In the first case I've ever seen of its kind, a North Dakota man is facing misdemeanor gambling charges for online betting. He became a professional sports gambler almost two years ago, earning enough to support his family and building up a bankroll of over $300,000.
Unfortunately for him, he thought it was legal, and reported his winnings as taxable income. He also hired an accounting firm that specialized in gambling (although evidently not enough to advise him that he was breaking the law).
It sounds like he specialized in middles (an arbitrage play using multiple sportsbooks - see here):
After learning the nuances of sports betting, Trauman discovered he could improve his chances of winning by anticipating shifts in point spreads, or “middling.” Basketball was one of the first sports he wagered on, even though he didn’t know much about the game. It didn’t matter, he told an investigator, because he only worked off the spreads.
It will be very interesting to see how this case plays out. Link (registration required)
in the article about the north dakota man professional online gambler to face charges,how did the case play out? If he worked in the UK it would be legal and tax free.I'd like to get a hold of this man I live in the UK if you can get in contact with him give him my email address.THANKS
Posted by: paul on January 24, 2004 07:09 PM
in the article about the north dakota man professional online gambler to face charges,how did the case play out? If he worked in the UK it would be legal and tax free.I'd like to get a hold of this man I live in the UK if you can get in contact with him give him my email address.THANKS
Posted by: paul on January 24, 2004 07:09 PM
in the article about the north dakota man professional online gambler to face charges,how did the case play out? If he worked in the UK it would be legal and tax free.I'd like to get a hold of this man I live in the UK if you can get in contact with him give him my email address.THANKS
Posted by: paul on January 24, 2004 07:09 PM
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