Would You Give Your Name to the Govt to Get Your BOS Money?

One curious thing I noticed in one of the recent news reports on the BOS thing, is the the US govt is "insisting" that BOS set up a toll-free number so that American customers can call to get their funds returned.

Huh?

So Unk Sam wants the book to use the mails or electronic transmission services to send back gambling money that was, according to them, transmitted illegally in the first place.

Or, is the idea to put the pressure on BOS, cause a gigantic "run on the bank" that BOS either won't or can't meet with available funds? Thus the government diverts anger from themselves and to BOS. And, advantageously, an unwillingness or inability for BOS to pay off will encourage bettors to distrust ALL offshore books. Uncle would like that.

It also could be that if BOS can't or won't return funds, the govt can then add "fraud" to the charges against Carruthers.

The worst scenario is that if BoS sets up this toll-free number,is Uncle going to be monitoring it? Or will they require BoS, in order to reduce charges against their CEO, to turn over the names of those requesting payouts?

A high-profile prosecution of a dozen or so ordinary offshore, internet sports bettors somewhere down the line would virtually kill the offshores, as the "run" on the books would be a tsunami.

Would you ask for your BoS money if you thought there was a chance for the govt to get your name and address?

Once again the federal government has no laws against a person betting. If someone were to get prosecuted for betting it would have to be due to a state law and since this is a federal prosecution it is very unlikely the states would be able to get involved.

Very sharp post-- that's why their lawyers command hefty fees & will really be earning them.

1. I'd have no problem whatsoever from the tax angle.

2. But would be leery of winding up on all kinds of unknown money launder, etc. watchlists.

But as far as the US gov't getting their hands on the names-- that would be the first thing turned over to save their hides anyhow...11 different folks collectively or individually.

I doubt though, that the gov't is too interested in those / they contain any significantly-sized fish.

WildBill said:

Once again the federal government has no laws against a person betting. If someone were to get prosecuted for betting it would have to be due to a state law and since this is a federal prosecution it is very unlikely the states would be able to get involved.

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They called me crazy when I kept saying that betters need to pay taxes on their winnings. They also called me crazy when I said these offshore books are only worth 2 to 4 times earnings, not the ridiculous 18 to 20 times earnings the "experts" were talking about.