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Can you really win money on online casinos?
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[New to Online Gambling]: Do online casinos change their algorithms for card games when you win a lot of money?
If you consistently rake in good money would it not be prudent to say that the online casinos would change the algorithms because of this?
If I find an edge or consistently profitable strategy I'm wondering if I should not push it too hard on a monthly basis for one online casino in case they change their algorithms and my edge is lost.
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Colorado online sportsbooks will report 1099s to IRS of your winnings >$600 and you can't deduct losses from AGI. Wondering if in-person bets will require an 'account' for the casinos to track us and report to IRS? If not, in person betting is better than mobile it seems.
Update: To anyone reaching this post late, I have good news. I misinterpreted
what I was reading from fanduel and draft kings. The 1099 reporting of $600 or more only relates to daily fantasy sports.
Now that they have legitimate sports books, sports book winnings are
NOT reported to the IRS unless you win a bet at 300-1 or more odds, and in that case a W2-G would be given to you and the IRS. And if that 300-1 or more win is $5k+, the sports book is also be required to withhold 24% on you're behalf and remit that portion to the IRS upfront. Pro-tip: Don't be betting 300-1 or more long shots anyways.
All of this being said, even wins that aren't required to be reported to the IRS from the sports book via a W2-G, you are supposed to nevertheless claim the wins as income anyways which probably no one is doing. Talk to your accountant or tax advisor. Just be careful and personally, I still like in-person bets if you can make it to the casino sports book in Cripple Creek/Black Hawk/Central City because then you're dealing with cash rather than documented bank transfers to and from sports books.
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Do you have to declare gambling winnings from overseas online casinos?
So I know you don't need to declare or pay tax on gambling winnings in Australia, but does this include winnings from overseas online casinos? I can't find an answer to this anywhere.
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