Hey! Because your name has YouTube vibes and it seems like you're into sports betting content, I'd say go for YouTube at the moment. Short videos and quick clips are trending, especially on mobile, but if you're diving deep into stuff, YouTube is still the go-to. To boost views, you can try out YouTube Shorts and drop links to your longer videos for more in-depth info. For sharing on this forum, just throw in a link to your YouTube channel, cool? Keep in mind, though, that YouTube might have some rules against gambling content. So, play it safe to get your content seen by a bunch of folks. And check out the local gambling regulations too. Highlights: Google's Gambling and Games Policy is part of the Restricted Content Ads Policies. Advertisers must adhere to local regulations and target approved countries or states. Responsible gambling information must be included on landing pages. DYOR and DWYORThis is a very good idea because some people do get banned making this sort of content on YouTube. Thanks! I will be sure to post here too if I make some YouTube content.
what about you share with us some tips or sort of a crash course in arbitrage sports betting?
i read your thread about it. i can't remember where to start if i have to remember what it's all about but there are many of those people who tried arbitrage betting profiting so much.
Yeah I could work on this, I posted a thread on hedging promotions and have a free ebook on it. If you have questions about anything you can always Dm. |
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If you guys like sportsbetting. What type of content to do you like to see, what where do you like to consume it?
For example, do you like instagram shorts of daily picks, or blog posts on the match ups, or funny videos etc
Am working on creating a lot of sports style content in 2024 and wanna know what you all prefer.
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It's good that you have your strategies figured out for tax purposes. Most of the gamblers I know wherein gambling winnings are taxed don't really care at all until they are hit with a notice for not paying ample taxes for the year. Luckily, here in my country, small gambling wins are not taxed unless you declared them, so you have the option to not declare it. However, when your winnings are too high, the platform you're playing on will surely take note of it and can forward it to the relevant authorities for their tax purposes as well, so you will have no choice but to declare it in the end and pay for it ultimately.
It is a good idea to save for taxes. You don't wanna be stuck without enough money to pay |
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It certainly is not like it is in person, but the online social presence I think is still there for the live dealing.
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I'm going to open this back up because it looks like a lot of folks need it. The project development page is slowly turning away from actually being about interesting projects people are building as it relates to crypto.
This is an important piece of guidelines you have in the op, but unfortunately, this section has not enough traffic and I feel those who actually need to see this aren't seeing it. Maybe you might consider making a copy of this post in the Altcoins board which I believe have better traffic for proper exposure so that those who really need this information/guidelines will see and learn from it. Maybe someday this can get pinned in the section. For now if we bump it, that is the best we can do to help people stay informed. |
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I never did before the sites screwed me out of a baseball win. Now I always look for the rules of the markets I am betting in.
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Arbitraging in general means you have limited the risk by betting on both sides of the market. So in the case of sportsbetting you bet that Team 1 and Team 2 will win. In most sports outside of american soccer you have a winner. So Team 1 or Team 2 will win, in which you have bet on both winners.
If you look in the OP you will see an example, where the payout is larger than the original bet + the losing bet.
Seems now to make sense, and I have some ideas regarding this. I will do more research about it. Thank you. Odds change every second, so you have to be quick! Then is there not a chance of marking the bet as a late bet by the provider? Im not 100% sure what you mean by your second comment. But if you mean, is there a chance the second bet doesnt go through and the odds change before its accepted? Yes this can happen, but there are a lot of different ways you can hedge this risk and avoid it. With arbitrage betting you won't successfully win every bet, because sometimes the odds will shift and you will need to take a hedged loss. However, there are a lot of different things you can do to understand these risks. Ex: If its the 4th quarter of the game, you dont wanna bet because the odds shift way to much. or you typically want to bet on the favorite first, because then if the odds do change, its more likely to be in your favor, or not be as hurtful. |
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You have a good period of when you're doing your tally with your profits, so if you're tallying every 2 weeks on how much profit you've made and putting that directly on your savings with APY, that's good. I assume that you have emergency fund already and that's why you don't think of it and you're mostly going to repeat and rinse it until you make your bank a lot of money. And with all of the info you have said, you're supposed to be doing this as a full time, correct? You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.
Not just for the other day of gambling but every time they make some wins, it's important to keep even just a bit of it. Think of it as your remembrance for winning. Gambling for me is not a full time job. So the money I make I use to fund investments in my life. My 9-5 I use to pay for everyday expenses and use for savings. |
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Interested earn sharing by OP but I don't sure keep consistency on the winning trend exactly in sport betting, I have much experienced with sport betting exactly in football match and I know have many unpredictable result and I doubt with story of OP how easily manage the winning in sport betting.
But you have good planning with manage gambling winning not greedy all in for betting, good ideas when winning amount spent few percent withdrawing to the bank and use fund left for betting but what happen if losses will you deposit from your saving or amount have withdraw to the Bank? Usually for gambler after winning will withdraw but another losses get back their withdrawal for depositing in gambling again before losses all their fund.
If I don't earn as much this year then I could withdrawal from the bank to represent my current tax labilities. Is not like I have lost the money by putting it there. |
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Howdy! It's a smart decision to set aside a portion of your winnings to offset any tax issues if you win up to $100k in gambling annually. This indicates that you are a consistently lucrative gambler. I guess when tax season rolls around, this will help you stay out of financial surprises. Setting a budget, however, that accounts for both your regular income and spending and your gains from gambling is also quite crucial. Finally, why don't you think about allocating a certain percentage of your winnings to investments and savings? You may secure your financial well-being and create growth prospects by investing for the future and developing an emergency fund.
This thread was mainly to talk about the tax portion of it. I invest some of the winnings into other ventures and crypto  |
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forcing bets is never a good way to go. I would recommend only betting on days that you feel you have an edge.
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We have just launched our free book that you can find here. You can use a brand new or junk email to receive it within 24 hours. If you have any questions don't hesitate to reach out and email me. |
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[...]
If the OP puts his $100k on Binance, he will make ~$10k+ in a year which covers the most of his tax payments.
I probably wouldn't do something like that. It's good if you can send all $100K to a high yield account but we can all use the spendable $85K differently. [...]
Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this.
They are missing the whole point that it's already an earmarked money and you don't want to put it in any investment with higher risk. Have you thought of converting your USD to USDC and staking it on Coinbase? I can see from their homepage that they are giving 5.10% annual yield. I think the offer doesn't have any lock in period so you can withdraw it anytime you're about to pay your taxes. You could buy US treasury bonds with low holding periods for a little more than this currently. I think holding in a savings account is a little better for me, then I don't need to think about anything. |
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That is still a very nice parlay win!
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If you are able to profit from gambling in a year's time period, why not invest the earned money into something more profitable than depositing it at a bank account to make only 4% APY, which will stay below the inflation rates of your country? You aren't making a great deal for yourself, rather it's only going to be benefical fof the government. You are saving money for the government without making any profits ftom your earned prize for you to enjoy. There must be better alternatives such as assets around, isn't there?
Depending how much profit you make from gambling, you could even invest in properties, so after one year, once you have to pay your taxes, it will have valued much more than the 4% paid by the bank.
You shouldn't invest the money you pay the government. 4% APY is very nice and "risk free" since we have FDIC insurance in the US. If you're a profitable sports bettor or any casino player, you should make sure to save money for tax time.
Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.
I also will preload 15% of the prior years winnings into the account, so that I have a good baseline for expected tax. For example, If I made $100k the prior year, I would put $15k at the start of the next year, so that I am earning 4% APY with the money I expect to pay in taxes when I make another 100k. (I will also add 30% of the profit per 2 weeks like mentioned above)
What are your strategies?
If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me and I would be glad to help free.
Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.
Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.
You are maybe not risking your funds on such regulated sportsbooks but I doubt they will let you eternally make 100k a year from them. Your account will get restricted/limited soon if it's not already the case, unless you have an efficient tip against that. Could you explain us how do you avoid that please? You can't really avoid it. I expect this to last for 3 years, and then I will only be able to bet small amounts for fun. Unless my state gets new books. Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.
How much profit can you earn from this account? 5%? I assume it's going to be something close to this, because even if they're offering you 10, you have to adjust for inflation and in many countries pay tax. That's counterproductive, even if you want to keep the money safe. Getting bitcoin or even investing in bonds via ETF which many banks allow you to do would easily get you more than 10% a year. It's funny when on one hand you're a gambler risking it all with every bet, on the other you choose a savings account, which is the most boring way of "investing" if you can even call it that because these accounts will always put you at a loss since what they offer is always lower than inflation rates. If you don't use crypto sites, why do you post this on a crypto forum? Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this. Ok, so if I may ask..... What are you doing posting on a Crypto site, if you do not want anything to do with Crypto gambling? This is a "Bitcoin" (Crypto currency) discussion site.  You also need to take into consideration the taxes that you have to pay on the interest that you receive from the Bank. In my country that is automatically added on the tax return, but you have to make provision for that in your strategy.  I have crypto and invest in crypto, but don't play on crypto sites because they often time scam, and betting with a currency that is fluctuating as much as crypto is not a good move for someone taking sports betting professionally. You can like crypto and understand that crypto casinos are not the way to go. (Assuming you can use regulated fiat sites) |
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Realistically the only people that can make a lot of money from $50-1000 wagers, are people that have absolutely unique strategists that take into account a ton of data points for a specific game market.
The only other way is to arbitrage, and you'll likely get limited before you get close to a million. My first 100k I got limited
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Where is the music coming from? Did you create it yourself or did you purchase the rights to display it?
I am assuming you created all of the graphics too?
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Let's start with how you can make money in gambling continuously (I'm not even mention the amount). For the last three years, US inflation rate exceeds 4%, it means the 4% APY in banks is useless. Even you use the current rate which is 3.25%, it means you only gain 0.75% before tax, saving your money in banks will resulting in lose instead of profit. The conclusion is you're talk non sense, let's see if there was a stupid person want to use your service. I'm talking about putting your profits into a US bank savings getting 4%APY instead of keeping it in a non interest bearing account which a lot of people do. Not sure you understand. Seeing the title, I felt this thread was going to take a different direction but, am surprised at the turn it took but still, it’s a good move for sure. Especially as it is a problem in a society where taxe works so well but, it’s hardly the issue for most nations in Africa. You wouldn’t find most persons giving much attention to adopting this means with regards to taxe payment. The turn on this part would be about, how to manage money especially in events that you’ve got a won bet. Having to win a bet tends to motivate you to place more bets and that’s where the bad move usually is as, you tend to lose all your winnings eventually. If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me.
You mean the accumulation bets when you say not one sided bets or something else? Don’t exist within that territory though. Neither am I confident in other gambler’s prediction. I don't place 1 sided bets which helps limit risky. I arbitrage sports bet and only used regulated sites in the US. So dont have to worry about sites stealing money. This seems like a good strategy and over time your savings will continue to increase year to year. The thing is, I'm not a great gambler so maybe I lose more than I win so it's quite difficult to calculate my income from gambling because there probably isn't any.
So far, all I can do to maintain my winnings is to withdraw my balance if I win, sometimes in whole or sometimes in part so that my winnings are not taken back by the casino. When it comes to managing winnings, I haven't gotten that far because my gambling journey, if calculated in total, is still a loss. Are you always profitable so you can save money every week? It sounds good. Can you share how you win consistently?
I arbitrage sportsbet. Which you can have some negative return bets as the odds are always changing. But yes, I make money consistently every month because I take both sides of the bet. I also only bet on US regulated sites so don't have to worry about the sites stealing money. I think often times on this site since its crypto related, people talk about the scams. I only use regulated sportsbooks, so I am not worried about sites scamming. If you use crypto sites, this is not a good method. Only good if you live in the United States and are able to bet in your state. I don't use VPNs or anything like that. |
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Earning interest for amount meant for payment of future obligation is a smart move and a sound advice. Some "finance guru" would even charge $ for that piece of knowledge hehe. Do you not make adjustments on how much you set aside for taxes? I thought gambling losses are not deductible based on your post but it is when I checked.
Yeah so gambling losses are deducible at least in my state. So if I had a losing 2 week session, then I would take 30% of those loses out of my savings account. So yeah the basic idea is, put 15% of the prior year to start the 4%APY on a larger dollar amount. Once that 15% is your current tax liability you can start putting away 30% of your bi weekly profit into it. Earning upto $100k in gambling per year is a good move and that means that you are really a good gambler with a profitable history. Saving part of the profits for tax payment is also a good way for anyone that want to save something for a better time. Gambling can be very challenging majorly when we are not making the kind of profits that we intend to make from month to month and year to year. I don't know if op do incur loses maybe in a role in weeks or months but anyhow, it is good for us to keep some savings so that we don't start borrowing when we start having a bad day.
Yeah so the idea is to "tax plan", but like you said you may not make as much as you did the previous year which is fine because the savings account money is yours! Some other people will buy short term bonds like 3-6 months and get 5% APY. (US tres) I limit my risk with sportsbetting by hedging and arbitraging, so I have not had a losing month. Because of site limits I may not make $100k+ this year, but am still implementing the same tax planning strategy. * FYI I only use regulated sportsbooks in the US that are available in my state, and do not use crypto sports sites. |
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Who else wants to learn how to arbitrage using US regulated sites? PM me and I would love to help.
What does this arbitrage trading means actually? I don't have any experience. It would be good if you can explain something here. As I can understand after reading some comments here, is it something like betting on some games with 0.01x odds? or something like the games that could have a pure win result? For example at the end of the game? Arbitraging in general means you have limited the risk by betting on both sides of the market. So in the case of sportsbetting you bet that Team 1 and Team 2 will win. In most sports outside of american soccer you have a winner. So Team 1 or Team 2 will win, in which you have bet on both winners. If you look in the OP you will see an example, where the payout is larger than the original bet + the losing bet. This occurs because during a given game, sports sites will disagree on who they think should be favorited. Odds change every second, so you have to be quick! |
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