Formalizing a Gambling Syndicate

[Thewyzewun]

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.

[robert99]

There is some general info for lotteries below which might be adapted. A set of rules needs to be drawn up and enforced and it is better that the enforcer does not bet within the syndicate.

http://www.amazines.com/Organizing/a...ticleid=227508

[windyday]

Guys.

I am a member of a syndicate that bets on the correct score market in football using Betfair. We use one main trader that 'invests' our money in a system that has over the past 4 years produced excellent returns. I just began my own search today to see how i might be able to help reduce or even eliminate my own tax liabilities on my 'earnings'. I met with my accountant yesterday who has put me in touch with an ex-Inland Revenue employee that now operates as an accountant in Potters Bar, I am due to meet with him tomorrow. I'll hopefully have more information tomorrow, so watch this space...

Mark.

[ScottyXS]

Well by the looks of it Mark has just been silenced forever by his accountant

[Cassius Marcellus]

I just began my own search today to see how i might be able to help reduce or even eliminate my own tax liabilities on my 'earnings'.

When did Income Tax have to be paid on winnings?

[friskyfitz]

Originally Posted by Cassius Marcellus

When did Income Tax have to be paid on winnings?

It doesn't CM - I smell a touch of the old "Bull Droppings" in these posts!

reckon a spamming event may happen soon though!!

[Paul Ross]

Impossible to tax, because then people could put losses in as a tax saving expense too.