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[Politics] - Illinois Senate back in Springfield with end of session at hand: higher motorist taxes, fees for transportation construction and Chicago casino and sports betting left
[Politics] - Illinois Senate back in Springfield with end of session at hand: higher motorist taxes, fees for transportation construction and Chicago casino and sports betting left | Chicago Tribune
So some of you may be able to assist me. I hit a jackpot playing Mississippi stud at a casino yesterday. The hand itself paid $6k and the jackpot paid about $8,800. The jackpot as it was a bonus payout was taxed, and I received about $6,700. But the $6k I won on the hand was not. What should I do about the $6k that wasn’t taxed? Is it safe to put into my bank account or will that raise some IRS red flags? Never experienced this before lol
The /wallstreetbets GME retail investors vs the 0.1% situation has lead me to a place of clarity. The game is rigged, and the owners of the system will react with haste and break any laws they must to protect their cartel. For those not following the event - Retail investors, realised the shares of GME and some other companies were heavily shorted and in short supply, so they started buying in the hope of forcing a short squeeze (whereby the holder of the shorts will then have to buy more stock to cover their shorts, sending the price through the roof, an example is Volkswagen [VW] in the 2000's). This is perfectly legal. - the plan worked, GME went from $2 to $470 in a short space of time. - Melvin Capital, a Hedge fund took a massive (likely $6 billion) short position in GME and faced closure if the bet went against them, they were losing money at a fast rate and got a bail out last week by other wall street Hedge funds. - Melvin Capital then went on CNBC and other networks to reveal they had closed their short positions, it's highly unlikely as the options volume did not back up their claim, they were simply spreading disinformation, again this is perfectly legal - the retail investors at /wallstreetbets simply would not give up, they kept buying, the end goal could have seen the stock reach $5K based on the VW scenario. - the 0.1% moved to then protect the 0.1% from losing money by using the stock brokerages they own or control(Robinhood, TD, IB and all the other big players) to firstly prevent the retail investors buying more stock, you could simply not buy these stocks, you could only sell, some companies even forcibly closed down open options positons even in the absense of margin calls, so your account is in good standing with enough liquidity and they decide which stock you can have and which you can not, in this time big institutions are allowed to buy as much of this stock as they desire, just the retail traders are locked out of the casino. This is highly illegal and known as market manipulation, it also flies in the face of the idea that we have a free market. - people like AOC, Elon Musk, Chamath have all come out on the site of the retail traders at /wallstreetbets - Interactive Brokers chairman and founder Thomas Peterffy goes on CNBC’s “Closing Bell” an is literally weeping, explaining he feels hurt that his large, moneyed 0.1% friends are losing money due to the retail investors, oh the horror, how can these small investors make my friends lose money? Don't they know the implications of their actions? The horror. The guys at /wallstreetbets simply did not understand that in our world only old money gets to make real money, the little guy must be shut down and should never have a slice of the action, all he gets is inflation and a 9 to 5 job, plus side hustle if he/she's lucky. If the little guy ever finds a way to gain an advantage the loophole is quickly closed. - the SEC Chair then threatens to investigate the redditors on /wallstreetbets by tracking down their IP numbers with the help of reddit - The /wallstreetbets discord server is banned. All the years I talked trash about bitcoin, I apologise, now I genuinely understand the value of having a system not controlled by the government, where they can not on a whim decide to inflate the money supply and bail out their friends, while you carry the load in the form of additional taxes and inflation.
r/WallStreetBets vs Hedge Funds megathread for Thursday Jan 27. Discuss this dramatic happening here
Since this is a dramawave of an event, we will be making daily megathreads for as long as needed. If you'd like to add something, drop a reply here. We also apologize for the typo in the title. This thread is for Thursday, Jan 28th.
WSB USERS: PLS DON'T SPAM!
This is a subreddit for the general reddit audience to discuss drama, so please don't clog up the thread. If you want to participate, make sure to follow our rules to avoid having your comments removed. Background WallStreetBets is a subreddit that treats "retail investing" (ie, amateur investing and amateur stock trades) like a casino. It's been featured here a few times in the past. (Examples: 1, 2, 3) WSB users will sometimes pick a stock for silly or shitposty reasons to place their bets on. Gamestop stock (ticker name: GME) has been one of them. (We would appreciate some links to older examples WSB hyping GME stock if anyone has them). EDIT: Christopher-Nolan has provided us this example from a month ago Our layman's explanation of a short squeeze is if someone "shorts" a stock, they have essentially made a bet its value will drop. But if their bet goes wrong, they will be forced to buy the stock they shorted at painfully high prices. Newspaper's explanation here. Another simple way of summarizing it is that some hedge funds got into a pissing contest with an internet forum, except millions of dollars are on the line, and the hedge funds shorting GME were in a very vulnerable position, and their competitors in this match pride themselves on alleged mental deficiency. As the short squeeze doomsday scenario for these hedge funds has seemed more likely, the drama and excitement have overwhelmed social media, and a few WSB users are in a position to become millionaires. Another reason this is making the national news is that it's unprecedented. Although short squeezes have happened, it's never been seemingly spurred by retail investors on social media. Now that the drama has hit the main stream it's starting lots of arguments around the internet about the stock market in general and what it really means to "manipulate" it, and what the role of the SEC and other regulators should be. WSB was featured on SRD this week first for drama about a mod-sponsored twitter account, and then for making international news for the upcoming GME short squeeze. Wednesday night update WallStreetBets went private briefly on Jan 27, and is now back open. The closure seems to have been triggered by Discord's ban of the WSB server. Meanwhile on twitter, the mod-sponsored account is back online and trying to call out WSB mod impersonators Thursday 11 am update courtesy of No_Fuel_ and Existential_Owl On the morning of Thurs, Jan 28, the retail trading platform Robinhood no longer allowed its users to purchase GME and other stocks popular on WSB, causing a huge uproar against Robinhood on wallstreetbets (examples 1, 2, 3) and twitter (examples 1, 2, 3, 4) 1 pm EST A class action lawsuit against Robinhood has been filed 2 pm EST WSB begins posting about Robinhood selling users' shares without their consent. According to the commenters, if you buy stock with borrowed money ("on margin"), your brokerage can force you to sell when the share price drops. DeepFuckingValue, a redditor who bought 50,000 shares for cheap last year, is still holding. If he'd sold a portion of his shares yesterday he could have been a multi millionaire. WSB users congratulate him for "holding the line" under the hopes that if they all wait to sell, they will make the short squeeze even more expensive for the shorters. 11 pm EST Posts relating to the short squeeze currently crowd the front page of reddit. Reuters is estimating the short sellers have taken over 70 billion in losses so far. AOC hosted a twitch stream in which former reddit CEO Alexis Ohanian appeared as a guest
Gambling companies with autotrading like Bloom and IQOption(I don't even know why anybody still did not reported the Sammy companies yet and sent them to jail); Many people say that lotteries are scams because they say that they are basically taxes for poor people pay as entertaining giving a false hope to give a small chance if getting rich but here i. Brazil they actually pay;
Why is Online Gambling still not Legal in the age of covid?
Isn't it about time? I am just curious how many others feel this way. Would love to hear everyone's feelings about it. Recently I had a co worker go home sick with Covid because his girlfriend went to a land based Casino for a birthday. This coworker dragged covid through our office for half a day........Luckily no one else tested positive. As someone who has gone almost an entire year now without playing any Poker or anything else, in full compliance with all covid procedures, this pisses me off. Covid has been here and will continue to be here. Are we really going to call ourselves a "Progressive" state and still have archaic restrictions like you can only play table games or stuff at a physical location in tight gatherings for hours on end...... The same way the state legalized weed and saw a boon for our states economy, how is it that we cannot legalize gambling at all, how is WA state going to fall so far behind compared to others? I suggest making it 21+ activity that requires your WA state drives license for registration. They also have program in places like Sweden where you can even ban yourself from playing if you feel you are having trouble with it. What does everyone think?
Japan bets on casinos to fund earthquake recovery, a cross-party group of Japanese MPs wants to legalise casino gambling in the hope of increased tax revenues and tourism
r/WallStreetBets Dramawave: Megathread for Friday, Jan 29th. Post all WSB-related drama here!
The market is open and there is a new thread to collect today's events. You can read the Background section to get info on past events, and skip to the Today's Events section if you're already caught up. This thread will be updating live. Want to contribute? PM this account with links to drama. If we use your links we will credit you WSB USERS! PLEASE DON'T SPAM! This is a subreddit for the general reddit audience to discuss drama, so please don't clog up the thread. If you want to participate, make sure to follow our rules to avoid having your comments removed. Background WallStreetBets is a subreddit that treats "retail investing" (ie, amateur investing and amateur stock trades) like a casino. It's been featured here a few times in the past. (Examples: 1, 2, 3) WSB users will sometimes pick a stock for silly or shitposty reasons to place their bets on. Gamestop stock (ticker name: GME) has been one of them. (We would appreciate some links to older examples WSB hyping GME stock if anyone has them). EDIT: Christopher-Nolan has provided us this example from a month ago Our layman's explanation of a short squeeze is if someone "shorts" a stock, they have essentially made a bet its value will drop. But if their bet goes wrong, they will be forced to buy the stock they shorted at painfully high prices. Newspaper's explanation here. Another simple way of summarizing it is that some hedge funds got into a pissing contest with an internet forum, except millions of dollars are on the line, and the hedge funds shorting GME were in a very vulnerable position, and their competitors in this match pride themselves on alleged mental deficiency. As the short squeeze doomsday scenario for these hedge funds has seemed more likely, the drama and excitement have overwhelmed social media, and a few WSB users are in a position to become millionaires. Another reason this is making the national news is that it's unprecedented. Although short squeezes have happened, it's never been seemingly spurred by retail investors on social media. Now that the drama has hit the main stream it's starting lots of arguments around the internet about the stock market in general and what it really means to "manipulate" it, and what the role of the SEC and other regulators should be. WSB was featured on SRD this week first for drama about a mod-sponsored twitter account, and then for making international news for the upcoming GME short squeeze. Wednesday WallStreetBets went private briefly on Jan 27, and is now back open. The closure seems to have been triggered by Discord's ban of the WSB server. Meanwhile on twitter, the mod-sponsored accountwent back online trying to call out WSB mod impersonators Thursday On the morning of Thurs, Jan 28, the retail trading platform Robinhood no longer allowed its users to purchase GME and other stocks popular on WSB, causing a huge uproar against Robinhood on wallstreetbets (examples 1, 2, 3) and twitter (examples 1, 2, 3, 4) WSB began posting about Robinhood selling users' shares without their consent. According to the commenters, if you buy stock with borrowed money ("on margin"), your brokerage can force you to sell when the share price drops. WSB users congratulate DeepFuckingValue, who owns about 50,000 shares, for still holding. Posts relating to the short squeeze crowded the front page of reddit all day. Reuters is estimating the short sellers have taken over 70 billion in losses so far. AOC hosted a twitch stream in which former reddit CEO Alexis Ohanian appeared as a guest Friday Today is a much hyped-day as some of the hedge funds that shorted GME will now have to pay out. WSB is predicting that the "short squeeze" event will start today. At the time of posting, the European markets have been open for several hours and the US market has just opened. More updates coming. 9 AM A thread accusing news network CNBC of doxxing DeepFuckingValue was massively upvoted. Some users in the comments debate what counts as "doxxing", seeing as DFV gave an interview to the Wall Street Journal. The user who made the post seems to have deleted both the post and their own account.
Online Sports Betting Coming to New York! Go DMYD and other Gambling SPACs!
Governor Andrew M. Cuomo today announced legislation to authorize mobile sports wagering as part of the 2021 State of the State. Under Governor Cuomo's proposal, the New York State Gaming Commission will issue a request for proposals to select and license a sports operator or platform to offer mobile sports wagering in New York. This operator or platform must have a partnership with one of the existing licensed commercial casinos. The Commission will also require any entity operating mobile wagering apps include safeguards against abuses and addiction. "At a time when New York faces a historic budget deficit due to the COVID-19 pandemic, the current online sports wagering structure incentivizes a large segment of New York residents to travel out of state to make online sports wagers or continue to patronize black markets," Governor Cuomo said. "New York has the potential to be the largest sports wagering market in the United States, and by legalizing online sports betting we aim to keep millions of dollars in revenue here at home, which will only strengthen our ability to rebuild from the COVID-19 crisis." https://www.governor.ny.gov/news/governor-cuomo-announces-proposal-enable-online-sports-wagering-part-2021-state-state
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