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Anybody Play Bestslips?

Topic closed. 15 replies. Last post 11 years ago by worksuxxx.

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Houston, TX
United States
Member #1762
June 30, 2003
26 Posts
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Posted: March 12, 2006, 9:20 am - IP Logged

I am interested in the Post Todd has up on this online lottery site for Pick 3. But would like to know if anyone here has actually tried it. Looking also for answers not in FAQ on this web site.

Question 1) How are you paid for winnings? Do they send checks to you, wire into your bank account or some other method?

Question 2) Can you play same set of numbers multiple times for same drawing. I like to play a set of 20 numbers sometimes 10-15 times for a given day to win either 10-15x's the win. example...20x15=$300.(boxed hit) win$80x15=$1200. (Bestslips win would be $2250)

Question 3) Playing boxed and winning even multiple hits for same day I show no winnings for tax reasons since under $599 rule with the State. Each ticket bears $80 only. If Bestslips would show a total $2250 win from Question #2, would they keep track of winnings and report those to IRS and give out W2-G's at the end of the year? Or would they calculate the win at $150 (any order) but just multiplied for how many same number sets I played. I love their payouts with respect to the State's but don't want the tax burden.

Any answers or knowledge shed on this subject will be greatly appreciated..

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    Columbia City, Indiana
    United States
    Member #2978
    December 9, 2003
    381 Posts
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    Posted: March 12, 2006, 9:54 am - IP Logged

    While I agree with your handle (at least in principle), I would encourage you to pay your taxes on all of your wins. The relatively few dollars you'll temporarily save by dodging won't be adequate to pay your attorney to defend you in federal court against the IRS, not to mention the interest and penalties they'll assess.

    Bad things happen to good people, but the chain of events usually begins when good people try to pull something like this.

     

    Come, Pinky; we must prepare for tomorrow night...

    Jim

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      Poway CA (San Diego County)
      United States
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      January 25, 2004
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      Posted: March 12, 2006, 10:01 am - IP Logged

      I am playing at betslips.com and do like most of what they offer.  I haven't played a number more than once, but from what I read you can play more than once if you uncheck or check (sorry I don't remember how it is worded) to allow duplicate numbers.  But once you have placed your bet, you can't come back later and play that number again, so do it the first time.

      I haven't won yet, so I can't say about getting the money, but I'm sure LottoMike will tell you!

      As far as the taxes...I do know about that.  Betslips is "offshore" and they do not report winnings to any government.  However, if you withdraw more than $10,000, the transfer to the United States must be reported.  So, don't take that much at any one time!  So, your winnings are tax free.

       

       

       

        gilla's avatar - radar

        United States
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        August 13, 2002
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        Posted: March 12, 2006, 10:12 am - IP Logged
        Q:What are the tax liabilities on my prize?
        A:There are only taxes withheld on prizes greater than $5,000.  If you win a prize greater than $5,000, Federal taxes of 25% are automatically withheld for USA citizens, or 30% for non-USA citizens.  State taxes vary from state-to-state, so we can only say you should be prepared for somewhere between 3% and 7% for state taxes.  Although taxes are always a big topic among lottery players, that is really all the information we have to provide to you.  There are other web sites on the Internet that deal with lottery prize taxes far better than we could!

        from FAQ on website.

        To whom and where are they withheld? and where does it go? It struck me to be funny.
           

            gilla

          Todd's avatar - Cylon 2.gif
          Chief Bottle Washer
          New Jersey
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          Posted: March 12, 2006, 10:14 am - IP Logged

          I think they're talking about a winning lotto ticket, not a Pick 3/4 prize.

           

          Check the State Lottery Report Card
          What grade did your lottery earn?

           

          Sign the Petition for True Lottery Drawings
          Help eliminate computerized drawings!

            gilla's avatar - radar

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            Posted: March 12, 2006, 10:21 am - IP Logged

            I thought they met with you and handed you those tickets, so no need for anything being withheld. (
            except their 1%. so don't play a ticket that would win over $5000.  and question above still unknown.

               

                gilla

              Todd's avatar - Cylon 2.gif
              Chief Bottle Washer
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              Posted: March 12, 2006, 10:26 am - IP Logged

              Whether you or they redeem a winning lotto ticket, the state will automatically withhold taxes either way.  I think their statement on their site is correct...

               

              Check the State Lottery Report Card
              What grade did your lottery earn?

               

              Sign the Petition for True Lottery Drawings
              Help eliminate computerized drawings!

                gilla's avatar - radar

                United States
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                Posted: March 12, 2006, 10:44 am - IP Logged

                Whether you or they redeem a winning lotto ticket, the state will automatically withhold taxes either way.  I think their statement on their site is correct...

                So don't play $1 straight pick 4 numbers, or multiple pick 3 numbers that would win over $5000? Again, automatically withheld by whom and where does it go?

                   

                    gilla

                  Todd's avatar - Cylon 2.gif
                  Chief Bottle Washer
                  New Jersey
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                  Posted: March 12, 2006, 10:51 am - IP Logged

                  gilla,

                  I guess you didn't read what I wrote.  I will quote from my message above:  I think they're talking about a winning lotto ticket, not a Pick 3/4 prize.

                   

                  Check the State Lottery Report Card
                  What grade did your lottery earn?

                   

                  Sign the Petition for True Lottery Drawings
                  Help eliminate computerized drawings!

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                    Poway CA (San Diego County)
                    United States
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                    January 25, 2004
                    14120 Posts
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                    Posted: March 12, 2006, 10:52 am - IP Logged

                    Worksuxxx was talking about Pick 3 and Pick 4.  Betslips.com does not purchase those tickets and since they are not in the United States taxes are not withheld or reported to anyone.

                    The other jackpot type games are different.  They actually purchase those tickets in the United States, so taxes are then a concern.

                     

                      gilla's avatar - radar

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                      Posted: March 12, 2006, 11:00 am - IP Logged

                      gilla,

                      I guess you didn't read what I wrote.  I will quote from my message above:  I think they're talking about a winning lotto ticket, not a Pick 3/4 prize.

                      I read it, so if Iplay $1 straight on pick 4 and win $9000, what happens? I play 345 six times straight and it comes in and I win $5400, what happens?

                         

                          gilla

                        Todd's avatar - Cylon 2.gif
                        Chief Bottle Washer
                        New Jersey
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                        Posted: March 12, 2006, 11:14 am - IP Logged

                        I think we did our best to explain - at this point I think you should contact them and ask them directly!

                         

                        Check the State Lottery Report Card
                        What grade did your lottery earn?

                         

                        Sign the Petition for True Lottery Drawings
                        Help eliminate computerized drawings!

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                          Houston, TX
                          United States
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                          June 30, 2003
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                          Posted: March 12, 2006, 11:23 am - IP Logged

                          Jim695, I am not trying to dupe the IRS... If my wins are under $599 every time no matter how many times I win by law I do not have to report. I could win boxed $80  100's of times a year and not have to report. But if I win any one time over $599 it is reported, which means my winnings are taxed. I am playing by their rules, and only wish to keep winnings to myself not to the government. So no I am not trying to dupe the system, only abiding by it.

                          I have found that you are unable to play multiple plays of any one bet. Therefore I am not interested in Betslips.com. I usually play a set of 20 numbers or so, every miss I double that bet for the next game to double the win and compensate my losses.

                          example 1 (let's assume $25 bets)

                          Bet            Running Total Played          Won            Profit

                          $25                $25                                $80                $55

                          $50                $75                                $160              $85

                          $100              $175                              $320              $145

                          $200              $375                              $640              $265

                          $400              $775                              $1280            $505

                          $800              $1575                              $2560            $985

                          $1600            $3175                              $5120            $1945

                           

                          example 1 (let's assume $20 bets) Best for profit if you can safely get down to 20 bets..

                          Bet            Running Total Played          Won            Profit

                          $20                $20                                  $80              $60

                          $40                $60                                  $160            $100

                          $80              $140                                  $320            $180

                          $160            $300                                    $640          $340

                          $320            $620                                    $1280        $660

                          $640            $1260                                  $2560        $1300

                          $1280          $2540                                 $5120          $2580

                           

                          Now fellow players, that is gambling... If you can't find 20 number sets to play and hit within 7 games then you shouldn't be playing.  For 25 sets of numbers to play out 7 games you will need $3175 in the bank to cover your plays spread out over 7 games. For 20 sets of numbers you only need $2540 to cover your spread out over 7 games. Sure the skips get scarey, but the closer to 7 games out before a hit makes you more money.

                            LOTTOMIKE's avatar - cash money.jpg
                            Tennessee
                            United States
                            Member #7853
                            October 15, 2004
                            11338 Posts
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                            Posted: March 12, 2006, 12:22 pm - IP Logged
                            Q:What are the tax liabilities on my prize?
                            A:There are only taxes withheld on prizes greater than $5,000.  If you win a prize greater than $5,000, Federal taxes of 25% are automatically withheld for USA citizens, or 30% for non-USA citizens.  State taxes vary from state-to-state, so we can only say you should be prepared for somewhere between 3% and 7% for state taxes.  Although taxes are always a big topic among lottery players, that is really all the information we have to provide to you.  There are other web sites on the Internet that deal with lottery prize taxes far better than we could!

                            from FAQ on website.

                            To whom and where are they withheld? and where does it go? It struck me to be funny.

                            i certainly understand the confusion factor here! this is why i've been betting quarters instead of dollars.

                              LOTTOMIKE's avatar - cash money.jpg
                              Tennessee
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                              October 15, 2004
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                              Posted: March 12, 2006, 12:39 pm - IP Logged

                              the question is solved i emailed them and they replied they do not report or take taxes from any winnings on pick 3 or pick 4 games.......only on the jackpot games......and one more thing no multiple bets on numbers.