babygrenade t1_j1zcmnx wrote on December 28, 2022 at 3:07 PM

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

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.

mnyc86 t1_j1zdg89 wrote on December 28, 2022 at 3:13 PM

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

sirzoop t1_j1zcw05 wrote on December 28, 2022 at 3:09 PM

>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

babygrenade t1_j1ze6kp wrote on December 28, 2022 at 3:18 PM

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.

sirzoop t1_j1zegtk wrote on December 28, 2022 at 3:20 PM

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.....

babygrenade t1_j1zfn5r wrote on December 28, 2022 at 3:29 PM

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.