Are you planning to drop a few dollars in the office Super Bowl pool before you leave work today? Good luck!
Not only do I hope
You do know that all gambling winnings are taxable, right? And you’re definitely going to make sure you give Uncle Sam his cut, right?
OK, you can quit laughing now. Who really ever reports the $50 they made in an office sports pool?
The bigger problem for the tax collector is those much larger bets, many illegal, that no one wants to talk about about, much less report. This story I wrote for Bankrate discusses the many connections of taxes and gambling.
Prop bets: One thing that’s led to the growth of sports gambling is the wide variety of options you have when betting. It’s not just whether the Patriots or Giants will win.
It’s who will catch the first pass? Who scores the first touchdown? Who fumbles first? Will Texas Tech alum Wes Welker score a touchdown? (I say yes!). The over/under on total pass attempts.
The mind boggles.
"Gaming Guru" Gary Trask ponder the choices here. And this online site lists hundreds of prop bets, with a tag line urging us to "Check back soon; these lines update often."
And it’s a sure bet that millions of us will be checking right up until kickoff.
Hey, everyone appreciates a little edge even when it’s just a friendly wager!
JW Stringer
Kay, great article! It is easy to recognize your knowledge in the field.
With all the implications that come along with sports betting, there is one place I’ve found that strives on providing a platform for all bettors to maximize their confidence before laying down their bet.
http://www.pregame.com
This way they can have all the information they need at their disposal before making that financial commitment.
JW Stringer