Cashing out on Monday..

Reply #47

tntea — Wed, 04 May 2005 01:56:23 GMT

Good luck to you all who decide to stay..Hubby didnt get a chance on Monday to make the transfer.. so we are waiting until next Monday..

Reply #46

emilyg — Tue, 03 May 2005 16:59:14 GMT

don't worry about it - we're small peanuts to government

Reply #45

Chopperhead — Tue, 03 May 2005 13:27:50 GMT

Well I just hope I am not the one they decide to make an example of! LOLAs far as legality. I have been reading quite a bit. It is kind of a grey area I think. There are some experts that are doubting that prosecution could be accomplished with the current law. It was placed in service in the early 60's before the internet, and some are questioning whether it would apply to gambling done online. So who knows. They dventually made an example or two of these kids that were downloading pirated mus... [ More ]

Reply #44

Gracie Girl — Mon, 02 May 2005 12:26:49 GMT

Copperhead......You have a point with the fees from Neteller,but generally they do not bother me as I never take out under 500.00 so paying 15.00 does'nt bother me. Now I have learned since starting with them not to pull out all my money. In the beginning,when I won I pulled everything out,dumb...you pay 15.00 to pull it out if its not on a monday,then when I wanted to play again I had to pay to deposit again...Now I leave several hundred in either my gambling site or the reg. neteller account.... [ More ]

Reply #43

Sandy K — Mon, 02 May 2005 11:43:51 GMT

well they have to make a profit, chopperhead.........that is the nature of business.

Reply #42

Chopperhead — Mon, 02 May 2005 06:11:02 GMT

I understand that your money comes to you via Neteller, but the Quarter site has to release it to them right? I don't know why Sandy, but I am getting the impression you are doing pretty good on that site. I set up an account with Neteller today. Very friendly and easy to work with. 8.5% fee on deposit was a shocker though. They get ya coming and going there. What a racket huh

Reply #41

Sandy K — Mon, 02 May 2005 01:29:26 GMT

Chopperhead, I get paid thru Neteller not the quarter site.

Reply #40

emilyg — Mon, 02 May 2005 01:26:43 GMT

thanks

Reply #39

onenumber — Mon, 02 May 2005 01:11:39 GMT

I went to their website and here is what it says.Corporate headquarters- Douglas, Isle of ManRegional offices in:- Calgary, Canada- London, England- Hong Kong, China- San Jose, Costa Rica

Reply #38

emilyg — Mon, 02 May 2005 01:02:17 GMT

thought it was in canada.

Reply #37

onenumber — Mon, 02 May 2005 00:54:41 GMT

Tntea,Neteller is headquarterd in the United Kingdom and is not a US Bank.

Reply #36

tntea — Mon, 02 May 2005 00:10:53 GMT

Who said Neteller was not an in US bank

Reply #35

Chopperhead — Sun, 01 May 2005 23:25:04 GMT

If I am winning money, I am willing to pay whatever taxes that I have to. You cannot ignore the odds and payouts. I just don't want to wear stripes. I guess whether it is worth the risk of getting busted is a personal decision. I don't see anybody playing party poker getting busted. People are playing the online slots like crazy. I think it is also important to note that Netteller is not a US owned company. So Sandy or anybody else, you have had no trouble getting paid from the other joint? I lo... [ More ]

Reply #34

Sandy K — Sun, 01 May 2005 23:12:31 GMT

val.............I like the value of money......I can place 2 bets in place of 1....makes sense to me.........and no I have not had a problem.You only need to be careful and copy your tickets....I just copy and paste them into excel...........or you can print them......that is the only flaw that I can see.

Reply #33

fbird — Sun, 01 May 2005 23:05:50 GMT

That is why I hesitate to use the other place . When I win, I like receiving the cash in my sweaty palms if you know what I mean.The payoffs in our states should definintely be higher to negate this off shore betting....I mean a 50-60 % take is illegal in Vegas. But as a lot of you have said there are other issues and I guess some are legal as well as IF you did get caught ..the tax issue that would have to be resolved and that in and of itself would be worth it. I have not heard of anyone, t... [ More ]

Reply #32

Chopperhead — Sun, 01 May 2005 22:06:34 GMT

Well I think I can answer my own question. I think it is clearly illegal for a US citizen to gamble online. I don't think taxes need to be the concern. It is truly a matter of getting your money back into the country without being noticed. If you are noticed, and you acount for that income from gambling, you aren't gonna pay taxes on anything, because you are going to lose anything you brought in, and possibly spend some time in the klink.The other place is probably a bad idea. Even if you are... [ More ]

Reply #31

LOTTOMIKE — Sun, 01 May 2005 21:20:47 GMT

the main reason i haven't been to that place is i know i'll win big and it scares me.all i play i straight hits so thats 9,000 right there.just way too much.....

Reply #30

Chopperhead — Sun, 01 May 2005 21:19:01 GMT

The real question is off shore gambling legal? I have never been sure. I play alot of online Poker etc, but have always wondered if I am legal. I know millions are doing it. I don't think any of us are winning enough to get the IRS' attention. They have bigger fish to Fry. Just keep your deposits under the Notification amount which I think is $5000 and you are good. The disclosure figure was $10,000 though, the last I knew. The only thing I am worried about, is it legal to gamble on line at thes... [ More ]

Reply #29

Saleo Paleo — Sun, 01 May 2005 20:01:48 GMT

Like Rick G stated ,I only play in the States I consider my Home state,Seeing how I am from Tn, but spent a lot of time in Ill,In,Mi,Tx,Ky,I will only play through a local store.one # per card and no more than $1.00 and usually it is for $.50 I played the other for awhile and did well but I decided to do it the safest and best way and give the money to the state to use in there Educational needs.But I do have children and brothers and sisters that live in these states or bordering states and is

Reply #28

tntea — Sun, 01 May 2005 19:47:00 GMT

Yes you can register with IRS as being a gambler and get a gambler stamp so you can pay your taxes..It will cause the IRS to look even closer to your returns..I could say more but I will leave it at that..

Reply #27

JAP69 — Sun, 01 May 2005 17:09:27 GMT

My thoughts on this.1)If online gambling is illegal. Then it is illegal2) Transferring sums of money to an account from offline raises this question for me.If I remember correctly you can register with the I R S as being a gambler. It has been awhile since I looked at the I R S gambling code.

Reply #26

Rick G — Sun, 01 May 2005 17:00:02 GMT

The IRS does look at your bank deposits for the year compared to what you are claiming as income so that might be a concern if you are supposed to pay taxes on it. Good tax code question on this subject...hope someone answers it.

Reply #25

Chopperhead — Sun, 01 May 2005 16:15:26 GMT

Are you concerned about hiding your winnings just because of the tax consequences, or it is illegal to be playing off shore like this? If it is legal I don't see why bringing the money into your account $1000 at a time would be a big deal. I know none of you are making a grand a day at that place

Reply #24

Rick G — Sat, 30 Apr 2005 15:45:42 GMT

This is one time I agree with CASH_Only.When I win, it's paid to me in cash, it stays as cash and is spent as cash. There is no bank, IRS or paper trail involved. I don't buy tickets that pay off more than $599 and my safe is more private and as secure as the bank.

Reply #23

tntea — Fri, 29 Apr 2005 17:48:36 GMT

Neteller is an online bank.They have to report as a regular bank does, large transfers..

Reply #22

Gracie Girl — Fri, 29 Apr 2005 11:49:38 GMT

LottoMike...I found that with Neteller,they will tell you that the credit card did not go thru...I of course called my CC company immediately who then told me that Neteller had never tried the card. I then called Neteller and they only have a few select cards that will allow you tranfer from your CC. You may have the ones they take. But I have a standard Visa and it would not go thru there.Also I have had not problem at all with trust with Neteller. I prefer the neteller atm card . It is a littl... [ More ]

Reply #21

LOTTOMIKE — Fri, 29 Apr 2005 11:27:05 GMT

thanks for that info,you've cleared it up for me where i could understand it a little better,so what exactly is neteller,i keep thinking you could do this stuff through a western union without banks being involved

Reply #20

Sandy K — Fri, 29 Apr 2005 11:18:24 GMT

tntea, so far I haven't been successful with the 1 draw states........not really betting them right now.......more just looking for patterns and workouts and things. Been doing lots of triples betting which keeps me distracted from it and also trips also take money so I am afraid I can't help ya on the 1 draw states..............it is completely different though with the way the workouts work, etc. If you come up with a way to hit 1 draw states, I hope you will share the info..................... [ More ]

Reply #19

tntea — Fri, 29 Apr 2005 04:46:59 GMT

Well you could use a credit card.. and then have a check mailed to you I suppose..Then questions would arise wouldn't you think.. getting large checks from off shore

Reply #18

LOTTOMIKE — Fri, 29 Apr 2005 04:44:50 GMT

can you do all this without having to go through a bank?? what i'm saying is say i join and then have the neteller can i just get my winnings i win and then give them what i want to give them without having banks involved? i want to join and play and do my transactions through anything but banks...is it possible

Reply #17

tntea — Fri, 29 Apr 2005 04:40:31 GMT

Joining the betting place or Neteller?Neteller is safe.. I wouldn't worry there...If you are winning a lot.. be careful how you transfer money back into your account so you wont raise questions at your bank..Neteller doesn't care about what you transfer to or from your bank account.. They make money on instant cash transfers from your account to the other place.I had to make three transfers to my account since Sept. 04.. Hubby made only one 50 dollar transferred. His ball betting kept his acco... [ More ]

Reply #16

LOTTOMIKE — Fri, 29 Apr 2005 04:28:19 GMT

is neteller ok to go with? i've been hearing lots about that place most of it good,BUT i'm still skeptical,would you recommend joining or not joining based on your experiences

Reply #15

tntea — Fri, 29 Apr 2005 04:25:42 GMT

they do not know your bank account number.. That safety is with your pick of money transferring system through internet.. I went with Neteller..

Reply #14

LOTTOMIKE — Fri, 29 Apr 2005 04:20:41 GMT

i have yet to join that place yet,do you have to have a bank account to join? i wouldn't want them knowing too much of my information...any pointers

Reply #13

tntea — Fri, 29 Apr 2005 04:04:32 GMT

I found it weird that I do better playing CA than TN and CA was better with TN than CA..He had mentioned before that he and his partners did so well on TN that they had to watch the 10K withdraws.. Now that is big money to worry about...

Reply #12

tntea — Fri, 29 Apr 2005 04:03:23 GMT

Sandy said: I am focusing on 1 draw states..........easier to track the databases and I can put out less cash..........Do you play for TN.... how does your method work there

Reply #11

tntea — Fri, 29 Apr 2005 04:00:49 GMT

The problem is betting the states outside the US.. That is where the problem would arise..As safety measures, we talked with our friends to just find out what kind of trouble could come from this off shore betting..It isn't a good idea.. take my word for it..Should questions arise that is..I can drive to KY and play.. that is legal..I can drive to Ga and play .. that is legal.As long as I cash in under 599... no problem.. with taxes..I am playing pick 4 in TN.. and playing box only.. 50cents on... [ More ]

Reply #10

emilyg — Thu, 28 Apr 2005 23:18:59 GMT

i like 5d - never had a problem.

Reply #9

Rick G — Thu, 28 Apr 2005 19:20:27 GMT

The trust issue is one reason I do not use on-line betting services. Are you guaranteed your return of principal if the site goes under? No.I play in my state and the losses go towards the education budget for the state. I play at my favorite store so he can benefit if I win.The game is a whole lot more than providing a profit for a third-party, off-shore interest just to make a few more bucks on your wins. My thrill after a win is going to the store I bought it from and cashing in....paid... [ More ]

Reply #8

qutgnt — Thu, 28 Apr 2005 19:19:58 GMT

All this paranoia, you should want to play at you know where due to the payouts and the fact they are legit and wont screw people. Just pick up losing tickets off the floor if your are afraid and have this problem. Go to the horsetrack and just keep a nice chunk of losers handy just in case the tax man comes around.

Reply #7

SirMetro — Thu, 28 Apr 2005 19:19:33 GMT

Quote: Originally posted by onenumber on April 28, 2005I know exactly what you are referring to GracieGirl. I often thought about this subject if I ever won a significant amount. Because of the Bank Secrecy Act anything over $5,000 deposited into your bank account must be reported to the Feds. Of course, so you can pay taxes on it!! Well, I'll tackle that obstacle if/when it becomes necessary.Just for passing info...My wife works for a company that assist people in stopping smoking. She is a... [ More ]

Reply #6

fbird — Thu, 28 Apr 2005 18:21:27 GMT

Now Sandy I don't hit that big that often.lol (otherwise I wouldn't have to work) ...but there were a few times that it was significant and I had bet lets just say over $10 str and hit on one number and that was my concern...maybe I stil will give that you know who site a try...it is also a trust issue with me as well....lol

Reply #5

Mjure — Thu, 28 Apr 2005 18:14:07 GMT

What is the YOU KNOW WHERE

Reply #4

onenumber — Thu, 28 Apr 2005 17:45:48 GMT

I know exactly what you are referring to GracieGirl. I often thought about this subject if I ever won a significant amount. Because of the Bank Secrecy Act anything over $5,000 deposited into your bank account must be reported to the Feds. Of course, so you can pay taxes on it!! Well, I'll tackle that obstacle if/when it becomes necessary.

Reply #3

Gracie Girl — Thu, 28 Apr 2005 14:37:02 GMT

I just recently withdrew over 5000 from my neteller account from you know where I did not have this put into my bank account I had it put on my neteller atm card. Now the only problem here is there is a 1000.00 per day withdrawal maximum..not a problem really,you just have to go thru the process each morning when your 24 hours have passed,log on to your account,transfer 1000.00,and go by the atm again....I did however ask them if I could deposit this into my checking account all in one chunck

Reply #2

Sandy K — Thu, 28 Apr 2005 12:48:18 GMT

tntea, that is exactly why I don't bet pick4........I hate giving the state that tax........and when you win a 3 digit in Michigan...........you don't have pay taxes on it............so I don't really see how that would affect anything as far as neteller goes.................for the pick3Val, if you are winning that much............you can always send some my way.............actually, I don't know anyone who wins consistently in Michigan with aminimum of cash outlay...oh there is one man who cla... [ More ]

Reply #1

fbird — Thu, 28 Apr 2005 10:08:11 GMT

Tntea,Know what you mean..about you know where. I almost signed up with them, but after considering the times that I had made multiple wagers and won some decent money.. well in transferring that kind of money raises some issues and I choose not to do that. Now if you're just losing or breaking even it doesn't matter...lol. Be careful, transfer under $1000 at a time...Big brother is watching.....and like I said there are other issues as well, so even tho the odds for the payouts are better...it... [ More ]

Cashing out on Monday..

tntea — Thu, 28 Apr 2005 01:54:39 GMT

Hubby and I have discussed cashing out of you know where come Monday and having Neteller to gradually deposit our winnings into our account.After talking with some lawyer/judge friends of ours, it seems that we could get into trouble if money keeps filtering into our accounts like that..We are going to continue to play TN where money isn't tracked for taxes on Pick 3..And only play 50 cent boxed tickets for Pick 4..I will continue to be on forum with our picks for TN..