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babygrenade t1_j1zb4lw wrote

Reply to comment by [deleted] in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne

Offshore sportsbook and remittances?

The value add (for me at least) with my sportsbook was that it's cheaper than other options (credit card has a 9.75% fee, echeck has a 4.5% fee) and faster than the only other free option for payouts - waiting for a check. Bitcoin has no fee other than a network transaction fee and goes through in 10 - 30 minutes.

For remittances - It's faster and cheaper than maybe a traditional service like Western Union, but definitely not some of the newer services, like the one I linked.

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sirzoop t1_j1zbtpq wrote

>Offshore sportsbook

It uhhh....sounds like you are trying to justify money laundering. Why are you using an offshore sportsbook that makes it overly complicated to deposit USD?

>For remittances - It's faster and cheaper than maybe a traditional service like Western Union, but definitely not some of the newer services, like the one I linked.

The alternative is just sending them fiat currency. If they are able to set up a crypto wallet they are able to set up an online bank account and accept payment. I'd argue this would be cheaper than paying gas fees and it only takes 1 day to transfer fiat currencies.

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Thirdwhirly t1_j1zcm82 wrote

Totally different. He’s just avoiding taxes and fees. /s

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babygrenade t1_j1zcmnx wrote

How is using a sportsbook that happens to be in another country anything like money laundering?

There also aren't US based online sportsbooks available in my state and there certainly weren't 10 years ago when I first started betting with this sportsbook.

>I'd argue this would be cheaper than paying gas fees and it only takes 1 day to transfer fiat currencies.

Have you ever sent a bank wire? They take a day to several days to clear. International takes longer.

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mnyc86 t1_j1zdg89 wrote

If it’s not available in your state it’s also illegal to do offshore

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sirzoop t1_j1zcw05 wrote

>How is using a sportsbook that happens to be in another country anything like money laundering?

Because it is illegal in the state you are in and you are trying to avoid the regulations?

>There also aren't US based online sportsbooks available in my state and there certainly weren't 10 years ago when I first started betting with this sportsbook.

See above

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babygrenade t1_j1ze6kp wrote

Money laundering is specifically trying to obfuscate the source of money. So not at all the scenario here.

According to state law it's illegal to operate games of chance in my state, so I'm placing bets outside of my state.

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sirzoop t1_j1zegtk wrote

So you are literally admitting that you are breaking the law, trying to get around the regulations by using cryptocurrency and then trying to argue its not money laundering?

Bro....this isn't the type of stuff you should publicly admit to online.....

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babygrenade t1_j1zfn5r wrote

I'm clearly admitting to avoiding state gambling regulations. That doesn't make it money laundering. At no point is the source of money hidden.

If I ever actually won enough to report it in my taxes - I would report it in my taxes just like if I had gone to vegas and won. If I really win big and bring home $10k+ my bank will report the deposit anyway.

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resumethrowaway222 t1_j1zci7h wrote

Tell me you don't know what money laundering is

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sirzoop t1_j1zd3dk wrote

Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source.

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