Keeping it Real News

Legal sports wagers everywhere? not so fast.

As the US federal government gets into full swing with buy offs and under the table payments, the general public wonders what legalized gaming means for them.

To the average Joe, this means you will probably see some kiosks appearing at your local stadium, and it also means that you may see some new commercials regarding where you can play.

The remaining issue is the state level laws, and without examining those carefully you may set yourself up for problems. The federal tax on wagers will be imposed, all monies won must be reported and a cut must be given to uncle Sam now. This is no different than winning in Vegas. The underground gaming industry will go deeper than before. No real player wants to pay tax. No real agent wants to pay tax.  Post up shops like bet365 full of public players, show money can be made in the public game. However, they pay large sums of money out of revenue every year to remain in the public eye.

The truth lies within the very nature of gambling, every single person wagering on a game is trying to make money the fast way. The pay per head industry is built on being able to receive your money locally fast from your bookie. That remains unchanged, what has changed is the fear level, which is false. Tax evasion, money laundering, wire fraud etc.. are still very real and if you do not report all your winnings, the charges will come.

The legalizing of gaming is the governments fleeting attempt to make a buck on your love of cutting corners. They are not doing this because they want to be nice, they are doing this to make money and take your money for themselves.

Keepin it real.