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Author Topic: Arizona has legalized fantasy sports betting!  (Read 428 times)
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October 04, 2021, 09:34:25 PM
 #61

I’m just now finding out that last week Arizona changed their stance on sites like DraftKings for online sports betting. It seems like states are legalizing things that bring them revenue at a pretty good clip. I’m particularly happy about this one though, as I’ve had money stuck on my DraftKings account for a long time now. I might have to get into fantasy sports.
Hmm, what interesting news.
I believe that with the release of fantasy sports betting it will consequently generate more revenue for the state/country.

I'm totally beginner to gambling, but could anyone let me know what were the reasons the state of Arizona (and elsewhere) had banned fantasy sports betting? Any specific reason? addiction or something like that?

Thanks!

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October 04, 2021, 11:41:59 PM
 #62

How is it any different than a normal sports gambling for that to be legalized as if it's a different kind of gambling? Can someone tell me the difference because from what I've seen, there's not that much difference to a normal gambling.

We can conclude that sports betting there is the most hype gambling game compare to the usual normal gambling like those luck-based games. The fact that it's now legal, brace for massive gamblers that will place a bet. According to the article here, 45 Million people are expected to place their bets on football alone this season. It shows about 5% of gamblers eventually develop an addiction. That's a huge number.

But on the industry side, legalizing sports betting will result in increased revenue of that state. Checking also to the article I linked, Colorado legalizing sports betting gained $18 million in revenue during the first year. Nevada has more than $61 million. Some of the highest revenue seen in any state that's legalized sportsbooks. It's expected that Arizona will follow too that decent revenue in their first year and so on.

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October 05, 2021, 06:15:11 AM
 #63

How is it any different than a normal sports gambling for that to be legalized as if it's a different kind of gambling? Can someone tell me the difference because from what I've seen, there's not that much difference to a normal gambling.
I also see that here is not really a difference to "classic" sports betting. Only the risk factor is much higher in my opinion. You know real teams, you also know the influence of e.g. "English weeks" in soccer on the teams. With Fantasy Sports you don't have this influence and in my opinion it is much harder to estimate how well a team will perform.

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October 05, 2021, 07:17:17 AM
 #64

Really good news for the sports betting enthusiast and now they could now legally makes bet upon their favourite games.Overall it will serve to many players as games like football,cricket have huge audience and billion dollars bet are placed on World championship so they also want profits at mass level.

I just googled about it and found a link where you can play and bet on sports betting.

 https://sportshandle.com/arizona/

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October 05, 2021, 11:25:50 AM
 #65

Really good news for the sports betting enthusiast and now they could now legally makes bet upon their favourite games.Overall it will serve to many players as games like football,cricket have huge audience and billion dollars bet are placed on World championship so they also want profits at mass level.

I just googled about it and found a link where you can play and bet on sports betting.

 https://sportshandle.com/arizona/
Hopefully, that can also give more income to the government as the gambling business contributes to the tax income. People will search the casino which they can place their bet in their favorite sports and maybe they will try one by one of the sites if they use an online gambling site to place a bet. If the casino can give many matches to the audience, they will see how much money will be turned around on their place, which means more revenue that the casino will get.

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October 05, 2021, 11:44:42 AM
 #66

~

From the information when you search online about it, I think it involves a team which you select for both sides then you belong to one team and off course you play to win the other team. Maybe I'm not very correct but I searched and got that on quote.
if you can do more searches to understand better.

Quote
Fantasy sports betting is a different concept from traditional sports betting, as you don't bet directly on the outcome of any sporting events. Instead you create a fantasy sports team and compete against opponents to try and win money.

I also did my due diligence and searched about it and you're right it's as you say it is, I don't find it fun though, I mean they can probably do some sort of tweaking to your opponent without your knowledge so I don't trust this kind of game.
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October 05, 2021, 01:29:35 PM
 #67

Hi OgNasty, can you give an example of popular fantasy sports betting? I gotta be honest, I heard of this but I have not played this type of game and I don't know what kind of betting sites in the crypto space that are offering this kind of game.

Also, can I request the link to the full story or news, I'd love to read the full details regarding this.
Maybe next time before you ask this kind of question requesting for a link to the news just use that same time you waist in typing the question here to google what you are looking for as that will safe so many people time to read more reply here my brother. OG has answered your question by giving you explanation of what fantasy sports is all about and though didn't provide you the link but here is the link to the news https://www.legalsportsreport.com/arizona/

Don't be harsh. The user is asking for a betting site that offers fantasy sports that accepts crypto.

I looked at the link you provided, checked the first 5, and didn't saw crypto as one of their payment methods.

If you can found one, then it would be awesome to share it here.
Sorry if I sounded harsh in my submission above though I don't really mean to be harsh anyway for there is nothing really here for one to be about. I was able to provide a News link and really the one you are asking for since I don't have enough time to research more about that now please.

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October 05, 2021, 04:23:30 PM
 #68

I am not a US citizen, so I cannot correct you, but I think that some threshold exists. But reaching this threshold may look different for different states, as I heard in some states the order is absolutely absurd: for example, if you won 80 bets of 10 dollars while losing 90 bets of 10 dollars, then from the tax point of view you won 800 dollars. Although it is obvious that you ended up losing $ 100.

I don't know whether there is a threshold. At least for the cryptocurrency users, there is no threshold. In the United States, the cryptocurrency users are supposed to include all their cryptocurrency transactions in the tax return, no matter how small they are. So even if you are doing a cryptocurrency trade worth $5 or $10, you need to show that in the return. I guess the same rule is used for gambling as well. As per my information, you can't club together all the transactions and make a single entry. Separate entries need to be made for each transaction, even for very small amounts.

I don't even know which option is worse. And I would like to see the report submitted by a dice player with a million bets made. Processing such an array of information is clearly unprofitable for the state - no taxes will compensate for the resources spent on such nonsense. Another evidence that the state is not interested in a successful result - the process that makes them necessary is important for officials.

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October 05, 2021, 04:55:35 PM
 #69

Wouldn't it be easy to win this one? My reason for thinking that is you are assembling the team so what stops them from forming a formidable one to make sure that they can increase the chances of winning if not guaranteeing a win.

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October 05, 2021, 05:18:22 PM
 #70

This is good news.

I actually checked out the DraftKings website and just noticed that they have already listed Arizona to be among the fourteen states you can access these guys platform,just hoping that more states join to help grow the sport.

Am also hoping that with this move of legalizing this sport players involved in these sports won't have a conflict of interest and choose to bet on themselves secretly.


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October 05, 2021, 05:47:56 PM
 #71

I don't even know which option is worse. And I would like to see the report submitted by a dice player with a million bets made. Processing such an array of information is clearly unprofitable for the state - no taxes will compensate for the resources spent on such nonsense. Another evidence that the state is not interested in a successful result - the process that makes them necessary is important for officials.

Well... in 99% of the cases, such information will not be processed by the IRS. The cross-checks and validations will be done only if there is a genuine suspicion that the individual is evading taxes. In other cases, the officials will just tabulate the totals and ignore the detailed transaction list. The same goes with cryptocurrency transactions as well. As far as I know, all the transactions being made with crypto needs to be reported in the tax return (even if it is crypto to crypto transaction). For someone who does day trading in cryptocurrency, this means that the tax return may be a enlarged by a few dozen pages at least.
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October 05, 2021, 06:14:33 PM
 #72

I don't even know which option is worse. And I would like to see the report submitted by a dice player with a million bets made. Processing such an array of information is clearly unprofitable for the state - no taxes will compensate for the resources spent on such nonsense. Another evidence that the state is not interested in a successful result - the process that makes them necessary is important for officials.

Well... in 99% of the cases, such information will not be processed by the IRS. The cross-checks and validations will be done only if there is a genuine suspicion that the individual is evading taxes. In other cases, the officials will just tabulate the totals and ignore the detailed transaction list. The same goes with cryptocurrency transactions as well. As far as I know, all the transactions being made with crypto needs to be reported in the tax return (even if it is crypto to crypto transaction). For someone who does day trading in cryptocurrency, this means that the tax return may be a enlarged by a few dozen pages at least.

In my country there is a proverb: "The severity of the laws is compensated by the non-binding nature of their implementation." On the one hand, this is ridiculous, on the other hand, I would not want such a situation to be in the United States. To be honest, I do not understand the very idea of declaring our crypto transactions - after all, we pay taxes on income, and we receive income at the time of cashing property/cryptocurrency. Therefore, until this moment has come, I do not see any sense in such reports.

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