would owe $360 in taxes on my "winnings". Damn.
I knew legal sports betting was too good to be true. For that kind of money, "alternative" options to bet on sports may continue to be attractive to many people.
Lots of people don’t report stuff they should.I'm sorry, but that is bad advice. It's a common mistake to think only winnings reported on a W2-G need to be reported by the individual.
https://www.irs.gov/taxtopics/tc419
We all recognize that in reality the IRS is never going to know if you win a few small bets during the year, but I know of people who've had problems when the numbers got larger even though they weren't reported on W-2Gs.
Lots of people don’t report stuff they should.
How many people here paid use tax on out of state purchase when they filed their state income taxes?
I was at Wolf Hill Park with friends and decided to walk over to Monmouth park to check out the sports betting.
Here are my observations for this past Sunday:
- Parking is $5 (free for me since I was in the park and walked over)
- admission said $3 for seniors but was free for men for father's day so guessing they charge you to walk in the door
- The sheets were in the back, a table to sign up for a player's card was there, and they had counters. No seating to watch games or tables of any kind like Las Vegas has.
- The workers need experience and education. The women who took my bets was entering them incorrectly at first. She was of retirement age and probably a long time horse betting worker.
Suggestions:
- I heard they are building or have built a restaurant / bar. I didn't know where it was to go. This would be needed since sports people will place bets and then leave. They need to keep people in the facility as many are not horse people.
- As I was outside in the open air section I thought it would be a great place for a large 50 foot video screen to show the sports action. kind of like the big monitor at Rutgers Stadium.
- The parking and admission fees may scare some away. Why pay $8-10 to just park and get in the door before even placing a bet. They should probably give you a voucher for that amount if you bet $10 or $20 to use. So f you pay $5 to park you get a $5 voucher for any bet over $10.
- NJ should allow licensing to help other businesses. Say for example they allow the tracks to license sports books at enclosed shopping malls within 10 miles. That would allow them to build a Monmouth park sports book, restaurant, and lounge at the Monmouth mall. That may help drive traffic to the mall and away from online shopping. In addition, many bowling alleys now have the NJ lottery. They may be a place for sports book licensing down the road.
- For local college teams they should be allowed in bets for: post season games like the NCAA tourney or bowl games and for parlay bets of 4 or more pieces.
I was thinking of the local ban and can understand it for the smaller teams in hoops. Just say Rider is 5 and 15. it would be easy for 1 of the players to shave points to make sure they lose by the spread. It also comes into play when the players of all the teams have friends and family talking the spreads a lot. But when you have to take 4 legs to a parlay it is tougher. You would need a kid from a school to maybe lose by the spread and try to force the under. Then you would need a kid at a 2nd school to do the same.
All in all it is not bad and I think it has a lot of potential for football season
This. There is also a miniature golf course on site.Good points. For your next visit -
The restaurant and bar were behind you and a little to your right you as you were facing the teller. It's pretty big so you can't miss it if you walk in that direction but you do have to find the doorway
There's no parking or admission fee on days without live racing.
Would I be able to bet English Premier League at Monmouth? I see that my Spurs are 12-1 to win the premier league next year. I'm usually not a sports bettor, but I figure a single season long bet will be fun.
I believe that a FIELD bet at (100/1) might payoff for Rutgers winning NCG. Also, it would cover most MAC schools.
Thanks!!!!No such luck...."Though you can gamble on the field to win the next season’s college football championship, you won’t be able to cash if Rutgers actually wins the whole thing. A note at the bottom of the odds sheet tells bettors: “IF ANY TEAM LOCATED IN NEW JERSEY WINS THE CHAMPIONSHIP, THE RUNNER-UP WILL BE DEEMED THE WINNER FOR WAGERING PURPOSES.”"