How do you feel about gambling?

[GaGambler]

Originally Posted by sexykarma

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.

Let's start off where we agree, a LOT of keno players have not only thought about that, but most of my friends who play keno do exactly what you are talking about and unless they are "swinging for the fences" by playing "way tickets" or tickets that have a potential payoff in the tens of thousands they will manage their cards so they never catch a ticket that will be "just over" the tax declaration limit.

As for the table games, I have no idea where you play, but what you describe is hardly the norm in most casinos in this country. Yes, they track the play of anyone playing a decent amount, but playing $600 a "hand" at roulette hardly warrants filling out a form in the first five minutes at any casino that I have been to, and if they are letting him play black chips straight up on a number they must have at least some decent action. Personally, even if I buy in for $10,000 and start playing purples immediately even in a casino I have never been to before, I admit it does attract attention, but I have NEVER been asked to fill out any kind of IRS form until and unless I cash out in the five or six digits at the end of the night.

[Chung Tran]

Originally Posted by RREB

Again n your example there is NO TAX.


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

You are not listening

One more time.. If you don't get it, fuck it.

Example: you are Single, no dependents, you reside in Texas, and do not itemize deductions.. You earn $40,000 a year. You drive to Oklahoma and hit a $2,000 jackpot.

You now earned $$42,000 for the year. You kept feeding the one-armed Bandit, and lost $3,000, after you won the $2,000.

You lost more than you won.

And you owe Federal tax. Your standard deduction is $12,550, regardless of whether you set foot in Oklahoma. You will receives a W2-G from Oklahoma, showing $2,000. You will pay tax on that full $2,000, despite having lost $3,000 later.

Get it?

[sexykarma]

Originally Posted by GaGambler

Let's start off where we agree, a LOT of keno players have not only thought about that, but most of my friends who play keno do exactly what you are talking about and unless they are "swinging for the fences" by playing "way tickets" or tickets that have a potential payoff in the tens of thousands they will manage their cards so they never catch a ticket that will be "just over" the tax declaration limit.

As for the table games, I have no idea where you play, but what you describe is hardly the norm in most casinos in this country. Yes, they track the play of anyone playing a decent amount, but playing $600 a "hand" at roulette hardly warrants filling out a form in the first five minutes at any casino that I have been to, and if they are letting him play black chips straight up on a number they must have at least some decent action. Personally, even if I buy in for $10,000 and start playing purples immediately even in a casino I have never been to before, I admit it does attract attention, but I have NEVER been asked to fill out any kind of IRS form until and unless I cash out in the five or six digits at the end of the night.

The roulette player did have to fill a form out, I asked a pit boss about why, he wouldn’t go into specific details about that, as if he’d somehow be guilty of a crime by giving away some money laundering secrets......he did however give me a card to read......

“Compliance with currency transaction reporting requirements is required by United States regulations under Title 31 CTR Part 103, commonly referred to as the Bank Secrecy Act. The BSA requires, among other things, that casinos file a currency transaction report by casinos (CRTC) for individual transactions or known multiple transactions with the same person involving either currency received or currency disbursed of more than $10,000 in a gaming day.

In order to comply with Title 31 requirements, prior to exceeding the $10,000 threshold, our casino personnel are instructed to request an official government identification (drivers license, passport, state issued identification or military identification) and the following information will be obtained: customers legal name, correct permanent street address, birth date, social security number, identification type, number and expiration date”

It goes on to talk about casino employees being prohibited from providing information on how to avoid reporting requirements, and how they can be prosecuted for assisting in circumventing the law. That’s why the pit boss was vague when I asked him, he just handed me the card.

[GaGambler]

Originally Posted by sexykarma

The roulette player did have to fill a form out, I asked a pit boss about why, he wouldn’t go into specific details about that, as if he’d somehow be guilty of a crime by giving away some money laundering secrets......he did however give me a card to read......

“Compliance with currency transaction reporting requirements is required by United States regulations under Title 31 CTR Part 103, commonly referred to as the Bank Secrecy Act. The BSA requires, among other things, that casinos file a currency transaction report by casinos (CRTC) for individual transactions or known multiple transactions with the same person involving either currency received or currency disbursed of more than $10,000 in a gaming day.

In order to comply with Title 31 requirements, prior to exceeding the $10,000 threshold, our casino personnel are instructed to request an official government identification (drivers license, passport, state issued identification or military identification) and the following information will be obtained: customers legal name, correct permanent street address, birth date, social security number, identification type, number and expiration date”

It goes on to talk about casino employees being prohibited from providing information on how to avoid reporting requirements, and how they can be prosecuted for assisting in circumventing the law. That’s why the pit boss was vague when I asked him, he just handed me the card.

Sounds like a casino to avoid IMHO.

Back to a point of agreement lest you think I just like to be argumentative. Many casinos will cash in black chips up to a few thousand dollars worth without asking for ID while if you cash out the same amount in purple, even if it's a single chip they are instructed to ask for ID. Not all casinos, but enough of them to be "statistically relevant" since we are talking about gambling. lol

For the record, while I don't gamble anywhere near as much as I once did I still play in Oklahoma every once in a while and even on nights where I have won over $10,000 I have never had to fill out any additional paperwork. Nor have I been sent any tax forms by any casinos I have been over the last several years. I might add I have not hit any "jackpots" that REQUIRE the casino to either collect withholding or get the winner to sign a tax form acknowledging the fact that a "taxable event" has occurred.

[Chung Tran]

Oklahoma's tax form trigger is $1,200 for one jackpot. So avoiding any forms while grossing $10,000, suggests you hit MORE THAN 8 in one day, OR somebody in Oklahoma is breaking the law.

[GaGambler]

Originally Posted by Chung Tran

Oklahoma's tax form trigger is $1,200 for one jackpot. So avoiding any forms while grossing $10,000, suggests you hit MORE THAN 8 in one day, OR somebody in Oklahoma is breaking the law.

If you are playing table games then it suggests nothing of the kind. Let's say you are playing three card poker with a $100 limit. Catching a straight flush pays $4,700 if the dealer opens and does NOT trigger any kind of tax reporting. I have won or lost $10,000 or more in a session literally dozens of times in the various Oklahoma casinos and I have NEVER received any kind of tax document.

Black Jack is a different story, most of the OK casinos have such low table limits that it's rare to win or lose more than a few grand. I have played in a couple of OK casinos that had table limits of $1,000 hand, but most of them seem to have limits of around $300 which quite frankly is boring as fuck to me as you can never "make a run" at them if you get on a decent run of cards.

Slots of course are where the "jackpots" figure in, it's just one of the many reasons I rarely play slots.

[RREB]

Originally Posted by Chung Tran

You are not listening

One more time.. If you don't get it, fuck it.

Example: you are Single, no dependents, you reside in Texas, and do not itemize deductions.. You earn $40,000 a year. You drive to Oklahoma and hit a $2,000 jackpot.

You now earned $$42,000 for the year. You kept feeding the one-armed Bandit, and lost $3,000, after you won the $2,000.

You lost more than you won.

And you owe Federal tax. Your standard deduction is $12,550, regardless of whether you set foot in Oklahoma. You will receives a W2-G from Oklahoma, showing $2,000. You will pay tax on that full $2,000, despite having lost $3,000 later.

Get it?

IT DOES NOT HAPPEN THAT WAY "PERIOD"


GET IT

[Chung Tran]

Originally Posted by RREB

IT DOES NOT HAPPEN THAT WAY "PERIOD"


GET IT

Tell me how it does, instead of putting your fingers in your ears, and screaming 'no, no!''.

I gave you a detailed example. And you ducked, as I expected you would. Chicken.

[pocketcash]

They are not legal online you have to route funding overseas which is not as easy as early 2000. However if you do like gambling sports betting is the way to go baseball, football. Ps you need to do your handicapping or you will lose period. I used to have 20,000 grand a week in play average payout was 1000 to 3000 weekly. However wife didn't like me gambling ps I could sleep was always watching games I was betting on or punching stats, wind condition, home field advantage, players hurt etc. It became a high stress job.

[BLM69]

Originally Posted by Chung Tran

Oklahoma's tax form trigger is $1,200 for one jackpot. So avoiding any forms while grossing $10,000, suggests you hit MORE THAN 8 in one day, OR somebody in Oklahoma is breaking the law.

The $1200+ hand pay tax forms is for slots only, table games are not regulated and there's no way to keep track of wins or losses.

I seen a guy making $100 pulls on the slots, one jackpot was for 15k+, this guy played for hours so who knows what he won or lost at the end, he was locking up machines every 10mins max, guy didn't speak a lick of English. Mexican guy dressed casually

[GaGambler]

Originally Posted by BLM69

The $1200+ hand pay tax forms is for slots only, table games are not regulated and there's no way to keep track of wins or losses.

I seen a guy making $100 pulls on the slots, one jackpot was for 15k+, this guy played for hours so who knows what he won or lost at the end, he was locking up machines every 10mins max, guy didn't speak a lick of English. Mexican guy dressed casually

While I agree those $1,200 tax forms are only for "jackpots" which are mainly from slots, but can also be for Keno or any other jackpot that pays over 300-1 odds including catching a royal flush at a game like Let it Ride or Ultimate Texas Holdem.

As for keeping track of a players winnings at table games, if you win a measly $1,200 no one is going to notice much less care, but if you win $120,000 then they most definitely are going to both care and notice. No one pays attention to a player with "green action" (betting $25 chips) unless you are playing table limit, even if table limit is as small as $100-200 hand. Now once you start giving black or purple action the one sure bet you can make is that the pit boss/es are going to keep an eye on you with black action and they will be watching you like a hawk (including the eye in the sky) once you graduate to purple action or above.

I remember one drunken weekend at the Grand Casino in Tunica, I woke up on Saturday morning (ok afternoon. lol) with somewhere around $55,000 in a mix of cash and chips ranging from $5 chips to a stack of $5,000 chips and everything in between (in hindsight I have no idea how I carried them all to my room. lol) with no idea of what actually happened the night before.

After kind of getting my act together after a shower and a LOT of coffee I finally stumbled down to the casino to revisit "the scene of the crime" lol and to see if anyone could help me piece together the events of the evening. The very first pit boss I ran into knew EVERYTHING about what had happened the night before right down to almost EXACTLY how much money I had won. So don't ever think they have "no way" to track how much money you win or lose at table games.

[eccieuser9500]

This thread is growing unexpectedly. Keep the information exchanged. Please be courteous to one another. I'm learning more than I thought I would.

Thanks to all who contribute.

[eccieuser9500]

Originally Posted by pocketcash

They are not legal online you have to route funding overseas which is not as easy as early 2000. However if you do like gambling sports betting is the way to go baseball, football. Ps you need to do your handicapping or you will lose period. I used to have 20,000 grand a week in play average payout was 1000 to 3000 weekly. However wife didn't like me gambling ps I could sleep was always watching games I was betting on or punching stats, wind condition, home field advantage, players hurt etc. It became a high stress job.

I appreciate the input. Just a little word of advice:

Clean up the punctuation. Makes it a little easier to digest. But thanks, Okie.

[GaGambler]

Originally Posted by eccieuser9500

This thread is growing unexpectedly. Keep the information exchanged. Please be courteous to one another. I'm learning more than I thought I would.

Thanks to all who contribute.

If you mean "don't interject race into a thread that has nothing to do with race" I agree completely.

And just who made you board cop?

[mdooos]

While it may seem like the principal thing in gambling is winning, research shows that it is not that simple. No one likes to lose, not even pathologically obsessed gamblers. And yet they keep betting, so why tempt fate again and again if the casino is the winner, not the player? Are there any slots you can win? Did someone play here https://gryhazardowe.biz/? Tell me about everything.