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560:1 payout on bowl game parlay
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Alcalde2 Offline
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Post: #1
560:1 payout on bowl game parlay
Had my best year ever betting on bowl games... and last night completed the only two long shot parlays I did this year... a $20 to win 1100 and a $10 to win 5600 9 gamer

unfortunately I didnt know that they withhold 27% in federal taxes IF you win a parlay that pays 300:1 or better... they tax it like a lottery win. If I had known that I would have cut my hedge bet in half on the last game

and yes, I had Penn State -7 as a part of both parlays.
01-02-2020 07:56 PM
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memtigbb Offline
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RE: 560:1 payout on bowl game parlay
I hit a nice chunk at the casino many years ago and before I knew it there was a person standing next to me with tax papers to fill out. My buddy said that half of the bet was his, so did he need to fill something out as well... they said no, if we shared the bet, winnings, then it put it under the bracket that requires them reporting it to the IRS. (which my buddy knew and why he stepped in and said that).
01-02-2020 07:59 PM
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BandwagonJumper Away
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RE: 560:1 payout on bowl game parlay
(01-02-2020 07:59 PM)memtigbb Wrote:  I hit a nice chunk at the casino many years ago and before I knew it there was a person standing next to me with tax papers to fill out. My buddy said that half of the bet was his, so did he need to fill something out as well... they said no, if we shared the bet, winnings, then it put it under the bracket that requires them reporting it to the IRS. (which my buddy knew and why he stepped in and said that).

very good information to know

+3
(This post was last modified: 01-02-2020 08:14 PM by BandwagonJumper.)
01-02-2020 08:13 PM
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GoDownSwinging Offline
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RE: 560:1 payout on bowl game parlay
Just curious to see what your games were (if you don't mind sharing)? I did a few parlay's this fall all on money line games, but there was that one game that'll always get me (UNLV beating Vandy, Georgia State beating Tennessee, ARIZ St. beating Oregon, etc.) so I stop. I'm waiting for the state to finally release their online sports betting to the public..
01-02-2020 08:56 PM
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TigerTim Offline
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RE: 560:1 payout on bowl game parlay
NTR and pay your taxes
01-02-2020 09:13 PM
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Mimi Offline
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Post: #6
RE: 560:1 payout on bowl game parlay
Technically you are required to report any gaming winnings, although you are allowed to subtract gaming losses against them. You cannot take a net year loss against non gaming income

Reporting requirements vary. Most casinos generate a W2G for a single win of $1200 or more. That is why so many games have payoffs of 1195 or 1198, although as mentioned, you are still supposed to report that
(This post was last modified: 01-02-2020 09:29 PM by Mimi.)
01-02-2020 09:28 PM
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Alcalde2 Offline
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RE: 560:1 payout on bowl game parlay
(01-02-2020 08:56 PM)GoDownSwinging Wrote:  Just curious to see what your games were (if you don't mind sharing)? I did a few parlay's this fall all on money line games, but there was that one game that'll always get me (UNLV beating Vandy, Georgia State beating Tennessee, ARIZ St. beating Oregon, etc.) so I stop. I'm waiting for the state to finally release their online sports betting to the public..

Yea those parlays are hard to hit... really not since my poker days on sportsbook.com have I done them.. when I would have a good poker session and then make a $5 to win 10K 12 game parlay just to make it interesting...

My 9 gamer was:

Notre Dame -3.5
Penn State -7
LSU Moneyline
Clemson -2
Texas Moneyline
Alabama -7
Minnesota Moneyline
Oregon Moneyline
Georgia Moneyline


The payout was much bigger because Texas and Minnesota especially were getting about 2.5 to 1 on the moneyline bets....
LSU didnt add much as a moneyline pick but at the time i bet it i couldnt justify giving 13.5
01-02-2020 10:16 PM
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TigersSpin Offline
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RE: 560:1 payout on bowl game parlay
Congrats but what is this and why is it here?
01-03-2020 10:18 AM
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UOFMGLENN Offline
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Post: #9
RE: 560:1 payout on bowl game parlay
(01-03-2020 10:18 AM)TigersSpin Wrote:  Congrats but what is this and why is it here?

He is just happy. 02-13-banana
01-03-2020 11:02 AM
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fishman6581 Offline
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Post: #10
RE: 560:1 payout on bowl game parlay
(01-02-2020 09:13 PM)TigerTim Wrote:  NTR and pay your taxes

nerd
01-03-2020 12:41 PM
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WColt45 Offline
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RE: 560:1 payout on bowl game parlay
(01-02-2020 09:28 PM)Mimi Wrote:  Technically you are required to report any gaming winnings, although you are allowed to subtract gaming losses against them. You cannot take a net year loss against non gaming income

Reporting requirements vary. Most casinos generate a W2G for a single win of $1200 or more. That is why so many games have payoffs of 1195 or 1198, although as mentioned, you are still supposed to report that

But you can offset any winnings on your federal taxes with the same amount for losses. Its a loophole that not many people know about.

Edit... NVM I didn't read your comment at all where you posted that. I need a vacation.
(This post was last modified: 01-03-2020 03:09 PM by WColt45.)
01-03-2020 03:08 PM
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