Corey asked in Games & RecreationGambling · 1 month ago

Unemployment and sports betting?

I recently have found a good system where I can take home $1400 a week from Bovada. Send it to my crypto wallet and then to my bank. I’ve been unemployed from the restaurant due to Corona For the last month. How does this work if I plan on keeping up the wagering?

I want to do everything right etc

4 Answers

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  • 2 days ago

    Good sports betting tips from https://highrollertips.net

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  • Erik
    Lv 7
    1 month ago

    You don't have to report it at all, it's under the table.  Although I would strongly advise you to quit while you are ahead, I'm happy that you won, but if you play long enough you will eventually give it all back.

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    • Erik
      Lv 7
      1 month agoReport

      No, but they're not going to care about such small amounts.  It's not like he's depositing 100K or something like that.

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  • 1 month ago

    Since you don't file as a professional gambler, gambling winnings are filed in a separate category, not Earned Income. As such, they don't count against unemployment.

    Really though, filing your winnings from offshore bitcoin sportsbetting would be next-level goodie two-shoes. If you're worried about the paper trail to your bank account come audit time, then trade the bitcoin for cash (eg on Bisq network). Or spend it (eg on Gyft cards). Or keep it in your Bovada account, since you're gonna keep trying out your "system" anyway and it's eventually gonna lose (and you won't have to file anything).

    This whole question is cart before the horse. Advantage bettors aren't welcome at Bovada. If Bovada still hasn't limited your bets or given you alternate lines, that tells you what they think of your system. If you're not even line-shopping and are only betting on one sportsbook, you're not someone making +EV bets. If your system doesn't involve countless hours a week in spreadsheets / writing code and mathematically analyzing SQL databases etc, then it's going to fail.

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  • martin
    Lv 7
    1 month ago

    If the wagering, like casinos, withholds taxes, then you cannot get Unemployment Compensation benefits because your weekly pay exceeds the $450/week unemployment benefit maximum.

    • Corey1 month agoReport

      This is all online and does not withhold. That’s why I’m wondering if I can just report it next tax season.

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