According to credible news reports, JoePaterno had good reason to suspect that one of his assistant coaches was sexually abusing children, and he never called the police. Attend a football game in any American college town, and you’ll see local fans who never went to college, working class guys treating their wives and kids to game day at the ol’ college.
Until yesterday, the most beloved father figure in American college football was Joe Paterno. Tony is passionate about helping men, and women, understand psychology and human behavior to improve their own lives. Reach Tony at 773-852-2234, firstname.lastname@example.org.
Maybe we can turn this into a learning moment for ourselves, because it happens to many of us. Our hearts and deepest sympathies go out to the victims.
Have we grown into the mature, adult, masculine men that we have a right to be? Or are we still acting out like boys?
Otherwise, we will “act out,” just like the boys on the Penn State campus, who are overturning cars because they have just learned that their “father” is really a deeply flawed man. Girls are everywhere. If you doubt the seriousness of all this, go to Google and read the news reports and the 23-page indictment by the Pennsylvania Attorney General. His ouster by the university’s board of trustees led to small-scale rioting, as passionate young Penn Staters, mostly young men, turned over cars and clashed with the campus police. In addition to editing and writing for MensPsychology.com, Tony helps train men at dating, attraction and career growth. The sad story of Joe Paterno offers us a lesson:. We’re learning and pursuing a career mission.
When we attend college as young men, football game day is a nexus all of the hope and possibility that lies ahead for us. This feeling stays with us for the rest of our lives. It will sear your soul when you learn about the abuse of young boys that occurred under Paterno’s watch. Everybody cheers for the athletes (gladiators) on the field who pummel each other in this violent, visceral sport in pursuit of victory. Psychologically, that’s exactly what has happened. The 84-year-old was unceremoniously fired as head coach of the Penn State University football team, where he had coached for 46 years.
As mature men, we can learn to “father ourselves.” Then, we no longer need to rely, psychologically, on fathers or father figures who are only human and who could let us down. A father or at least a father figure in our minds – the beloved old “Joe Pa” – has let us down.
In this instance, the downfall was particularly revolting. And when they do, it represents a chance for us to learn and become mature, grown up men. Watching news reports and hearing their chants – “Let Joe stay!” “Joe Pa must not go!” – I could feel their pain.
So where does that leave us? Where does that leave the young Penn Staters who are acting out, but who deep-down feel betrayed by a beloved father figure?
Tony Monterastelli, Editor-in-Chief, MensPsychology.com. He has an extensive background as a business journalist, newspaper reporter, and public relations executive. Even if we didn’t put on the helmet and pads for our school, most of us played a few downs with our friends during childhood, or we passed the football back-and-forth with our own fathers. Oh sure, he talked to other university officials about it, but nobody really did anything about it.
College football looms large in the lives of many American men. Going to college was a rite of passage for many of us, or even if we didn’t go, our parents wanted us to. And the sport cuts across lines of gender, race and class. There are parties. We got into college. We’re making friends. Our fathers let us down. The abuse continued. We are college football fans forever.
They found that four synchronized swimming sessions were oversold.
“We are exchanging their synchronized swimming tickets for tickets in other sports that they originally applied for,” a London 2012 spokesman said in a statement.
The newly-built Aquatics Center, with its giant wave-like roof, is located at the Olympic Park and will play host to synchronized swimming and other water sports, including swimming and diving. The majority of spectators for those events will be seated in two temporary wings that will be taken down after the Games, the committee said.
Story highlightsThe error affects four synchronized swimming eventsAbout 3,000 customers were told of the errorThe Olympics are scheduled to open July 27
London 2012 Olympic organizers said Wednesday they oversold thousands of tickets for the synchronized swimming events at this summer’s Games.
The London Olympics are scheduled to take place July 27 through August 12. Organizers last month contacted around 3,000 customers who had applied for tickets to the four sessions and told them of the error.
The committee said it discovered the error while comparing final seating configurations at Olympic and Paralympic venues against the millions of ticket orders placed. The Paralympics go from August 29 to September 9.
It was not immediately clear whether the committee discovered oversold tickets in other events.
Gere is one of cinema’s great walkers, graced with a suggestively predatory physical suppleness, and he slips through the movie like a panther. He ends up making a mistake that forces him to turn to an unlikely person for help.
The critics have chimed in on the new Nicholas Jarecki-directed film, with Rotten Tomatoes giving “Arbitrage” a very respectable 81 percent rating. The New York Post’s Klye Smith wrote, “And as for that so-called Oscar buzz for Mr.
Peter Debruge of Variety: “Between this cast and the conviction Jarecki brings to the table, the film feels incredibly accomplished for a first feature.”
Pictures: Richard Gere
Watch: Gere and Sarandon discuss their new film, “Arbitrage”
Pictures: Fall Film Preview 2012. All Rights Reserved. Gere and Sarandon previously appeared together on the big screen in the 2004 romantic comedy “Shall We Dance.”
(CBS News) Richard Gere is back in the shoes of an investor powerhouse, portraying fictional New York hedge fund magnate Robert Miller in “Arbitrage,” which hits theaters today.
AP Photo/Roadside Attractions
The 63-year-old “Pretty Woman” actor stars alongside Susan Sarandon and Tim Roth in the drama about a man desperate to complete the sale of his trading empire. He’s the film’s most deluxe item.”
See what else critics are saying:
Richard Gere in a scene from “Arbitrage.”
Peter Travers of Rolling Stone: “Richard Gere’s performance in the sinfully entertaining ‘Arbitrage’ is too good to ignore…he is at the peak of his powers.”
Christy Lemmire of The Associated Press: “Gere is so charming, so irresistible when he’s on top of the world – when he’s got all those plates humming in unison – that he kind of makes you root for his character to get away with it all.”
Mary F. Gere, allow me to apply a little buzzicidal ointment. Pols of TIME: “The main reason to see ‘Arbitrage’ is Gere, whose steady improvement with age (he just turned 63) is not remarked upon enough.”
Roger Ebert of The Chicago Sun-Times: “Hitchcock called his most familiar subject ‘The Innocent Man Wrongly Accused.’ Jarecki pumps up the pressure here by giving us a Guilty Man Accurately Accused, and that’s what makes the film so ingeniously involving.”
But not everyone agrees. But why grade on a curve? Every episode of ‘Law & Order’ I’ve ever seen has a more complicated and plausible plot, punchier dialogue and more New York authenticity, all in less than half the time consumed by this poky would-be finance thriller.”
Gere has attracted attention for his acting in the film, with Manohla Dargis of The New York Times noting, “Mr.
Kyle Smith of The New York Post gave it 2 out of 4 stars: “‘Arbitrage’ is a decent enough way to spend your time compared to, say, waiting on line at the grocery story
I compare them with a little list I’ve come up with. That can actually make a difference sometimes.
I never play two dogs to win if they’re evenly matched. You don’t want to bet them both. Then, if they’re still evenly matched, I look for the one thing that indicates that one of them is more likely to come in this time.
If I look at all these factors and can’t find any significant differences, there are two options that I see.
Usually, when I handicap greyhound races I don’t take minor factors into account. If one of them is 3 yrs old and the other is older, I’ll go with the younger dog.
First, I look at their class, running style, post position in this race as compared to their last race, post position that they like and whether they’re in form right now. That would be betting against yourself. If there doesn’t seem to be any difference between them based on those things, I look for any little thing that one has going for it that the other doesn’t.
If you handicap by picking the best dog out of 8 in a greyhound race, there’s a common problem. So what do you do?
I’ll look to see if either of them has won a race by several lengths recently, gained position on the leaders in a fast race or is from a kennel that is burning up the track at the moment. Many times, there are two dogs that look just as good. But when it gets down to two dogs who are evenly matched, I look at things like age, kennel standing, time of their last race etc. Check for any advantage one has over the other and if there isn’t one, play them in a quiniela or don’t play them.
There are a few options, but this is the one that has worked the best for me over the years. Or I can play them in a quiniela, which is what I usually do.. There are some other rare situations when I play two dogs to win, but this isn’t one of them and I don’t recommend it. I can lay off the race and find another race I like better. I even check to see if one of them has had more days between races than the other
“I created a very expensive lifestyle. The banks wanted their money back,” he said.
But first Walker had to figure out how he went from fat NBA paychecks to financial rock bottom.
The hope is that these “real-life parables” from Walker and Scott will educate the younger athletes, Drew Hawkins, head of Morgan Stanley’s global sports and entertainment division, told CNNMoney. Despite pulling down more than $108 million during his career, Walker filed for Chapter 7 bankruptcy in 2010, just two years after retirement. He’s working on “Gone in an Instant,” a documentary about his personal boom-to-bust tale. “It ended up being an open ATM throughout my career.”
He also lost large sums of money gambling, although Walker insists this wasn’t the main cause of his financial collapse and that media reports are overblown. He estimates he helped about 30 people move to “better situations.” He gave cash to many of them — often without holding them accountable. A year later he pleaded guilty to felony bad check charges, according to court filings.
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Thanks to his on-the-court success, Walker made more money playing the sport he loved than he could even dream of when he grew up in a poor Chicago neighborhood.
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As if that wasn’t bad enough, Walker had unwisely put up his personal financial portfolio as collateral.
2) Think about the future, not just the here and now. It’s sad to see other guys work so hard throughout their life — and then they just lose it in two or three years.”
That’s why Walker, now 38, is now working to steer young athletes away from the mistakes he made.
But like many professional athletes who experience a sudden explosion of wealth, it was all gone in an instant. You can’t do that,” Walker said.
Related: Tiger Woods is THE worst highest-paid athlete
Real-life parables: Now that he’s out of bankruptcy, Walker is working to educate future sports stars. “Be prepared to use that word a lot,” he said. The economic chaos caused the implosion of Walker Ventures, his Chicago real estate firm. He ended up being forced to pay back about $20 million to banks.
Advice for today’s stars: Walker has two simple pieces of advice he hopes the younger generate walks away with. Walker didn’t serve jail time due to a plea agreement, but the former NBA star was ordered to pay off gambling debts.
Related: Andy Roddick: Safe investments can be sexy
Real estate firm goes bust: The real catalyst, Walker said, was the Great Recession.
Given his humble beginnings, Walker wanted his friends and family to enjoy his riches as well. “You can still enjoy your life to the fullest, but let’s preserve some of that wealth for your kids — and for their kids,” Walker said. Instead of thinking about the future, he spent lavishly on cars, jewelry and homes.
1) Get the word “no” in your vocabulary when dealing with friends and family.
Related: Ex-NFL star: ‘I had to start over and pick up the pieces’
Cars, jewelry and homes: As with many other sports stars, instant wealth meant instant luxury for Walker.
“I thought I was set for the rest of my life,” Walker told CNNMoney. Walker quickly became a basketball superstar. That’s how you lose your wealth real bad at the beginning,” Walker said. It went bad. “My story is sad.
Walker filed for bankruptcy in 2010. He was named to the All-Star team three times and won the top prize in pro basketball with the Miami Heat in 2006.
“These individuals are forced to make decisions as teenagers and these decisions impact them for a long time,” said Hawkins. We had a ton of undeveloped real estate. Walker and former NFL linebacker Bart Scott recently teamed up with Morgan Stanley Global Sports & Entertainment to bring real-life lessons to today’s players.
CNNMoney (New York) First published July 24, 2015: 9:29 AM ET
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Before the age of 20, he had won the NCAA basketball championship and was selected by the Boston Celtics as a top pick in the 1996 NBA Draft.
“I gave them whatever they wanted and spoiled them.
As part of his gig with Morgan Stanley, Walker recently spoke to athletes at Boston College and the Seattle Seahawks about his mistakes
As the typical trade in sports arbitrage sees a compounding rate between one to five percent, this means that investors can quickly generate the kind of income that quickly outstrips their primary salary. After all, you’re competing against professionals who trade for a living, which is enough of an intimidation factor. Can you say the same for traditional investments in the stock market?
By: Desmond Jenkins
Article Directory: http://www.articledashboard.com. Whoever thought of that system, anyways?
Don’t let this incredible business opportunity pass you by – especially if you’re new to the world of online investing!
As a new investor, the world of online investing and trading might seem to be a hostile one at first. Welcome to the world of sports arbitrage!
Are you ready for the rundown on sports arbitrage? These investments are a low-risk, high yield operation because investors find price differences in the market, then use those differences to earn a substantial profit. The more capital an investor sinks into a trade, the more that trade then compounds. The generous income that both new and experienced investors see in sports arbitrage derives from the compounding rate of the trades.
To learn more about how sports arbitrage can earn you the kind of online income that you’ve dreamed about, visit CSI Arbitrage today!
As icing on the cake, the yields from sports arbitrage are tax-free, so that healthy bottom line your portfolio is seeing won’t be penalized just because you’re good at what you do. Add to the fact that you’ll have to constantly monitor your trades, and it’s enough to make any novice investor want to pull out his hair in frustration!
Yet there is an incredible business opportunity for new investors that will not only add a healthy bottom line to their portfolios – it’s relatively low-risk as well. Additionally, it’s important to note that sports arbitrage has always seen compounding rates between one to five percent, even during the market’s worst times
There are almost an infinite number of scenarios that can happen in a single football game. “Squares usually bet later in the week and they tend to pick the favorites. They use powerful computers that can process millions of bits of data and produce a more accurate point-spread line than the bookmakers.”
“The biggest mistake that amateur bettors make is they increase their bets when they are losing,” Sevransky says.
“A square is the average, unsophisticated gambler whose decision making is based on hunches, media manipulation, or spurious systems that cannot overcome the bookmaker’s inherent mathematical advantage,” Konik explains.
And where does all that money go?
But that doesn’t mean you have to bet like a “square” and throw away your hard-earned money.
6. Bet at the Right Time – “The sharp bettors tend to bet underdogs, and they tend to bet them early,” Moseman says. “If you become an expert on a smaller conference like the WAC, you have a good chance to beat the house because sports book operators do not have the time or resources to follow this conference the way you can. Avoid Exotic Bets – “For very skilled handicappers, with a proven track record, there can, at least in theory, be value in betting parlays,” says Gordon on the type of bet that combines two or more individual wagers.
Ted Sevransky, a well-known Las Vegas gambler and sports consultant with Sportsmemo.com, agrees.
5. Giving 11 to 10 odds is almost always the cheapest price you can give.”
9. He loses year after year, according to Dan Gordon, a top football handicapper and author of How to Beat the Sports Books (Cardoza Publishing 2005). There is a wealth of information on the Internet; it is just up to you to find it and research it daily.”
3. On college you will be able to find different lines at different sports books. The only touts bettors should consider are the ones who talk about the long haul and realistic winning percentages, which are in the upper 50 percent to lower 60 percent range.”
8. “Because alcohol clouds your judgment and usually helps you to make rash decisions you usually wouldn’t otherwise make. Focus on Conferences – “The best way to win money betting football is to develop a niche and follow it closely,” Moseman advises. “When you’re in a good rhythm and winning, you want to increase your bets.
“A sharp or smart has a plan of what he wants to do,” says Vaccaro, the director of sports operations and public relations at Lucky’s Race and Sports Book in Las Vegas. To be a successful sports bettor you need to operate with a clear mind.”
Also, it’s probably a good idea to disregard advice from the myriad of ex-players and football experts you see on television each week. In fact, sports bettors must pick 52.4 percent winners just to break even.”
While these tips don’t guarantee you’re going to win, hopefully they can make you a little less square and a little more sharp in your picks this season.
Even Hollywood is not immune – think Two for the Money with Al Pacino and Matthew McConaughey.
Certainly not back into the pockets of the average bettor. “Over the course of several seasons, the percentage of bettors who turn a profit is minuscule.”
Moseman agrees and especially likes home underdogs. “In the NFL, a game will often be totally turned around by one or two plays, or even a single penalty. If you want advice about sports betting, find someone who has a successful track record. If North Texas is his best bet on a Saturday then that is his bet. But, when you’re struggling, that’s when you want to reduce your bet size until you get out of your slump. “The sharps are usually members of a betting syndicate privy to the most up-to-date information on injuries, weather, game plans, and, most important, the real power of the teams involved.
So, how much are we gambling each football season?
Although exact figures are impossible to calculate, according to Jimmy Vaccaro, widely considered to be Las Vegas’ most influential bookmaker, Americans probably wager more than $50 billion a year on NFL and college football combined. If you like an underdog, it is best to get your bet in as late as possible, where there is heavy action from squares on favorites. Drinking and Gambling Don’t Mix – “There is a reason the casinos in Las Vegas supply you with free drinks while you are gambling,” Moseman says. Otherwise, you’re better off doing your own research.”
“Most people with an understanding of football gambling bet between 3 percent and 5 percent of their bankroll, increasing when they win and reducing when they lose,” Vaccaro says. “He is not jaded by teams and does not bet with his heart. “In trying to bamboozle potential customers, many services make claims about having scouts all over the country that give them inside information and promise 70 or even 80 percent winners, as if the bookmakers were the biggest suckers in the world. These books change their numbers according to the betting patterns of their customers, so it is not entirely uncommon to find two or three point differences in the lines.”
Michael Konik, a sports writer and best-selling author of The Smart Money (Simon & Schuster 2006), explains why it is so hard for the recreational gambler to win at betting on football. Locks Don’t Exist – “Anyone who has watched sports for about a month realizes that the difference between winning and losing, especially against the spread, can be infinitesimally small,” Gordon says. Money Management – “This is without a doubt the most important aspect of betting on sports and possibly the most neglected,” says Morey “Doc” Moseman, a professional gambler and sports consultant with DocSports.com for nearly 40 years.
So, how much should you bet a game?
“There is probably no better bet in sports than playing an underdog at home,” Moseman says.
1. “Teams play inspired ball at home.
2. Big underdogs often find ways to cover the spread and they rarely give up toward the end of a game in front of the home crowd.”
But even though the math says it’s virtually impossible to win on a consistent basis, Americans continue to bet on football. “As for me, the best bet in football is betting the point spread or over/under totals on individual games.
Newspapers and popular sports sites routinely publish the lines or point spreads for games, and football insiders offer their picks to viewers each week on ESPN and other cable networks. “Thus, the bookies love and cherish the squares.”
“A square or recreational player might have a vague plan, but after two Corona’s he will definitely run to the window and make a hasty decision on the USC-Notre Dame game because he wants to be involved in the party atmosphere,” Vaccaro says. The payout is just the same as far as he is concerned.
Betting on football games; whether it’s through a local bookie, an offshore Internet site or a Nevada casino (still the only legal place in America to make football bets), most of us have done it or know of someone who has. Consider Underdogs – “In the long-run, it’s easier to win betting on the underdog,” Konik says. He is not taken in by being involved in USC-Notre Dame just because it is the biggest watched game of the day. “For example, if you have a $1,000 bankroll for the season, you should generally bet no more than $50 a game.”
So, is it possible for the average square to become a little sharper in making football bets this season? According to professionals like Vacarro, Konik and Gordon, amateur bettors have the best chance to win if they demonstrate a little patience and follow the 10 basic tips below. Research Football Services – “Most sports services realize that most people who sign up with them are insecure,” Gordon warns. Thanks to the juice, the only one who profits in this scenario is the bookmaker. Oakland comes to mind) seem like the Super Bowl. The only locks that exist are those that need keys to open them.”
7. “Common wisdom says that over the course of a long football season the average man or woman will pick approximately 50 percent winners. And why not? We have unconditional love for the sport and betting $50 or $100 on a game adds an extra rush of adrenaline. Also, being “in action” can make a dull late-afternoon game (Buffalo vs.
“The talking heads on TV know nothing about sports betting,” says Sevransky. “The key to proper money management is to be sure not to bet more than you can afford to lose.”
“The standard bet requires gamblers to lay $11 for every $10 they want to win with the extra $1 or 10 percent known as the juice,” Konik says.
And remember, in the immortal words of “Fast” Eddie Felson, “Money won is twice as sweet as money earned.”
Another difference between squares and sharps is how they approach betting on game day.
However, Konik adds that there are some bettors who actually know how to beat the bookies. “If you listen to their advice, you are sure to lose. Slim underdogs regularly win outright. The NFL, for example, will have very similar numbers at most of the betting shops you visit. “Most people prefer to bet on the ‘better’ team, the one that will probably win the game. Chasing losses is the fastest way to the poor house.”
4. So underdogs tend to be slightly undervalued – except by the sharps.”
. Avoid Chasing Bets – “Don’t do it! There is no worse way to mismanage your bankroll than to chase your bets after a losing day,” cautions Moseman on the dangerous practice of trying to immediately win back your losses. Not all games work according to this formula, but it is usually a good rule of thumb.”
“In an average season, fewer than one bettor in twelve turns a profit,” Gordon says.
“The bookies fear and despise a tiny coterie of professional bettors known as ‘the sharps,’” Konik says. If you are going to go with a favorite, it is best to place your bet early in the week when the sharps are laying heavy money on the points. “There will be more discrepancy in the numbers at different sports books. Shop For Numbers – “Another important aspect of betting on football is shopping for the best number,” Moseman explains
According to Fox, if you’ve got gambling income and losses, you probably don’t want to be from Hawaii, New York, Ohio, Wisconsin, or a handful of other states, because they have various rules which either disallow gambling deductions or subject them to alternative minimum taxes, or add extra taxes onto gambling businesses. At least you’ll cut down on travel expenses.
– Pros get big write-offs. And the Internal Revenue Service agreed to a tax court decision that will allow professional gamblers to take big tax losses.
Here’s what you need to know if you enjoy the games of chance and want to save money on your taxes.
By Linda Stern
But whether the people who spend money on those ‘opportunities’ can actually cash in on the tax breaks that might be associated with them is another question.
. And only the pros can take tax losses for their expenses.
Fox and other analysts do believe that the administration’s new position will eventually lead to many more legal games and gambling opportunities. It’s very hard to prove that your gambling activity is a business. “Gambling winnings are always taxable income,” the IRS notes. unfair toward gambling,” says Russell Fox, a Las Vegas tax expert who prepares the returns of poker aficionados, horse bettors, slots players and more. Linda Stern can be reached at email@example.com; Editing by Gunna Dickson.; Linda Stern tweets at www.twitter.com/lindastern.; Read more of her work at blogs.reuters.com/linda-stern)
– The fantasy leagues are still operating in the grey. — Some states are better than others. The law, which regulates online gambling — the Unlawful Internet Gambling Enforcement Act of 2006 — specifically carves out fantasy leagues as a protected activity. If you win a bunch of money, but aren’t a pro, you can only deduct your losses up to the amount that they zero out your winnings. If you are deemed a professional gambler, you can deduct more than you make, producing losses that can reduce your tax bill significantly. That enables them to reduce that taxable income by the amount they bet or spent on participating (as long as they don’t create a loss.) But proving you are a professional fantasy sports player? “I seriously doubt it,” says Fox. Some states disallow gambling losses, or subject them to their state’s alternative minimum tax rules. and I could add many more ‘verys’… But the tax court agreed with the IRS’s claim that he wasn’t really running a gambling business, largely because he had a day job as an X-ray technician that supported him, and because he wasn’t running his gambling business in a businesslike manner. Then you can also deduct your expenses, such as travel costs, tournament fees and the like. If you really enjoy gambling and have other income coming in, and don’t keep good records, you’re probably just going to be considered a recreational gambler, even if you recreate a lot, says Fox.
Does that mean you can now write off all those Knicks games and bar nights you and your fantasy league buddies attend? What about the Vegas sprees that support your habit? Sorry, not so much.
– You can win, but you can’t hide. tax court disallowed the claim of a taxpayer who spent much of his spare time playing the slots, winning $25,534 in the process. The good news for people who field their own fantasy football, basketball or baseball teams is this: It’s usually legal to do so. But Florida has outlawed fantasy leagues. The bar is higher for a professional gambler than it is for a professional painter, babysitter, dogwalker or eBay merchant, Fox suggests. As recently as July of this year, the U.S. Of course Nevada’s kind to those who play (or work) at gambling, so living in Las Vegas instead of traveling there may always be an option. That includes the $250 you get if you call the final four right in your office NCAA pool, and the amount you win when the players in your fantasy football team have a good week.
WASHINGTON In the waning days of 2011, the federal government has handed gamblers two gifts. If that results in a gambling business income that is a negative number, you can use that negative number to reduce any other taxable income you may have.
(The Personal Finance column appears weekly, and at additional times as warranted. And they appear in different places on your tax return, so anyone who doesn’t itemize their deductions will lose out. Fox is an enrolled agent — a special class of tax preparer that qualifies him to represent clients before the Internal Revenue Service.
– Of course, there’s a catch. The Justice Department cleared the way for states to start legalizing online poker and other online betting games. Some fantasy players are getting 1099 forms listing their winnings. He claimed betting losses of that amount plus expenses of $15,455. And whether they are businesses is a whole other question that doesn’t seem to have been tested. “You have to prove it’s your livelihood, and that’s hard to see.”
The main limitation, from Fox’s point of view, is that the IRS distinguishes between recreational and professional gamblers — and only pros can take lucrative tax losses for their expenses. The IRS has a checklist of behaviors that it looks at to decide if something’s a business, and having fun is on it. “Maybe five years from now, you’re going to see a number of new games online; many of them have yet to be invented,” said Michael Pollock, managing director of Spectrum Gaming Group, a research and consulting firm.
– Hobbyist gamblers don’t get the same breaks. You still have to take the income as taxable, but you’ll lose the deductions.
“The tax code is very very very… Here’s how: You’re allowed to take as much in gambling losses (the actual amount you bet and lose) as you won