So my nephew turned 21 and wants to start sports betting on his own.
I’ve given him my best beginners advice (Shop lines, +EV, bonus whore, keep records, etc) but I’m sure I’ve forgotten a few things.
Anyone have advice I should pass along?
If you really want to find edge, futures markets are a great place although it takes a long time for the bets to come to fruition
BRM / ROR. How “free bets” work (most EV is to bet longshots). How to look for arbs and spot the bad line. Tilt control.
Assuming he’s in a legal state and there’s a bunch of good sign up bonuses, if he is not properly rolled to take full advantage of them (and you are), you could probably work something out that would be +EV for both of you.
He’s aware. I gave him a $50 futures bet of his choice before the NFL season started, and he chose Zach Wilson for O-ROY at 10/1
I went over free bets and sign up bonuses. Not really arbs. Reading the fine print.
Don’t know how much cash he has to start with, but he probably can scrape enough up to take sufficient advantage of bonuses.
Edit: He’s in Pennsylvania
Don’t bet on credit.
Don’t bet more than you can afford to lose.
Think of it as entertainment.
NFL and MLB are unbeatable.
The other sports are unbeatable as well.
oops that was meant to be a reply to you @NhlNut
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Also if he has friends who bet see if they can be a no-juice alternative to the books. I have a few buddies and we’ll shoot each other our plays blind every week and if we’re on opposite sides we bet each other to remove the juice. Obviously you need similar bankrolls, bet sizing, etc but it’s something to consider, even if down the line.
And now I have a question. Taxes. I’m crushing this year, at least as far as my standards go, so my question is this (and it might be a really dumb question but I ask it anyway): Do I have to pay taxes on winnings that I haven’t withdrawn?
You don’t have to pay taxes at all. (but yes, legally)
Those leagues aren’t unbeatable if you arb it up
What winnings?
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Oh for sure. I just mean if you’re betting spreads and totals and legit trying to beat the books, goodbye monies.
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Thanks Clockwork. Sent verbatim.
I do disagree on NHL somewhat. Shallow market that still hasn’t been totally killed by quants. Especially futures.
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Are you betting on books that are going to issue a W-2G? It seems like it would be irresponsible to not report that.
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Agreed. If you are trying to beat NFL/NCAA/NBA spreads or totals a hour before the start of the game, you are burning money unless there’s some new info like an injury.
None of the Illinois books have provided W-2s and have specifically told me you’re on your own if they haven’t sent anything. I think you need to hit a huge longshot or something to get one. Didn’t stop me from still filing though.
As far as futures go, I guess there is value if you have a good idea of what is going on, but traditionally they have the highest hold %.
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I’ve always heard a bet payout needs to be 300 times the bet AND over $600 to trigger a tax form. I’m not an accountant though.
Fatty arb VP -179 Bovada / Alliance +223 BOL on both maps (DOTA).
WH/Caesars promo: make a $25 1st half spread bet, get a free bet of the points your team scores in the 1st half
LOL NO POINTS
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That’s to receive a w2-g
Every cent you make you are legally required to put on your return
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That’s why I said “to trigger a tax form”, in response to the conversation about when a sportsbook issues a W2-G.
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