Someone bet $80k on Illinois -17 vs Akron

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A_Slab_of_Bacon

A_Slab_of_Bacon

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Betting comes up here from time to time. I thought that was interesting.
 

Interesting bet.

I don't see the angle on that one.
 

Not that I'll ever be in that position, but I'd never bet that big early in the season.
 




It was the only way to prove to G4L that he really believed IL would cover.


Sent from my iPhone using Tapatalk
 

One of the best rushing offenses in the country against Akron who was rated about 90th against the rush last year and lost their last 5 games badly.

I wouldn’t bet 80 grand on it, but no doubt in my mind I’d take ILL -17
 







If I am understanding it, he bet that IL will beat Akron by 17 or more? What would he win with those bets?
 




gopherguy06 said:
If I am understanding it, he bet that IL will beat Akron by 17 or more? What would he win with those bets?
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Correct. He's essentially betting that Illinois would still win the game if it started out with -17 points.

The odds I saw were -110, so you need to risk $110 to win $100. So if I did my math correctly, his $80k risked would win $73k roughly. There could be other factors in that which I don't know, maybe the bookie keeps some portion of the winnings no matter what as the operational cost of running the system?
 

Gophers_4life said:
There could be other factors in that which I don't know, maybe the bookie keeps some portion of the winnings no matter what as the operational cost of running the system?
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When listed as American odds, the vig is already factored in. So -110 means a $110 bet pays out exactly $100.
 

Are there taxes on the winnings? Maybe it depends by state. Or you're supposed to self-report.

Seems like the gov would just legalize it completely and tax it.
 

Gophers_4life said:
Are there taxes on the winnings? Maybe it depends by state. Or you're supposed to self-report.

Seems like the gov would just legalize it completely and tax it.
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Lottery winnings are taxed but losses can be deducted. So if you bet $100k at -110 and win, then bet $100k and lose, you're not paying on the winnings because you're at a net break even (slight loss with the juice, most likely, i don't gamble large enough sums for it to matter)
 

Gophers_4life said:
Are there taxes on the winnings? Maybe it depends by state. Or you're supposed to self-report.

Seems like the gov would just legalize it completely and tax it.
Click to expand...

i think for winnings between 1200 and 5000 the winnings get reported to the IRS and you get a filing doc, nothing taken out. over 5000 I think the IRS takes 24% up front
 








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