Why Don't Vegas Sports Books take bets after Opening FanDuel Lines are announced?

**BOWLSZN** · 11-09-24, 11:29 AM

Cuz the books want to make money Pretty straight forward they want the line to be baked in already before offering

**BBSportsMan** · 11-09-24, 11:34 AM

It sure would be nice to have the opportunity to be the one "baking in" the lines...

**VeggieDog** · 11-09-24, 12:07 PM

You need to find a buddy in one of those states.

**BBSportsMan** · 11-09-24, 01:24 PM

Lots of issues trying use FanDuel through a Buddy.

FanDuel is very through, especially when it comes to withdrawals, in confirming that the owner of the account really resides at the address listed. They will cross reference your SSN to known addresses (much like a credit report). So, unless you really own a property in a FanDuel State, and it can be associated with your SSN, you can't use FanDuel.

If you want to use a buddy, it gets complicated. First, your buddy has to reside in a FanDuel State, with his SSN associated with that address. Second, you really must trust this buddy because you will have to turn over your $$$ to him/her for deposit into FanDuel. The owner of the account MUST make all deposits and withdrawals. There is going to be a paper trail - or CTR - of the transfers between you and your buddy.

Second, there are tax implications. Your buddy will be the one on the hook for the taxes that are reported by FanDuel. Is your buddy really willing to take on that responsibility? Not to mention opening themselves up to IRS scrutiny involving large cash/bank transfers?

Third, you buddy isn't going to do this for free. A free ride of 5% to 10% of all winnings is the norm compensation, in addition to the tax reimbursement.

I'm retired and have a son that lives in AZ. He's in a very high tax bracket, not to mention AZ has a State Income Tax. And, he is very Libertarian. He thinks doing this (getting Taxable Sports Betting Income) will put him on the IRS Radar. I wasn't able to reach a suitable agreement - even with my own son!

The only real solution is for FanDuel to become operational in Nevada/California. But, that just isn't going to happen for a long, long time - if ever. For the time being, Nevada/California residents are just SOL.

Sports Sharps have a HUGE (unfair - IMHO) advantage being able to bet the FanDuel Opening Line.

Is there something I'm missing?

**Sandybestdog** · 11-12-24, 09:36 AM

Not sure given the above posters language that they are even familiar with opening and using a domestic account. The deposit/withdrawal process is pretty simple once it’s all set up. This pretty much involves just sending statements and stuff showing all accounts involved are in the account owners name. There is no cross referencing ssn’s with addresses. There is no ctr as these are all non-cash transactions. You do not need to be in a “FanDuel state” to have a FanDuel account. I have many casino accounts in states I don’t live, including having a FanDuel account before they were legal where I live. You do not need to be in the state to deposit or withdraw, only to actually place a bet.

There are no tax transactions (including win/loss)reported by FanDuel to the irs except as required by law. This would only include a casino win of over $1200 on a single spin or a sports win of 300x the bet amount. Of course all wins and losses are still the individual persons responsibility but the irs wouldn’t initially have access to account records.

Lastly, I’m not a handicapper or “sharp” bettor. I don’t know about opening lines. But I do know that FanDuel is probably the sharpest book out there. They know what they’re doing. If they are posting opening lines they know how to manage them. Their limits are probably quite small during that period.