Professional bettor set up

[zomundaprince]

I am professional sportsbettor and have a sports betting model that has positive expectancy over the bookmakers worldwide that i share with betting partners in order to allocate as much capital as possible with an mathematical edge


Im resident in Malta ,no tax on forieng income unless remmited which i dont intend to
Jurisdictions where tax needs to be paid will be paid,jurisdictions where gambling is not taxed evidently no taxation will be payed

I dont work with partners in grey area jurisdictions ,only licensed jurisdictions

I have no idea where to open a company and which jurisdiction and how to try and do bank with because on many off low tax corporate environments betitng is ilegal like dubai

 

[Don]

Are your partners other businesses (legal entities)?

 

[zomundaprince]

Yes

 

[void]

where to open a company

open a company for what purpose exactly?

 

[zomundaprince]

receive my equity

 

[Clearsky Network]

I would go for Hong Kong company and open an account with EMI.
Will you receive funds from businesses or individuals?

 

[Don]

I am professional sportsbettor and have a sports betting model that has positive expectancy over the bookmakers worldwide that i share with betting partners in order to allocate as much capital as possible with an mathematical edge


Im resident in Malta ,no tax on forieng income unless remmited which i dont intend to
Jurisdictions where tax needs to be paid will be paid,jurisdictions where gambling is not taxed evidently no taxation will be payed

I dont work with partners in grey area jurisdictions ,only licensed jurisdictions

I have no idea where to open a company and which jurisdiction and how to try and do bank with because on many off low tax corporate environments betitng is ilegal like dubai

Having worked with professional bettors and poker players, I can tell this arrangement requires a degree of creativity.

You will be betting on your own behalf, but I guess you need a company for receiving funds from partners and pay them their share. You could use this structure to borrow money from your partners and lend it to yourself.

 

[zomundaprince]

yeah i mean this businness has a lot off complexities because you need to have betting partners to bypass the fact that this is a very iliquid industry that doesnt like players with a postiive edge

im willing and i know i have to pay the appopriate tax in the countries where the bets are beeing placed however i dont want to get double taxed and not sure the maltese non dom regimen is 100% bullet proof for that

but then how to structure the international remitance transfers even with contracts or a common company is somehting im completely clueless on how to do and to be honest no lawyer to date gave me a good answer to this complex business model which is obviously legal

I would go for Hong Kong company and open an account with EMI.
Will you receive funds from businesses or individuals?

why hong kong.why not malta where i live or gibraltar cyprus.and im guessing wise is the best EMI to do this right

Having worked with professional bettors and poker players, I can tell this arrangement requires a degree of creativity.

You will be betting on your own behalf, but I guess you need a company for receiving funds from partners and pay them their share. You could use this structure to borrow money from your partners and lend it to yourself.

no im not betting ,the bets are beeing placed abroad by my betting partners then we share the spoils almost 50 50 ,i give them the winning bets ,information and some math models, and they allocate the capital and take care off taxation if the country has taxes on gambling

 

[Clearsky Network]

Malta is also an option if its easier for you. From my experience Malta is much more expensive than HK.
Account with Wise i never recommend as they approve accounts very fast and close them without any reason even faster.

 

[zomundaprince]

Ty Chen,any more comments would be much appreciated