Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [gambling]

Gambling is the wagering of money or something of value (referred to as "the stakes") on an event with an uncertain outcome with the primary intent of winning money or material goods.

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I won a car in a poker game. How is that taxed in Canada?

For the sake of title transfer and taxes, is this a gift or a sale? This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway. I live in British Columbia, Canada. I don't know if this is…
user47387
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Tax on gambling winnings with social security number

My roommate told me that he met someone at an MGM casino who won $100,000. That person told my roommate that he does not have a social security number to turn his winnings into cash. He made a deal with my roommate to share the winnings 80-20. My…
jakson
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Hedging vs just betting less

This is a question from a layperson about the fundamental concept of hedging, with regards to investing, gambling, and any situation in which hedging is used to manage risk. I do not understand why hedges are used as a risk management tool. Could…
David Kennell
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Is it possible to get reverse life insurance?

So if you die the provider gets x amount from your estate but the provider pays you while you live? For arguments sake say I had a 1% chance to die in a given year I get £100 that year from a reverse insurance provider but if die in that year the…
red squirrel
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How can I gamble in a "lottery" by using financial instruments?

I noticed that some financial instruments have lottery-like payoffs. If that is really the case, I am planning to play the "lottery" using financial instruments instead of the lotteries organized by the gambling industry. Reasons for doing…
user102086
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How long to save losing lottery tickets?

I know I can write off losing lottery tickets (a) up to the amount of any winnings, and (b) provided I itemize my federal taxes. But does that apply only to losses in the same year as winnings, or can the losing tickets be carried forward so that…
RJo
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Why do casinos give away free stuff?

Many online casinos (I'm in Europe) give away free bets (mostly restricted to new players) or offer poker freerolls tourneys (to all players), where you can join for free or for 1c (to guarantee that players deposit some money) and earn some bucks.…
Quora Feans
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Can a IT Ltd company gamble and claim the losses as an expense?

As a UK Ltd company is it legally expected that an IT company might bet the companies money and then claim the losses as an expense against that tax year?
Jamie Hutber
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Reality show winner to Vegas bust, what's the math?

A friend won a reality show a few weeks ago. About $20k. They gave him all $20k and he has to figure out the taxes. Riding high on the money, he did what any beer drinking, pot smoking, god-loving American would do - go to Vegas. So he lost…
blankip
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Would gambling with a credit card negatively impact my credit score assessment?

To preface I do know that gambling is generally a waste of both time and money, and as such I do not gamble. Sometimes though I do match betting. For those that don't, know it is betting for an event to happen and not to happen on separate…
mega_creamery
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Gambling as geopolitical insurance

I am a British citizen living in Germany. I do not know the odds of any particular outcome of Brexit (and I'm not sure how to calculate any odds, as I don't have any relevant expertise in politics or economics). Nevertheless, I wish to defend myself…
BenRW
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Are there people who make a living of sports betting?

I know that the overall expected value of sports bet is negative, however this is not as straight forward a system as scratchcard for instance. I am not asking whether it is a good investment to put money in sports bet, I am just wondering if there…
PaoloH
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Expected Value for a casino sign up bonus

I live in NY, and recently online casinos have become legal, with many of them offering some pretty lucrative bonuses to sign up. For example, one such casino offers a 100% deposit match "first bet insurance", capped at $1,100. If you lose, you get…
AfronPie
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Can I mitigate lottery withholding tax by making an epic Vegas trip?

Lottery withholding taxes are quite substantial, and from my understanding of the federal tax regulations, gambling winnings can be offset by gambling losses up to the amount won. So if someone won 5 million dollars from a lottery ticket, and had a…
CQM
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Is the original wager included in sports gambling winnings for income tax purposes?

The IRS states that all gambling winnings are fully taxable, regardless of whether they are reported to you by the gaming operator on a W-2G form. However, in the case of sports betting, the cases where the operator must provide you a W-2G are…
Jason R
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