Selling A Futures Ticket, How Much Would You Sell This For?

dotcomceo · Jan 24, 2017

1. If you sell a large futures ticket and its got your players club card # can someone else cash it?

2. What would you sell a $9000 futures ticket on the patriots winning the super bowl that pays $13,500 or $22,500 total, it was a +150 bet when I put it down

3. Its from the venetian if it matters.

I really do like the patriots, but I have a friend of mine who is willing to buy it, but he told me to make him an offer. Id rather not carry the risk, I could go put $5k on falcons and call it a day but there are tax ramifications no?

I've never really put in a large bet like that on a future, but I happened to be in vegas around christmas and I liked the patriots to get to the super bowl once carr got hurt

what would you do in this situation?

tmader7 · Jan 24, 2017

There is no way in hell you made a $150 bet at Christmas on the Pats to win the Superbowl that pays the money you're stating, NO FUCKING WAY! Find another forum to clown.

~T~

KingEleven · Jan 24, 2017

tmader7 said:
There is no way in hell you made a $150 bet at Christmas on the Pats to win the Superbowl that pays the money you're stating, NO FUCKING WAY! Find another forum to clown.

~T~

I'm confused..he states he placed a $9000 wager, not $150...did I miss something?

tmader7 · Jan 24, 2017

KingEleven said:
I'm confused..he states he placed a $9000 wager, not $150...did I miss something?

Yeah, I phucked that up, I see the bet was +150, not the actual money, shit, every once in a while, ya blink. Sorry Dot, my bad. Personally, given the way the Crows have been playing, might hedge a little, something I rarely do. GL

~T~

KingEleven · Jan 24, 2017

tmader7 said:
Yeah, I phucked that up, I see the bet was +150, not the actual money, shit, every once in a while, ya blink. Sorry Dot, my bad. Personally, given the way the Crows have been playing, might hedge a little, something I rarely do. GL

~T~

got it, just being sure I didn't misread something

PatsFan1283 · Jan 24, 2017

The current ticket is worth about 13,500, based on the SB moneyline.

That would be the fair price.

And over 10k winnings will trigger having to fill out the tax form and claim it.

So adjusting for taxes the fair price is a lot less.

Should've split that shit up over a few casinos man.

KingEleven · Jan 24, 2017

PatsFan1283 said:
The current ticket is worth about 13,500, based on the SB moneyline.

That would be the fair price.

then what would be in it for the buyer of this ticket?

PatsFan1283 · Jan 24, 2017

I dunno, convenience of not having to fly to Vegas and place 13,500 on the same bet?

Maybe he wants a slight discount and to get it for 12,500. I don't know him.

But that is the value of it.

dotcomceo · Jan 24, 2017

reading around on google, it seems like you only have to pay taxes if you his astronomically high payout like 300:1 i think i read, so even the dollar amount here isn't taxable. I've read about people selling tickets, but this particular ticket has my players club ID on it, they told me that was incase I lost the ticket, but can I sell this to my friend. So what price would you offer it at $12,500? That sucks bc I was hoping to make a little more but its definitely better than potentially losing it all.Obviously I have a little leg up bc we both bet with a local bookie and he wont let you put a bet that big, the only reason I did it was after carr broke his leg, I really saw nobody who was going to stop them and I figured Id get a super bowl at -200 and I could hedge out, but now I can't really so Im contemplating just selling it

tmader7 · Jan 24, 2017

PatsFan1283 said:
The current ticket is worth about 13,500, based on the SB moneyline.

That would be the fair price.

And over 10k winnings will trigger having to fill out the tax form and claim it.

So adjusting for taxes the fair price is a lot less.

Should've split that shit up over a few casinos man.

Yeah PF, I thought about that when I put up my first post in this thread. I thought everyone knew that $9999.99 was the threshold in Vegas. Offshore, not a problem. I've always done cash and carry in Vegas, once I'm up $X, cash it out and start over, no sense letting Uncle Sam get a damn penny from that hard fought cash, lol.

~T~

tmader7 · Jan 24, 2017

dotcomceo said:
reading around on google, it seems like you only have to pay taxes if you his astronomically high payout like 300:1 i think i read, so even the dollar amount here isn't taxable. I've read about people selling tickets, but this particular ticket has my players club ID on it, they told me that was incase I lost the ticket, but can I sell this to my friend. So what price would you offer it at $12,500? That sucks bc I was hoping to make a little more but its definitely better than potentially losing it all.Obviously I have a little leg up bc we both bet with a local bookie and he wont let you put a bet that big, the only reason I did it was after carr broke his leg, I really saw nobody who was going to stop them and I figured Id get a super bowl at -200 and I could hedge out, but now I can't really so Im contemplating just selling it

I'd read that again my friend. You walk out of the casino with a 10K hit plus, I believe they're supposed to ask ya for your SSN and withhold 20%. I could be wrong, but I've never chanced it, once I have enough purple chips to cash out around 8G's, I'm off to the window. GL

~T~

dotcomceo · Jan 24, 2017

you're talking $10k+ profit right? Surely if you bet some $12,000 moneyline to hit $1,000 and walk out with $13k they dont tax you on that $1k right?

tmader7 · Jan 24, 2017

dotcomceo said:
you're talking $10k+ profit right? Surely if you bet some $12,000 moneyline to hit $1,000 and walk out with $13k they dont tax you on that $1k right?

That would be correct. After rereading your original post, I think you're good any way ya want. Ya bet 9K, right? You'd have to win 19K, net 10K to worry about the IRS. I don't know how dialed in you are with the Venetian, but the MGM Grand, where I play the most (yeah Dizzy, this one's for you, lol) would spread the wins out to protect me. But it sounds like to me you're in the clear in any event. GL, I'll pull for ya!

~T~

Loves2kickass · Jan 24, 2017

dotcomceo said:
1. If you sell a large futures ticket and its got your players club card # can someone else cash it?

2. What would you sell a $9000 futures ticket on the patriots winning the super bowl that pays $13,500 or $22,500 total, it was a +150 bet when I put it down

3. Its from the venetian if it matters.

I really do like the patriots, but I have a friend of mine who is willing to buy it, but he told me to make him an offer. Id rather not carry the risk, I could go put $5k on falcons and call it a day but there are tax ramifications no?

I've never really put in a large bet like that on a future, but I happened to be in vegas around christmas and I liked the patriots to get to the super bowl once carr got hurt

what would you do in this situation?

The bet is a loser so get as much as you can for it.

degen · Jan 24, 2017

You get a tax form in Nevada in one of two ways:
1) $1200 win or more on one pull of a slot machine or video poker
2) on the table games or sportsbook, it has to be a wager that pays 300 to 1 or more and is greater than $600. Example: If you bet $1 on a parlay that pays $500, you wouldn't get a tax form. But if it was for $2 that paid $1000, you would because it meets both criteria of 300 to 1 and being greater than $600.

Anytime you buy in for more than $10,000 in cash, you are required to give the casino your social security number for a CTR. You do not get a tax form. The same goes the other way, anytime you cashout more than $10,000 in cash you also have to give them your ssn. They keep it on record after your give it to them and they never ask for it again.

tmader7 · Jan 24, 2017

degen said:
You get a tax form in Nevada in one of two ways:
1) $1200 win or more on one pull of a slot machine or video poker
2) on the table games or sportsbook, it has to be a wager that pays 300 to 1 or more and is greater than $600. Example: If you bet $1 on a parlay that pays $500, you wouldn't get a tax form. But if it was for $2 that paid $1000, you would because it meets both criteria of 300 to 1 and being greater than $600.

Anytime you buy in for more than $10,000 in cash, you are required to give the casino your social security number for a CTR. You do not get a tax form. The same goes the other way, anytime you cashout more than $10,000 in cash you also have to give them your ssn. They keep it on record after your give it to them and they never ask for it again.

Yeah, sounds like what I was told once. Don't play slots, but one of the pit bosses at the MGM Grand saw how much I was racking up and warned me to cash out before I hit 10K or I'd be forking over my SSN. So I punch out a session every time I hit 9K just to be safe.

~T~

PeePee · Jan 24, 2017

Loves2kickass said:
The bet is a loser so get as much as you can for it.

Lol. What's your previous handle honey? Either that or this is your first month on a sport forum. Just remember, dont sell all your shoes, purses, and makeups for this game, even if ya that confident..

dsong · Jan 24, 2017

Next time, make sure the win amount is under $10,000. With that said...

- Make a large ML bet on the Falcons.
- Keep a diary of your gambling activity and dig up your receipts for gambling losses.

Good luck, man.

bigwang · Jan 24, 2017

tmader7 said:
That would be correct. After rereading your original post, I think you're good any way ya want. Ya bet 9K, right? You'd have to win 19K, net 10K to worry about the IRS. I don't know how dialed in you are with the Venetian, but the MGM Grand, where I play the most (yeah Dizzy, this one's for you, lol) would spread the wins out to protect me. But it sounds like to me you're in the clear in any event. GL, I'll pull for ya!

~T~

No they wouldn't. You are so full of shit. MGM is going to risk their multi-billion dollar gaming license to structure your transactions? That is one of the major FIN-Cen violations. Sometimes your bullshit tales go way too far.

Only way the transaction from book doesn't get reported to IRS if over 10k in cash is flowing one way or the other is if it is taken in chips at the window. Then when you cash the chips in they will send paperwork to IRS.

bigwang · Jan 24, 2017

tmader7 said:
I'd read that again my friend. You walk out of the casino with a 10K hit plus, I believe they're supposed to ask ya for your SSN and withhold 20%. I could be wrong, but I've never chanced it, once I have enough purple chips to cash out around 8G's, I'm off to the window. GL

~T~

Wrong again. They will not withhold any taxes unless you are from a foreign country with no gaming tax treaty or you request that they do. They will ask for your SS# and if you refuse to provide it, your ticket will not be cashed and you will be barred from the casino until you provide it. The ticket will be flagged and nobody else can cash it for you. Trying to do smaller transactions to avoid a paper trail is pointless most of the time as they aggregate transactions over a 24 hr period for FIN-Cen and if they feel you are trying to avoid a paper trail they will fill out a suspicious activity report on you which can go to every government agency and law enforcement.

Selling A Futures Ticket, How Much Would You Sell This For?

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