Should i charge my friends to place sports bets for them?
My friends and i live in new york where sports gambling isn't legal. I work in New Jersey though where it is legal so i can place bets on my phone and sign into their accounts and place bets for them while in jersey. I never thought of charging commission when it was just a couple friends but one of my friends said i should charge commission when they win and now a lot of my friends are asking me to make bets for them daily. Idk if i should but one offered and after all it is a hassle to sign into a bunch of different accounts to place bets. What do you think? And if i should how should i do it?
- STEPHENLv 72 months ago
What you're thinking of doing is illegal.
- ErikLv 72 months ago
If they're asking you to do this daily, I would say it's OK to ask them for some money.
- Alan SLv 62 months ago
What you are doing is illegal. Probably not a big deal if you make an occasional bet for a few friends, but I don't think you should expand it. I don't think you should charge money for it either, if you were making bets daily for 20 people and charging for it, then it becomes an illegal gambling operation as opposed to doing a favor for some friends.
I would suggest just doing this for a few close friends maybe once or twice a week. Tell the others that you can't do this anymore because you don't want to get into trouble and it is a big hassle, and tell the ones you are doing it for that it's a hassle and you can't do it daily.I would also suggest that for the few friends that you are doing it for, that you do it out of your account, as long as the amounts are small enough and winnings aren't being reported to the IRS. Then you aren't really doing anything illegal, or at least you won't be violating the rules of the online casino. Just make sure they pay you for the bets in advance. If you do that, you should track the bets that aren't yours in case anything gets reported to the IRS and to know your results. If anything is reported to the IRS, on a W2-G, I think there is a form to transfer those winnings to the person who won it. I don't think you should do this for profit, but if anyone wins on a W2-G on your account and you need to pay someone to do the paperwork if you can't do it yourself, you should have them agree to reimburse you for the cost of the tax preparer or accountant. (Not for the cost to do your taxes if you pay someone for that, just for the extra cost to handle the W2-G paperwork.)
If your friends are doing a lot of sports betting, they should look into getting a bookie. I think they make the same profit as the casino, so it would be cheaper for them to use a bookie than to pay a commission to the casino and another commission to you.
- John FLv 62 months ago
It would most likely be illegal for you to accept money for placing bets.
- What do you think of the answers? You can sign in to give your opinion on the answer.
- 2 months ago
Of course you should! Just don’t surprise them with it, let them know before placing their bet that you’re going to charge, up to them if they agree or not.
- Anonymous2 months ago
If you decide whom to bet on, and you're winning them money, then by all means.