Am I breaking the law...

[Segundo]

...if I make an agreement with someone who is not a bookmaker and I am not a bookmaker that says that I want the Braves at -135 and he wants the Mets at +135 and we agree to do business for 20,000$? I think that this is legal because there is no commission involved or something like that.

Also, if I win and go to collect the 20000 am I breaking a reporting requirement of not giving him a CTR to fill out because it's over ten grand? Again, here I THINK that this is legal because we have no bank or reporting institution involved, I just have to pay taxes on my win at the end of the year.

Anybody have an opinion/knowledge on this?

[AussieVamp2]

Probably still depends on where you live, as far as the laws go.

Pretty hard to catch you though

I think this loophole is how sites like betfair.com and betmart.com get to operate in the UK.

[Ronbets]

Any cash transaction over 10k is supposed to be reported. If not, technically you can be charged with moneylaundering. How will they know? Is your phone secure? Roll the dice, you'r a big favorite.

[Segundo]

Ronbets, I thought that you only had to report when an institution was involved in the transaction?

[Ronbets]

Anywhere, anybody. Just another weapon for the government. An example of persecution and prosecution using this law? Heidi Fleiss' dad, an aging dentist was charged with moneylaundering. This mans no more a criminal than you or I. Helping your daughter is a crime? The government used the law as leverage to convict and jail Heidi.