is it illegal

[mojo582]

Is it illegal to place bets on offshore accounts from the US?

[<bw>]

There are no laws on the books stating such, in the majority of the states.

Most laws regarding gambling refer to those taking bets, not making them.

There are really no cases on record specifically involving someone who merlely places a bet offshore.

[dave1]

[quote]Originally posted by mojo582:
Is it illegal to place bets on offshore accounts from the US?

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as far as i know,HELL NO

[Checkers]

except nevada

[Omni]

Is it illegal? Well, some elements of our own government try to tell us all that it is. I looked at this issue very carefully before I opened up my offshore accounts, and this is what I've been able to figure out..

In a strictly legal sense, it all depends on your interpritation of the federal wire act. I won't quote the whole thing here, but what it says is that you can't "knowingly use a wire facility" to place bets here or in a foreign market (a foreign country). This is shakey legal ground as far as applying the use of the Internet as a part of the definition of using a wire facility. There are some in Congress who what to pass a law to expand this definition to specifically include the Internet, and erase all doubt as to whether or not it is a legal activity.
This is only the pure legal statis of the issue. In the real world, NO ONE has ever been prosecuted for placing a bet over the Internet. They'll go after the taxes, though, if you try to be sneaky and get caught. But their main priority is the to go after those who run the offshore establishments (like Jay Cohen). As laughable as it may seem, according to our US government the offshore opperators are commiting a crime in the US when they take bets from overseas, where it is legal.
The absolute bottom line is this. There are a few people who try (and succeed) in making a lot of noise about the legality of betting over the Internet. But they'll never go after individual bettors. Why?

Because they vote!!

[Dragon]

I think they have bigger fish to fry than to worry about going after a few online gamblers.

[bucky]

So if the player puts offshore gambling income on his tax report - you don't expect any problems?

[jrollo]

I would check with your accountant how to put that on your taxes. Also I wouldn't say there are only a "few people" offshore gambling. There are tons of people doing this. I could never understand why you can buy lottery tix (50% return from the state) or go to Vegas and gamble, but this is an issue. Some will argue regulation, but then these companies should be regulated, that is all. Kyl from Arizona is the biggest proponent of banning online gambling.

[Dragon]

Bucky, it may increase the likliehood of problems but then it may not. You have to consider how many tax returns are looked at each year. It's a long shot I would guess.