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Options considered gambling??

Discussion in 'Shooting Related Threads' started by bowhunting11, Jan 8, 2013.

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  1. bowhunting11

    bowhunting11 TS Member

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    In my state it is illigle to gamble. Im not sure the age limit on gambling in states it is legal. But I guess my quetion is, is puttong money on options at a trapshot gambling? They let anyone do it, like kids. I play them, but I don't see how cause in my eyes its gambling
     
  2. oleolliedawg

    oleolliedawg Banned User Banned TS Supporters

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    Generally considered donations but not deductable!!
     
  3. Dickgshot

    Dickgshot Well-Known Member

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    Not gambling for tax purposes. Gambling winnings are reported on a form W-2G not a form 1099.
     
  4. W.P.T.

    W.P.T. TS Member

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    For many Options are a gamble or donation, for many others they are a pay check ... WPT ... (YAC) ...
     
  5. cubancigar2000

    cubancigar2000 Well-Known Member

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    If you are betting on yourself it is not gambling. Calcuttas are not legal in many states for that reason. You are betting on someone else by buying that team.
     
  6. spitter

    spitter Well-Known Member TS Supporters

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    ... how do options differ from say "poker" which one court recently declared a game of skill, yet still considered gambling...

    Jay
     
  7. railman

    railman Member

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    Lighten up, enjoy the sport. It's all for fun.
     
  8. halfmile

    halfmile Well-Known Member

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    Options are not gambling in the theoretical sense since your performance affects the outcome.

    You are already paying an entry fee which may or may not include prize money. An option is just an increase in that expense.

    A Lewis purse may be considered gambling since one of the determining factors is how the numbers fall, and you don't control that.

    HM
     
  9. School Teacher

    School Teacher Well-Known Member

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    In Kentucky, gambling is illegal. However, betting on horse races in general is allowed as wagering on a horse race is considered to be "an exercise in judgement."

    Ed Ward
     
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