How private are wagering accounts?

[Capper Al]

Has anyone heard anything about wagering accounts being monitored? Does the government know if we are making money other than when we hit a $600+ winning ticket? I use BRIS. Does BRIS watch my bets? It's no big deal in my case. I'm a low roller, but I still don't what anybody scoping us out. So the question is how private are our bets? They did flag the guys cheating at the Breeders' Cup a few years ago. Of course, their payoff was over the $600 limit, so this legally by law becomes public information.

[Canarsie]

Has anyone heard anything about wagering accounts being monitored? Does the government know if we are making money other than when we hit a $600+ winning ticket? I use BRIS. Does BRIS watch my bets? It's no big deal in my case. I'm a low roller, but I still don't what anybody scoping us out. So the question is how private are our bets? They did flag the guys cheating at the Breeders' Cup a few years ago. Of course, their payoff was over the $600 limit, so this legally by law becomes public information.


The only scenario where I think it could possibly happen is still far fetched. Legally if you bet four fifty cent triples (or other exotics) on the same account they are supposed to be grouped as a single wager if the combined price is over $600. The smart thing to do would be to use a few different ones but that's another issue. If an ADW did this and was caught they might have show the government their standards are up to snuff.

In reality every wager you ever made and cashed are there in black and white for anyone who needs to see it.

I wouldn't worry about it but if anyone feels the least bit queasy about it they should switch ADW's for piece of mind.

[Robert Goren]

I wish I had the luxury of worrying about ADWs and the IRS. ;)

[ALL CIRCUITS GO]

I wonder if any ADW employees 'piggyback' on the wagers of the players that they see are somewhat profitable??

just a thought..

[DJofSD]

Do not assume you are safe. And do not assume your betting activity can not be audited. If the FBI suspected you for whatever reason, the information can be quickly discovered.

[Dr Jersey Jim]

I wonder if any ADW employees 'piggyback' on the wagers of the players that they see are somewhat profitable??

just a thought..

A lot of effort goes into monitoring and logging any employee viewing of bettors' records.

Rather than watch them bet and 'piggyback' their own bet on it, the main concern is that the bad employee gets the betting records and private identification information of the consistent winners and sells it all to a third party.

Some very clever people work full time to keep this from happening :)
JJ

[DJofSD]

Any ADW company that is a publicly held corporation has Sarbanes-Oxley hanging over their head. That alone provides a reason for companies to ensure access to and use of account activity is resticted and monitored.

[pondman]

So the question is how private are our bets?

I go to great lengths to make my high percentage on the nose spot bets at a window. When I go over $100, I'll likely split it up. I don't want a paper trail. As I tell most people, "I don't want xpressbet.com to know my methodology." I use atw's when I've got other things to do.

[horses4courses]

I go to great lengths to make my high percentage on the nose spot bets at a window. When I go over $100, I'll likely split it up. I don't want a paper trail. As I tell most people, "I don't want xpressbet.com to know my methodology." I use atw's when I've got other things to do.

Brings to mind the song...."Paranoia will destroy ya..."

[Fingal]

This is one reason why simulcast locations still exist even with the convenience of ADWs. For some it's a social situation, but why would one choose to go to a closed racetrack with no horse related activity which may be hot & dusty instead of staying at home having A/C, couch & a fridge ?

Privacy, no paper trail. If there's a substantial score that becomes a signer, I can control when I receive the income. I can decide if I want to use a 10%er, but with an ADW it's instantaneous, I'm not in control. And on most of my winners I didn't need to provide my Social Security number to anyone.

And Andy Grove who was one of the founders of Intel wrote a noteable book

"Only the paranoid survive"

[pondman]

Brings to mind the song...."Paranoia will destroy ya..."

I took 16K in cash out of a simulcast in a bag this year, with a $375 win bet.

It would be a pain running this as an expressbet check through my bank account. They'd hold this up for a couple weeks. Rather pile it up in my safe with my gold coins.

I've also stopped flying because I don't want people patting down my privates. I'm probably someone who could drop out of sight and live on cash.

[baconswitchfarm]

Here is one of my stories. About 3 or 4 years ago i hit an exacta at a large handle harness track.I know a couple other guys who hit the race as a lot of pro players talk. These guys were hundreds of miles away playing on accounts with other places than myself. My exacta was not a signer but ended up getting back around 5k. Three days later i got a call from a friend who had a driver he knew call him asking if he knew any of the people who hit the race. Track management called people in the next day to ask if they knew the people who hit the race. They had each persons name from different locations across the country playing through different adws. This wasn't police or fbi. Track managers obtained this info in 24 hours. Whether the info came from tote or some other source I don't know. Of course, I asked management where i play how they got this info. They said they have no idea. So my answer would be , not as private as you think.

[Robert Fischer]

Do not assume you are safe. And do not assume your betting activity can not be audited. If the FBI suspected you for whatever reason, the information can be quickly discovered.

agree.

[JustRalph]

I wrote two checks today for taxes on winnings.

2 states and one amended return at the federal level

All three talked to each other via computer databases.

The two states exchanged info provided by twin spires and decided that since I had a home in both states, they both wanted paid. Neither state allows you to declare your losses against winnings. I could have fought with one of the two (realistically the one with highest tax rate) as to where I really lived.

In the end the difference would have been about the going rate for my CPA x 3hours. I wrote both a check and said the hell with it.

Thank god i didn't win much really. But not being able to deduct losses was a killer.

Got me thinking hard about making a trek to the track more often.

[Robert Fischer]

I wrote two checks today for taxes on winnings.

2 states and one amended return at the federal level

All three talked to each other via computer databases.

The two states exchanged info provided by twin spires and decided that since I had a home in both states, they both wanted paid. Neither state allows you to declare your losses against winnings. I could have fought with one of the two (realistically the one with highest tax rate) as to where I really lived.

In the end the difference would have been about the going rate for my CPA x 3hours. I wrote both a check and said the hell with it.

Thank god i didn't win much really. But not being able to deduct losses was a killer.

Got me thinking hard about making a trek to the track more often.


have to use the windows on occasion

[Dahoss2002]

I wonder if any ADW employees 'piggyback' on the wagers of the players that they see are somewhat profitable??

just a thought..
I really wondered this too so now I am losing for the year so they can't profit off of me. :lol: On the serious side though, you have a valid point. People are always looking to make a little cheese.

[Capper Al]

Thanks.

[Cholly]

A lot of effort goes into monitoring and logging any employee viewing of bettors' records.

Rather than watch them bet and 'piggyback' their own bet on it, the main concern is that the bad employee gets the betting records and private identification information of the consistent winners and sells it all to a third party.

Some very clever people work full time to keep this from happening :)
JJ

I hope you’re right about this. How have you become familiar with their efforts? If you are one of the “clever people” working to keep it clean, then godspeed on your efforts.

The paranoid in me can’t get the “where there’s a will, there’s a way” aspect out of my mind. And the “will” could become pretty strong when you think of the financial incentives; not just to piggyback one successful player, but to mine the data-banks to find rewarding situations when certain groups of players align in their betting.

[Robert Goren]

I can tell you that tellers piggy backed off certain bettors in the 60s.

[magwell]

Just because your paranoid, it doesn't mean its not really happening....:cool:

[jamey1977]

have to use the windows on occasion
We have to study our rears off to make a 10 percent profit and the damn government wants to tax us ? . None of us have even broken even from when we started playing this game 20 years ago. They shouldn't tax a damn thing when it comes to horse racing. 99 percent of the players don't profit long term and the big scores a lot are just making back what they lost. What nerve.

[Robert Goren]

I have worked to make casino gambling legal and I can tell you that about half the people think all forms of gambling ought to be illegal. Little more or a little less depending on where you live. Most of the half that thinks that some forms of gambling should be legal thinks so only if it taxed.
Sorry for the rant, but if you only knew by how thin a thread that legal gambling hangs by, you would not gripe about the taxes on it. The taxes are the only thing that keep it legal.

[kid4rilla]

A lot of effort goes into monitoring and logging any employee viewing of bettors' records.

Rather than watch them bet and 'piggyback' their own bet on it, the main concern is that the bad employee gets the betting records and private identification information of the consistent winners and sells it all to a third party.

Some very clever people work full time to keep this from happening images/UBGX/E1.gif
JJ

I want to believe this....but something assures me I shouldn't

[kid4rilla]

I hope you’re right about this. How have you become familiar with their efforts? If you are one of the “clever people” working to keep it clean, then godspeed on your efforts.

The paranoid in me can’t get the “where there’s a will, there’s a way” aspect out of my mind. And the “will” could become pretty strong when you think of the financial incentives; not just to piggyback one successful player, but to mine the data-banks to find rewarding situations when certain groups of players align in their betting.

I have to agree.....especially when it is probably very easy to access this data internally. I'll even say that I expect it is standard operating procedure to profile players.

Would love to be assured that I was wrong here.

[highnote]

Brings to mind the song...."Paranoia will destroy ya..."


Brings to mind the old quote, "The paranoid survive." :D

I see Fingal already posted this quote. Damn. Gotta be fast around here. :ThmbUp: