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At a casino your "bets in flight" could be considered securities... If the roulette wheel spins for a year while your bets are down, maybe you could claim long
by repsilat 9y ago
At a casino your "bets in flight" could be considered securities... If the roulette wheel spins for a year while your bets are down, maybe you could claim long term capital gains on your winnings because you held the position long enough...
- jmalicki 9y agoTo claim the "bets in flight" are securities, someone would have to argue that you are making money from the efforts of others (see Howey Test[1]), rather than chance... [1] https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co https://en.wikipedia.org/wiki/SEC_v._W._J._Howey_Co.