Tavasco Wrote:
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> Socalman3 Wrote:
> --------------------------------------------------
> -----
> Your points about churn are valid imho but there
> is not an intelligence pre-requisite for
> lawmakers so we end up with stupid laws and
> regulations.
>
> (b) accept the change and then
> > adapt to the new world (for me, this means only
> > playing in a format that leaves no record, or
> only
> > playing tournaments
>
> I want to add technically it is the taxpayers
> responsibility to report winnings from gambling.
> Whether it came from a tournament or live at the
> track.
>
> Yet regarding ADW's only U.S. based ADW's are
> required to provide W-2's. Offshore ADW's have no
> such requirement and do not. I repeat - do not
> report winnings which are available in crypto and
> can be anonymous as well as accessed via VPN.
>
> Wondering how many of us can expect EOY W-2'for
> our 2025 action?

I wouldn't expect anything for 2025 action as the new rules will only apply for 2026.

The reason to play tournaments is that it will dramatically reduce "Gambling Winnings" not that you should not report something. If you play feeders for the BCBC or the NHC - you don't win any money....you win an entry to another tournament - at the NHC, you only have winnings if you cash in the end. For the BCBC, you churn for the whole breeders cup...your "winnings" are not your cashes but what is net left in your account at the end. I only plan to play feeders into the largest tournaments and only very large tournaments. My handle will go way down and so will my cashes. My potential tax bill will be minimized. The big loser from this is going to be the tracks - they will lose the money in their handle from me and players like me.

I will bet untraceable live cash at racetracks/casinos - but becuase I need to be physically present, my action will be way lower than it is when I am betting in Living Room Downs. Again, the tracks are the big loser here.