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Thewyzewun · 13-04-2008, 16:21

Hi,

I currently share financial resources, tips etc with a few other advantage sports bettors and the constant flow of money between our accounts is a becoming a bit of a worry, as far as tax goes. How would we go about formalizing a gambling syndicate; presumably this would be tax exempt in the same way a National Lottery Syndicate, or Football Pools Syndicate is? If you're wondering why we don't just use our own accounts, we get limited pretty quickly for consistently exploiting weak lines and costing the book too much basically. We're also adding new members regularly, and sharing our financial resources with them. If this isn't the right forum to be asking about this sort of thing, anyone got any suggestions? I've looked into the manner in which a National Lottery Syndicate is run and its very informal; aside everyone signing to agree on a few points relating to a major win, formalizing their appointment of a manager (the National Lottery will only pay a single person for a win; they won't split it between the members, akin to how we operate except different/multiple people will be placing wagers and then putting payouts back into the pool, which admittedly is generally adminstered by myself.

Thanks very much

hoping there's people here doing this - I'd ask an accountant but I doubt few have come across this scenario before.

13-04-2008, 16:21	#1 (permalink)
Thewyzewun Newbie Punter Join Date: 13 Apr 2008 Posts: 1	Formalizing a Gambling Syndicate Hi, I currently share financial resources, tips etc with a few other advantage sports bettors and the constant flow of money between our accounts is a becoming a bit of a worry, as far as tax goes. How would we go about formalizing a gambling syndicate; presumably this would be tax exempt in the same way a National Lottery Syndicate, or Football Pools Syndicate is? If you're wondering why we don't just use our own accounts, we get limited pretty quickly for consistently exploiting weak lines and costing the book too much basically. We're also adding new members regularly, and sharing our financial resources with them. If this isn't the right forum to be asking about this sort of thing, anyone got any suggestions? I've looked into the manner in which a National Lottery Syndicate is run and its very informal; aside everyone signing to agree on a few points relating to a major win, formalizing their appointment of a manager (the National Lottery will only pay a single person for a win; they won't split it between the members, akin to how we operate except different/multiple people will be placing wagers and then putting payouts back into the pool, which admittedly is generally adminstered by myself. Thanks very much hoping there's people here doing this - I'd ask an accountant but I doubt few have come across this scenario before.