How do you feel about gambling?

[billyjame]

I want to try it one day

[RREB]

Originally Posted by Chung Tran

A Texan crosses the Red River, and hits a $8,000 jackpot. He keeps playing, and loses $10,000, for a net $2,000 deficit.

He will owe Oklahoma and Federal taxes on the payout. You might think that is impossible, but it is real.

If he wins 8k, looses 10k, he deducts the lose from the win on taxes. THERE IS NO TAX!

[BLM69]

Originally Posted by alexissweet69

I Love to go to the casino!

San Manuel? 😂

[eccieuser9500]

My old thread, so I feel obligated to continue if it hasn't died.


Well . . . NFL soon! Every season before it starts, I bet someone, usually in my family, wether one team or another will have a better regular season record. My team, of course, versus their team. One die-hard fan versus another.

I once bet a Cowboy die-hard $100 and he ended up paying me a month before the last game. They would not catch my team's wins if the girls won out, and my boys lost out.

I need to do this again. Fun gambler. Not die-hard gambler.

[sexykarma]

Got nothing against gambling......I think there are a lot of forms of gambling to avoid, such as scratch cards and keno as the house advantage is way too great for the player to beat. Having said that though, I do play the lottery when it gets over 300-400 million.....odds suck just as much as when it’s 20 million so better bang for the buck......house hold for taxes is huge but if I hit that much I could care less that I’m getting half.

Sports gambling is a grind, but some interesting opportunities arise during live wagering if you’re in position to grab them.

Blackjack is somewhat beatable if you count the cards and play perfect strategy, even then the correct plays don’t always win because it’s still “cards”. Always seems like whoever is betting the most at the table gets dealt a steady dose of hard 15’s and the ones playing table minimums get the 11 against a dealer up card 6........the guy is too scared to double down, just hits it, gets a king. He’s happy that he won when he could have made double.

Avoid the getting the players reward cards, yeah, you might miss a few comps but the bigger downside is if you win big they’ll flag you, cut your limits if not ban you...... then they also have an avenue to send tax forms your way. Stay under the radar with coloring up at the tables, hoard a few chips to seed the next session, keep the payouts low at cage..... if they want to see your drivers license you just tried to cash out too much at one time. Stay low key, especially if you win......go across town to another establishment and let the other place cool off. It’s only fair because the winnings are taxable income but the losses that go beyond the winnings aren’t deductible.

[eccieuser9500]

Originally Posted by sexykarma

Got nothing against gambling......I think there are a lot of forms of gambling to avoid, such as scratch cards and keno as the house advantage is way too great for the player to beat. Having said that though, I do play the lottery when it gets over 300-400 million.....odds suck just as much as when it’s 20 million so better bang for the buck......house hold for taxes is huge but if I hit that much I could care less that I’m getting half.

Sports gambling is a grind, but some interesting opportunities arise during live wagering if you’re in position to grab them.

Blackjack is somewhat beatable if you count the cards and play perfect strategy, even then the correct plays don’t always win because it’s still “cards”. Always seems like whoever is betting the most at the table gets dealt a steady dose of hard 15’s and the ones playing table minimums get the 11 against a dealer up card 6........the guy is too scared to double down, just hits it, gets a king. He’s happy that he won when he could have made double.

Avoid the getting the players reward cards, yeah, you might miss a few comps but the bigger downside is if you win big they’ll flag you, cut your limits if not ban you...... then they also have an avenue to send tax forms your way. Stay under the radar with coloring up at the tables, hoard a few chips to seed the next session, keep the payouts low at cage..... if they want to see your drivers license you just tried to cash out too much at one time. Stay low key, especially if you win......go across town to another establishment and let the other place cool off. It’s only fair because the winnings are taxable income but the losses that go beyond the winnings aren’t deductible.

Thanks for participating. You know way more about gambling than I ever care to.

Playing cards when the "guys" in my family get together, I'm always invited to join. I only take a seat when and if there is one needed to fill.

I say "guys" because some nieces, girl cousins and, before she passed, my mom's sister would play Poker, Spades and even Dominos. Sometimes for money. Sometimes just to play into the night.

My aunt was a Lottery scratch-off player quite regularly. Gambling isn't a big deal with us. That's not the vice that hurts us. So when the kids grow up watching us play, they want to play. We teach and explain so the family stories can continue for generations.

I like to gamble more with my heart and feelings. I'm turned off when I talk sports or what-not with fellow bar flies and someone has to show how much they know about odds and shit.

Two teams made it to the cup final and I cared very little about either. But I'm a sports junkie and I wanted to watch the two best teams play. In order to make it interesting, I tried to get someone I worked with at the time to take a side. Just so I get them to bet and give me a reason to watch with glee.

When I opened the thread with me being 50/50 about it, I was half joking.

(I can't help the funny. Follow me in the Political Forum.)

[Chung Tran]

Originally Posted by RREB

If he wins 8k, looses 10k, he deducts the lose from the win on taxes. THERE IS NO TAX!

In this example he would pay Federal tax. Assuming he is one of the close to 90% who take Standard deduction.

He would have to win over $17,000 before paying Oklahoma tax, assuming losses exceed winnings. There are tons of Texans who hit Winstar weekly, and $17,000 in ''winnings'' can easily come in one month.

[RREB]

Again n your example there is NO TAX.


If your losses exceed your winnings. NO GAIN - NO TAX simple math



"A Texan crosses the Red River, and hits a $8,000 jackpot. He keeps playing, and loses $10,000, for a net $2,000 deficit.

He will owe Oklahoma and Federal taxes on the payout. You might think that is impossible, but it is real."

[GaGambler]

Originally Posted by sexykarma

Got nothing against gambling......I think there are a lot of forms of gambling to avoid, such as scratch cards and keno as the house advantage is way too great for the player to beat. Having said that though, I do play the lottery when it gets over 300-400 million.....odds suck just as much as when it’s 20 million so better bang for the buck......house hold for taxes is huge but if I hit that much I could care less that I’m getting half.

Sports gambling is a grind, but some interesting opportunities arise during live wagering if you’re in position to grab them.

Blackjack is somewhat beatable if you count the cards and play perfect strategy, even then the correct plays don’t always win because it’s still “cards”. Always seems like whoever is betting the most at the table gets dealt a steady dose of hard 15’s and the ones playing table minimums get the 11 against a dealer up card 6........the guy is too scared to double down, just hits it, gets a king. He’s happy that he won when he could have made double.

Avoid the getting the players reward cards, yeah, you might miss a few comps but the bigger downside is if you win big they’ll flag you, cut your limits if not ban you...... then they also have an avenue to send tax forms your way. Stay under the radar with coloring up at the tables, hoard a few chips to seed the next session, keep the payouts low at cage..... if they want to see your drivers license you just tried to cash out too much at one time. Stay low key, especially if you win......go across town to another establishment and let the other place cool off. It’s only fair because the winnings are taxable income but the losses that go beyond the winnings aren’t deductible.

Spoken like a man who thinks a hundred dollar bet is a "big" wager. lol

You start off on the right foot, scratch cards, keno, lotteries et al have HORRIBLE odds, but you are way off on the weeds on everything else.

Let's start with reward cards, the casinos know EVERYBODY playing big money. If you don't have so much as a players card and you are betting a grand a hand or more you can bet your last dollar that they will run facial rec on you, especially if you count cards. Counting cards is easy, the "eye in the sky" knows how to do it as well as anyone, the key to counting cards is to act like your big bets are a random occurrence and NOT just because the deck is "loaded" when you press, and THAT my friend is almost impossible to do without employing a team.

As for "lowering" your limits, that too is ridiculous. If you beat the house "big" they are more likely to INCREASE your limit not decrease it knowing full well that unless you are cheating the house odds will eventually take their toll on you.

Your strategy for no cashing out "too much" money only holds water if you have won a few grand. It's useless if you win much more than $10-20,000 and counterproductive if you win any "real" money, ($100,000+) as it makes you look like a "cheater" and that kind of behavior will double the attention they pay to you. If you are a $100 hand player, your strategy has "some" merit, but if you are only a hundred dollar a hand player we really aren't talking about enough money to matter.

Back to "reward cards" if you are playing any real money you aren't missing out on just a "few" comps. Once upon a time I used to rate a plane being sent for me, on a typical long weekend my "comps" would routinely exceed Ten grand and that doesn't even include them sending a plane to come pick me up. But even a "small" player, lets say a hundred bucks a hand average for several hours a day, is going to qualify for a free room (Usually a very nice one), free meals, and not just the buffet, but the gourmet room, and a whole host of other goodies that can take the sting out of a bad night at the tables.

I could go on and on, but hopefully you get the point by now.

[eccieuser9500]

Thanks for your insight.

[winn dixie]

gambling can keep the poor down. it can lead to addiction that can wreak havoc on the families and friends!
Im totally against betting.

[GaGambler]

Originally Posted by eccieuser9500

Thanks for your insight.

One other thing worth mentioning, You can always use your gambling losses to offset your gambling winnings, both at the state and federal level. However this may necessitate you filing a tax return in whatever state you won enough money where it was reported as income to the IRS and/or if withholding taxes were taken out of your winnings.

"Back in the day" when I was spending a hundred days or more each year in various casinos all over the world I would often end up filing a tax return in a half dozen different states much to my accountants chagrin, but that is what you need to do unless you don't mind letting the government keep your hard earned/won money. lol

This is just one more reason to take advantage of the "rewards cards" offered by the casino, it allows the casino to keep track of your losses as well as your winnings and you can use THEIR records as documentation if your deductions for gambling losses that you use to offset any winnings you might have in a given year are ever questioned by the IRS.

[sexykarma]

Originally Posted by GaGambler

Spoken like a man who thinks a hundred dollar bet is a "big" wager. lol

You start off on the right foot, scratch cards, keno, lotteries et al have HORRIBLE odds, but you are way off on the weeds on everything else.

Let's start with reward cards, the casinos know EVERYBODY playing big money. If you don't have so much as a players card and you are betting a grand a hand or more you can bet your last dollar that they will run facial rec on you, especially if you count cards. Counting cards is easy, the "eye in the sky" knows how to do it as well as anyone, the key to counting cards is to act like your big bets are a random occurrence and NOT just because the deck is "loaded" when you press, and THAT my friend is almost impossible to do without employing a team.

As for "lowering" your limits, that too is ridiculous. If you beat the house "big" they are more likely to INCREASE your limit not decrease it knowing full well that unless you are cheating the house odds will eventually take their toll on you.

Your strategy for no cashing out "too much" money only holds water if you have won a few grand. It's useless if you win much more than $10-20,000 and counterproductive if you win any "real" money, ($100,000+) as it makes you look like a "cheater" and that kind of behavior will double the attention they pay to you. If you are a $100 hand player, your strategy has "some" merit, but if you are only a hundred dollar a hand player we really aren't talking about enough money to matter.

Back to "reward cards" if you are playing any real money you aren't missing out on just a "few" comps. Once upon a time I used to rate a plane being sent for me, on a typical long weekend my "comps" would routinely exceed Ten grand and that doesn't even include them sending a plane to come pick me up. But even a "small" player, lets say a hundred bucks a hand average for several hours a day, is going to qualify for a free room (Usually a very nice one), free meals, and not just the buffet, but the gourmet room, and a whole host of other goodies that can take the sting out of a bad night at the tables.

I could go on and on, but hopefully you get the point by now.

Don’t know exactly where I said a hundred dollar bet was a big bet, but lol.

Yes, card counters give themselves away by huge bet fluctuations, I’ve kept my own variances low key by not making huge changes...

I’ve never owned a players card or rewards card and never will. If I have a good run at a table I get out before greed takes over, and the amount isn’t enough yet for the casino to care. And yes, if it’s over a couple thousand I’ll wait a week or more and then cash out 800-900 at a time. Given that winnings are taxable and losses are only deductible up to the amount that cancels out the winnings........given that one way street the tax system is I’ll continue to stay under the radar.....and what year did Trump only pay $750 in taxes? Really? The govt doesn’t go after all the loopholes and washouts the billionaires use and I’m supposed to be standup about four figures gambling winnings? Fuck that, it’s worked for me for years.......honest people don’t have anything to show for being honest.

[GaGambler]

Originally Posted by sexykarma

Don’t know exactly where I said a hundred dollar bet was a big bet, but lol.

Yes, card counters give themselves away by huge bet fluctuations, I’ve kept my own variances low key by not making huge changes...

I’ve never owned a players card or rewards card and never will. If I have a good run at a table I get out before greed takes over, and the amount isn’t enough yet for the casino to care. And yes, if it’s over a couple thousand I’ll wait a week or more and then cash out 800-900 at a time. Given that winnings are taxable and losses are only deductible up to the amount that cancels out the winnings........given that one way street the tax system is I’ll continue to stay under the radar.....and what year did Trump only pay $750 in taxes? Really? The govt doesn’t go after all the loopholes and washouts the billionaires use and I’m supposed to be standup about four figures gambling winnings? Fuck that, it’s worked for me for years.......honest people don’t have anything to show for being honest.

You didn't have to say that $100 is a big bet for you, it's clearly implied by the statement you DID make that if you win more than a couple of grand that you wait a week or so to cash it in. That pretty much proves that you are almost certainly a green and red chip bettor and that you most likely only see black chips on really good nights when you color in. lol

Yes, you will most definitely stay under the radar with your strategy, but you will almost certainly never win any real money either. There are a LOT of ways to keep your winnings from the tax man, but getting off the table during a good run of cards is about the worst way to do so I have ever heard.

The biggest mistake most novice gamblers make is that they "press" when they are losing and "back off" when they are winning which is the exact opposite thing they should be doing. Cards alternate between winning streaks, losing streaks, and "choppy" decks where you kind of tread water for a while. The key to gambling is NOT counting cards as the "eye in the sky" will never allow you to make more than a couple of grand before showing you the door which is hardly worth wasting an entire evening. The key to gambling is "money management" where your goal is to "weather the storms" those periods where everything you do is WRONG and you can't seem to get anything better that hard fifteens for what seems like forever, these storms eventually pass, as long as you don't go broke first of course and eventually the cards will turn and you'll get ten/twenty, even thirty minutes where everything you do is RIGHT. That's when you need to make the casino pay by "stacking" your wins and going as rapidly from "green action" to purple or even more (depending on the table limit of course) and riding that streak for all it's worth.

The other key of course is not only recognizing those streaks when they start, but to recognize when they end as well. Don't worry about the pit boss noticing you, the more you win, the more free shit they will give you in the hopes you'll stick around and give it back. lo

[sexykarma]

Originally Posted by GaGambler

You didn't have to say that $100 is a big bet for you, it's clearly implied by the statement you DID make that if you win more than a couple of grand that you wait a week or so to cash it in. That pretty much proves that you are almost certainly a green and red chip bettor and that you most likely only see black chips on really good nights when you color in. lol

Yes, you will most definitely stay under the radar with your strategy, but you will almost certainly never win any real money either. There are a LOT of ways to keep your winnings from the tax man, but getting off the table during a good run of cards is about the worst way to do so I have ever heard.

The biggest mistake most novice gamblers make is that they "press" when they are losing and "back off" when they are winning which is the exact opposite thing they should be doing. Cards alternate between winning streaks, losing streaks, and "choppy" decks where you kind of tread water for a while. The key to gambling is NOT counting cards as the "eye in the sky" will never allow you to make more than a couple of grand before showing you the door which is hardly worth wasting an entire evening. The key to gambling is "money management" where your goal is to "weather the storms" those periods where everything you do is WRONG and you can't seem to get anything better that hard fifteens for what seems like forever, these storms eventually pass, as long as you don't go broke first of course and eventually the cards will turn and you'll get ten/twenty, even thirty minutes where everything you do is RIGHT. That's when you need to make the casino pay by "stacking" your wins and going as rapidly from "green action" to purple or even more (depending on the table limit of course) and riding that streak for all it's worth.

The other key of course is not only recognizing those streaks when they start, but to recognize when they end as well. Don't worry about the pit boss noticing you, the more you win, the more free shit they will give you in the hopes you'll stick around and give it back. lo

Had plenty of black without coloring up.......sometimes don’t bother coloring up just to avoid the attention.....just pickup like I’m moving to another table or go to the bathroom.....rather walk with black than color up to purple. I have at times colored up to purple but I hate the attention when the dealer calls a pit boss over .

Where I play they have you fill out a form when youre closing in on $10,000 worth of play, regardless if you’re winning or losing......(I assume that’s a fed regulation)......watched a guy playing roulette risk $600 a spin covering 7 or 8 numbers......he wasn’t there but 5 minutes and a pit boss was having him fill out a form......watched for awhile, he was down about 3500 then hit some numbers and went up about 5500, couldn’t stay to see where he finished. Had someone in the pit crew clocking his wagers on a tablet the whole time he was playing.

Big problem I got is I only have an hour or two for most sessions, if the cards run hot sometimes I gotta pick up the chips and leave.

I don’t play keno, but I’ve at least mentioned to my friends that do.....that there’s no reason to play cards that pay out right at the tax reporting limit (1500, I think) just to get taxed down to 1100 or 1200 or whatever you’re going to lose to taxes. Play a card that pays 1400 or 1475 and keep the whole payout, or adjust the ticket price so that it pays 1100 or 1200. It’s different if they’re going for some home run payout in the 5 figures, but it makes no sense at all to risk extra money on a payout of 1550 just to get knocked back down 3 or 4 hundred or whatever that tax may be. I wonder how many keno players even thought of that.