Betting As A Group -- Legal?
 

Hello Everyone,

Would like to get your opinion(s) on something I have been hearing a lot about recently ... betting syndicates, or betting clubs.

I'm not talking about the "official" syndicates such as the BrisNet Player's Pool ... what about a group of guys (gals) pooling their money in hopes of winning a Pick Three, Pick Four or Pick Six?

What about 4-5 guys with a thousand dollars vs. one of the big sydicates with an unlimited bankroll that goes chasing the big Pick Six's in California, New York, etc. Is there any difference?

I know it goes on every day, but is it "technically" legal? I've heard some say it is and others say it isn't because "you can't legally make a wager with someone else's money."

I've even heard it said that the person who makes the final decisions (every group has one) and ultimately makes the wagers is technically "booking bets" and running an "illegal gambling operation," even though he is legally making those wagers at a racetrack or legal online account wagering service.

Any thoughts?

A bookie (a person booking bets) sets odds for each horse, accepts wagers at those odds and pays out from the pot of money he collected from bettors over time. In the pari-mutuel system, odds are set by how much is bet on each horse and the payout comes from the pool that everyone has bet into. If you give a friend $10 and ask him to put it on a horse in the 5th, he is acting as your messager taking the bet to the window, something that some tracks now provide for their high rollers. If a group of friends pool their money and decide on a bet, the designated bettor is acting as a messanger for the group. If the messanger pockets the money and doesn't actually make the bet, he is in effect 'booking' the bet, since he has decided that the likelihood of it paying off is so small as to be neglible. But then he would have to face a mob of surly ex-friends if it hits, even for a conso. <grin>

boy, I dunno. Anyone w/ legal experience in this example? Im not sure it's legal to even place a $10 bet for your friend.

Didnt one of the college football coaches (Neuheisl??) get into trouble on a friendly March Madness tournament?

Exactly ... a very "gray area" to say the least.

This is definitely not illegal in any way. . .

That had more to do with possible NCAA infractions.

I'm pretty sure it's legal (at least in N.Y. the undisputed champ of stupid laws). You can get a special tax form if you do this and hit so that one person doesn't get socked with the whole tax hit. Last fall a friend and myself split a super ticket at OTB (my picks), it hit for 3 large and not only didn't the OTB have the form I requested but they never heard of it (IRS form 5754 so everyone gets their own W2-G). After calling the main office (who had heard of it) they just gave us each our own W2-G with my 2000 on mine and his 1000 on his. It wasn't 50-50 because they were MY picks. So long as it adds up to the entire winnings they didn't seem to care. I wish I had them withhold because between that and my big Derby winnings last year I'm getting creamed.

Just show losings up to your winnings and youll be fine:)

It is 100% legal to co-sign for tickets. I hit a Pick-6 in my account at NYRA a couple of years ago and everybody ended up signing for their respective shares. It's no problem at all.

OK then. Who's setting up the Pick6 Carryover Partnership?

Simple $500 buy in....

Most of my play (98%) is on a phone account and I heard if I claim my losers I would have to claim ALL my winners then it wouldn't help much because I showed at least a small profit at every meet except the Inner Dirt where I got hammered for the first time in 3 years. So much for being easy, HAR HAR. . I hope I wasn"t mislead about the claiming process, but that's what I get for waiting til the last minute.

This interest me, tremendously!

I've driven 10 hours, I need some dinner, back later to ask some questions.