Thread Rating:

MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 24th, 2022 at 9:19:50 AM permalink
Gonna take it easy for a few days at least. Riding virtually unlimited comps anyway, no need to play every day.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
moses
moses
Joined: Sep 23, 2013
  • Threads: 11
  • Posts: 659
Thanks for this post from:
MDawg
January 24th, 2022 at 9:52:26 AM permalink
Quote: MDawg

Gonna take it easy for a few days at least. Riding virtually unlimited comps anyway, no need to play every day.
link to original post


Fatigue is a very important aspect.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 24th, 2022 at 9:57:19 AM permalink
Quote: MDawg

Another sign of strain in the health system is that for my Niacin extended release prescription, I had it filled at a Vegas pharmacy and the pharmacist told me it would take two days to fill - because they are too busy.
link to original post


As your attorney I continue to recommend that you take Niacin. Just be sure to take the RIGHT kind, the prescription variety that is mid-extended release. This is a good balance between avoiding the excessive "flush" and overtaxing your liver with too long of a release period.

NIASPAN.

Prescription Niacin ER cut my triglycerides in HALF in just a year, and that is even during a year of eating a lot of a rich Vegas hotel food. Not that they were excessive to begin with, but I believe in preventative health care.

1. Helps Decrease LDL Cholesterol and Triglycerides
2. Can Increase Good Cholesterol
3. Aids in Reducing Hardening of the Arteries
4. Detoxes the Body
5. Aids Weight Loss
6. Helps Treat Pellagra

Good health is the most important thing. More than success, more than money, more than power.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 24th, 2022 at 12:40:55 PM permalink
I've been experimenting with ways to bypass newspaper sites that will allow you to read only a few articles a month (or in some cases, no articles at all) before imposing fee subscription based access. I don't have a problem with paying for access for one or two newspaper sites, but I like to read occasionally articles at a number of worldwide newspapers to get a better perspective on things, and joining multiple newspaper sites just to read a few articles a month seems excessive.

One way to is the delete all newspaper site related cookies, either manually
chrome/preferences/settings/security and privacy/cookies and other site data/see all cookies and site data
safari/preferences/manage website data
or via for example, an app like this:
https://addons.mozilla.org/en-US/firefox/addon/remove-cookies-button-ver1x/
which removes ALL cookies on the CURRENT tab,
or via an app like this which deals specifically with the cookies AND local objects on numerous newspaper websites
https://github.com/iamadamdev
(Installation is a little tricky - just read the browser specific instructions.)
(I experimented with using iamadamdev in conjunction with
https://github.com/gorhill/uBlock
and wasn't sure it needed it.)

Removing cookies solves the problem with many newspapers sites, but others are getting crafty and blocking access due to IP address and flash objects too, which aren't as easily changed or removed.

What I found was that the iamadamdev app works well automatically for many newspapers, and for those for which it does not work, just enter the exact URL of the newspaper article into
outline.com
and its text is extracted.
Last edited by: MDawg on Jan 24, 2022
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 26th, 2022 at 1:28:06 PM permalink
Quote: MDawg

Gonna take it easy for a few days at least. Riding virtually unlimited comps anyway, no need to play every day.
link to original post


Based on my rough 4th grade arithmetic, it looks like this past trip netted you around $200k. I wonder if you could answer some questions:

1. When the casinos issue you a check for winnings, do you receive a check each day/each session or do you have a "bank" to draw from with markers?
2. When your trip is over, does the casino(s) issue you a final accounting check or do they direct deposit the winnings to a specified account?
3. Do the casino(s) take out federal and state taxes from those issued winnings or do you receive a gross amount?
4. Do the casino(s) issue you some form of 1099 in January of the following year of your play?
5. Since, it seems, that the majority of your play is in NV, do you file a NV state income tax return and file your home state Income tax return using the NV taxes as a credit if that is allowed?
6. You have stated several times that you have never had a losing trip, first, congratulations, all those winnings are taxable. Do you have any form of gambling "offsets" to help reduce that tax burden?
7. Casinos love winners and advertise often big winners, many times anonymously, such as a craps winner in Biloxi who won $1.2million at the tables there. Have any of your frequented casinos ever let the public know about a "very big baccarat or BJ winner"?
8. Lastly, since you are a net winner for large amounts on every trip, why hasn't any casino banned you?

tuttigym
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
Thanks for this post from:
ChumpChange
January 27th, 2022 at 9:19:57 AM permalink
1. 2. As I continue to win at a given casino, I sometimes cash some chips along the way but keep most of the chips for issuance of a check at the end of the stay at that particular casino. It is these checks, each one mid five figure to low to mid six figure that I have shown to the Wizard in the past. The casinos are very strict about issuing checks only for verified table game wins, and will not issue a check for even a penny above what the pits have reported as verified wins.

I do not take a check from a casino until check-out day, so that check represents the sum of the win at that casino for that stay - not including whatever chips I might have cashed along the way. The reason I don't cash out in full until check-out day is that many casinos will temporarily close your credit line if you cash out more than about $5000. on a given trip (stay). If I cashed out large sums daily, all my lines would be constantly closed.

3. 4. Casinos do not deduct anything from table game wins. No 1099 is issued.

5. I spent enough time in NV last year to declare NV residency, but plan to do that this year rather than last year. NV has no state income tax.

6. I suppose I could deduct the final hotel bills, but they are generally so small that to use them as deductions might be more of a flag than they are worth.

7. The word does get around among the players when a certain player is up a lot. Or about such players' play. For example there is a well known Asian Baccarat player who wires in $20M for each trip, and is a lifetime winner at Baccarat, playing at up to $300K per hand. And then also the stories of players who have lost large sums also circulate.

But I am not aware of any publicized stories in recent times. I was in Vegas in 2000 and 2001, when Kerry Packer was playing, and he had all the dealers and pit bosses sign NDAs promising not to disclose anything related to his play, but the very next day after he dumped millions the exact sum was in the newspapers.
https://www.latimes.com/archives/la-xpm-2000-sep-26-mn-26886-story.html

8. I play a mixture of Baccarat and Blackjack. I have heard anecdotally of people banned for Baccarat, but never confirmed such stories. Last year was the first year in a long time that I started playing a lot of Blackjack again. No one has bothered me. I have actually had hosts text me after big winning sessions with congratulatory remarks, so they must know right away when anyone takes mid five figures or more from the tables.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 27th, 2022 at 9:23:18 AM permalink
Day 24 play.

Baccarat.

Heckuva series of runs. Didnít even have to bet over 5500.

+51250

Note: Lately, for security reasons, session reports are not necessarily presented in real time corresponding directly to the day played.



I'm willing to present a side Challenge. If anyone doubts that any one, just any one of the Session reports I present during this trip is not entirely accurate, throw down a red flag! Put up a mere ten grand in cash, let's work out how to verify the Session to your satisfaction using the Wizard as the judge, and winner takes the twenty thousand.

I'll contribute five hundred from my end for the Wizard's time if the Challenger will do the same, so that's $19,000. to the winner of this side Challenge.

This Side Challenge remains good for the duration of this particular Vegas trip.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 27th, 2022 at 9:26:00 AM permalink
One of the casinos told me about a divorce proceeds auction today in Vegas where some Patek Philippes among other items like estate quality furniture will be sold. The person who told me about it is not available today. Has anyone seen any signs about this around town? Please PM me.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 6:17:47 AM permalink
Aces and Eights may have been unkind to Will Bill, but it's a d good hand in Baccarat.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 7:22:47 AM permalink
The value of Daytonas and Rolexes in general have gone through the roof.

Here is one of the exact models I own (Paul Newman dial late model Daytona), expected to auction at over $100K which seems a bit unrealistic (I'd say more like $70-$80K with box and papers), but who knows:

Also for example my 40 mm Platinum Day Date is running around $90K in the resale market now!

If you go to an authorized Rolex dealer nowadays they have zero inventory for sale. No ability to order. Just, give your name and hope they call you in a few years. That's how impacted the Rolex market is at the moment - demand is far exceeding supply.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 9:52:09 AM permalink
Day 25 play.

Baccarat.

Two separate sessions two different casinos. First dumped around 25000. Then won more than 75000. Heavy action! wasnít easy but over all went quite well. On the winning session got to where I had a black chip on the side for the dealers, more than once.

The trick would be to eliminate the losing session entirely...and go right to winning big. May it be done?

+50385 (not counting any concessions from the casino where I lost).

Note: Lately, for security reasons, session reports are not necessarily presented in real time corresponding directly to the day played.



I'm willing to present a side Challenge. If anyone doubts that any one, just any one of the Session reports I present during this trip is not entirely accurate, throw down a red flag! Put up a mere ten grand in cash, let's work out how to verify the Session to your satisfaction using the Wizard as the judge, and winner takes the twenty thousand.

I'll contribute five hundred from my end for the Wizard's time if the Challenger will do the same, so that's $19,000. to the winner of this side Challenge.

This Side Challenge remains good for the duration of this particular Vegas trip.
Last edited by: MDawg on Jan 28, 2022
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 10:07:56 AM permalink
Quote: MDawg

1. 2. As I continue to win at a given casino, I sometimes cash some chips along the way but keep most of the chips for issuance of a check at the end of the stay at that particular casino. It is these checks, each one mid five figure to low to mid six figure that I have shown to the Wizard in the past. The casinos are very strict about issuing checks only for verified table game wins, and will not issue a check for even a penny above what the pits have reported as verified wins.
link to original post


In this case for the Day 25 play I just took it all in cash. They temp closed my line, but I didn't care. I just felt like walking out of there with a boatload of cash that day. I had to pay about 25 of it to the losing casino anyway.

That's a sealed brick of $50K.


The deng, the deng, the big big deng!
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 237
  • Posts: 15987
January 28th, 2022 at 10:11:44 AM permalink
Quote: MDawg

Quote: MDawg

1. 2. As I continue to win at a given casino, I sometimes cash some chips along the way but keep most of the chips for issuance of a check at the end of the stay at that particular casino. It is these checks, each one mid five figure to low to mid six figure that I have shown to the Wizard in the past. The casinos are very strict about issuing checks only for verified table game wins, and will not issue a check for even a penny above what the pits have reported as verified wins.
link to original post


In this case for the Day 25 play I just took it all in cash. They temp closed my line, but I didn't care. I just felt like walking out of there with a boatload of cash that day. I had to pay about 25 of it to the losing casino anyway.

That's a sealed brick of $50K.


The deng, the deng, the big big deng!
link to original post




Why is the $5,000 stack so much taller than the $10,000 stacks? I've never seen a $5,000 stack banded like that. Is it something new?
Putting $5,000 bands on what is really $50,000?
The difference between fiction and reality is that fiction is supposed to make sense.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 86
  • Posts: 11093
January 28th, 2022 at 10:13:28 AM permalink
Quote: billryan

Quote: MDawg

Quote: MDawg

1. 2. As I continue to win at a given casino, I sometimes cash some chips along the way but keep most of the chips for issuance of a check at the end of the stay at that particular casino. It is these checks, each one mid five figure to low to mid six figure that I have shown to the Wizard in the past. The casinos are very strict about issuing checks only for verified table game wins, and will not issue a check for even a penny above what the pits have reported as verified wins.
link to original post


In this case for the Day 25 play I just took it all in cash. They temp closed my line, but I didn't care. I just felt like walking out of there with a boatload of cash that day. I had to pay about 25 of it to the losing casino anyway.

That's a sealed brick of $50K.


The deng, the deng, the big big deng!
link to original post




Why is the $5,000 stack so much taller than the $10,000 stacks? I've never seen a $5,000 stack banded like that. Is it something new?
link to original post



It is probably a $50k stack or $25k stack made up of $5k straps.
At my age, a "Life In Prison" sentence is not much of a deterrent.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 10:33:16 AM permalink
I thought it was a little strange too, but what it was was four stacks of 5K, three stacks of 10K, sealed in the bag (50K total).

When the casinos hand you 5K, 10K, stacks (or the sealed 50K "bricks") they don't count it again just at their end then just hand it to you. I mean, you could ask them to recount it in front of you, but there is really no need.

Then if you go to another casino to pay them with the stacks (which I had to with about 25K of this win), you might hold your breath for a second while they are counting it, but it has never come up short.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 28th, 2022 at 10:40:52 AM permalink
Quote: MDawg

1. 2. As I continue to win at a given casino, I sometimes cash some chips along the way but keep most of the chips for issuance of a check at the end of the stay at that particular casino. It is these checks, each one mid five figure to low to mid six figure that I have shown to the Wizard in the past. The casinos are very strict about issuing checks only for verified table game wins, and will not issue a check for even a penny above what the pits have reported as verified wins.

I do not take a check from a casino until check-out day, so that check represents the sum of the win at that casino for that stay - not including whatever chips I might have cashed along the way. The reason I don't cash out in full until check-out day is that many casinos will temporarily close your credit line if you cash out more than about $5000. on a given trip (stay). If I cashed out large sums daily, all my lines would be constantly closed.

3. 4. Casinos do not deduct anything from table game wins. No 1099 is issued.

5. I spent enough time in NV last year to declare NV residency, but plan to do that this year rather than last year. NV has no state income tax.

6. I suppose I could deduct the final hotel bills, but they are generally so small that to use them as deductions might be more of a flag than they are worth.

7. The word does get around among the players when a certain player is up a lot. Or about such players' play. For example there is a well known Asian Baccarat player who wires in $20M for each trip, and is a lifetime winner at Baccarat, playing at up to $300K per hand. And then also the stories of players who have lost large sums also circulate.

But I am not aware of any publicized stories in recent times. I was in Vegas in 2000 and 2001, when Kerry Packer was playing, and he had all the dealers and pit bosses sign NDAs promising not to disclose anything related to his play, but the very next day after he dumped millions the exact sum was in the newspapers.
https://www.latimes.com/archives/la-xpm-2000-sep-26-mn-26886-story.html

8. I play a mixture of Baccarat and Blackjack. I have heard anecdotally of people banned for Baccarat, but never confirmed such stories. Last year was the first year in a long time that I started playing a lot of Blackjack again. No one has bothered me. I have actually had hosts text me after big winning sessions with congratulatory remarks, so they must know right away when anyone takes mid five figures or more from the tables.
link to original post


Mr.MDawg: Thank you for taking the time to fully answer my questions. You have definitely expanded my knowledge especially as regards big time players.

Your # 3 answer above leaves me a bit puzzled, i.e, no 1099 of any kind issued. If any entity has large losses, it can act as a credit on their business tax filings. A player such as you that wins big has, in effect, created a "large" loss for the casino and the casino is entitled to that "write-off." However, the business must provide documented proof of any loss. I know that there is probably no way for you to know the tax filings of any casino, but surely the casino is going to take every advantage of the tax code to minimize their tax liability legally.

1. Do you have any idea how the casino can re-capture those losses legally in their tax filings and provide proper documentation.

2. Your answer suggests your winnings are tax free federal and perhaps state tax free in the state you have resided in prior to your proposed NV residency. Is that the case?

3. I am confident that you have acquaintances that are "high rollers." When they win, are they treated similarly?

4. Slot players get nailed with 1099's all the time if their winnings exceed a specific threshold around $1,200, I believe. To your knowledge, are big table player winners generally disregarded for tax purposes?

Again, thanks for taking the time.

tuttigym
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 86
  • Posts: 11093
January 28th, 2022 at 10:46:37 AM permalink
Quote: tuttigym

[
2. Your answer suggests your winnings are tax free federal and perhaps state tax free in the state you have resided in prior to your proposed NV residency. Is that the case?



That is not at all what he is saying. A W2G or 1099 have no bearing on what you owe in taxes. They are just instruments to inform the government of the winnings.

All income is taxable with or without notification being given to the IRS.
At my age, a "Life In Prison" sentence is not much of a deterrent.
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 28th, 2022 at 11:08:55 AM permalink
Quote: DRich

That is not at all what he is saying. A W2G or 1099 have no bearing on what you owe in taxes. They are just instruments to inform the government of the winnings.

All income is taxable with or without notification being given to the IRS.
link to original post


What you have stated is true, however, a 1099 or W2G is the hammer necessary for the govt. to assess any tax liability, and if an individual receives "income" that is undetected by proper documentation, he can "skate." It happens all the time. (That is the real "National Pastime" -- cheating the IRS.) But again, why would a casino or any business not "write-off" legal losses to reduce their tax liability and improve their bottom line?
BTW I posted that his answer "suggests........" I did not put words in his post.

tuttigym
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 11:13:44 AM permalink
The reason casinos do not issue any sort of 1099 W2G etc. for table game wins is they cannot attest under penalty of perjury to the exact sum won or lost. The records of pit bosses are pretty accurate (and nowadays at a casino like Resorts World Vegas where every bet at some table games is tracked by RFID inside the chips, the records might be getting close to entirely accurate), but still they aren't guaranteed to be correct.

For one thing, tips that the player hands out during a session aren't always accounted into the exact final tally of win or loss, for the most part the pit boss just looks at what you have in front of you at the end of the session and the marker is paid, and enters that as the win. Or if a marker is pulled (and not paid) or cash presented, the final is tallied against the starting point to input the win or loss.

As far as casino income/loss they just keep track of whatever they have taken in minus whatever they have paid out, and apply that gross against their expenses, to come up with net income or loss just like any other business.
Last edited by: MDawg on Jan 28, 2022
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
SOOPOO
SOOPOO
Joined: Aug 8, 2010
  • Threads: 121
  • Posts: 10420
January 28th, 2022 at 11:15:36 AM permalink
Quote: tuttigym

Quote: DRich

That is not at all what he is saying. A W2G or 1099 have no bearing on what you owe in taxes. They are just instruments to inform the government of the winnings.

All income is taxable with or without notification being given to the IRS.
link to original post


What you have stated is true, however, a 1099 or W2G is the hammer necessary for the govt. to assess any tax liability, and if an individual receives "income" that is undetected by proper documentation, he can "skate." It happens all the time. (That is the real "National Pastime" -- cheating the IRS.) But again, why would a casino or any business not "write-off" legal losses to reduce their tax liability and improve their bottom line?
BTW I posted that his answer "suggests........" I did not put words in his post.

tuttigym
link to original post



You are joking, right? You think a casino needs to allocate its wins and losses from specific patrons for tax purposes? They figure out a Ďnetí, not MDawg -100k, SOOPOO +$32, tittygym +42Ö. They just count that as -$99,926.
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 237
  • Posts: 15987
January 28th, 2022 at 11:22:13 AM permalink
Quote: tuttigym

Quote: DRich

That is not at all what he is saying. A W2G or 1099 have no bearing on what you owe in taxes. They are just instruments to inform the government of the winnings.

All income is taxable with or without notification being given to the IRS.
link to original post


What you have stated is true, however, a 1099 or W2G is the hammer necessary for the govt. to assess any tax liability, and if an individual receives "income" that is undetected by proper documentation, he can "skate." It happens all the time. (That is the real "National Pastime" -- cheating the IRS.) But again, why would a casino or any business not "write-off" legal losses to reduce their tax liability and improve their bottom line?
BTW I posted that his answer "suggests........" I did not put words in his post.

tuttigym
link to original post




What has the casino lost? There is no write-off. Think about the reverse. A player loses $100,000 to the casino. Do you think the casino turns around and pays income tax on the 100K that day?
The difference between fiction and reality is that fiction is supposed to make sense.
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 28th, 2022 at 12:05:35 PM permalink
Quote: SOOPOO

You are joking, right? You think a casino needs to allocate its wins and losses from specific patrons for tax purposes? They figure out a Ďnetí, not MDawg -100k, SOOPOO +$32, tittygym +42Ö. They just count that as -$99,926.
link to original post


You are joking, right? MDawg losing $100,000. You are now also inferring that the casinos have no duty to the feds to report large wins, i.e., income, and therefore that "income" is tax free unless self-reported by the individual who then has the ability to offset those wins with documentation of losses. If the player does not self- report, he skates because there is no way for the feds to document that "income." Sounds good to me.

tuttigym
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 237
  • Posts: 15987
January 28th, 2022 at 12:16:05 PM permalink
Quote: tuttigym

Quote: SOOPOO

You are joking, right? You think a casino needs to allocate its wins and losses from specific patrons for tax purposes? They figure out a Ďnetí, not MDawg -100k, SOOPOO +$32, tittygym +42Ö. They just count that as -$99,926.
link to original post


You are joking, right? MDawg losing $100,000. You are now also inferring that the casinos have no duty to the feds to report large wins, i.e., income, and therefore that "income" is tax free unless self-reported by the individual who then has the ability to offset those wins with documentation of losses. If the player does not self- report, he skates because there is no way for the feds to document that "income." Sounds good to me.

tuttigym
link to original post



Incredible. Whats even more amazing is you seem to have put some thought into this.
The difference between fiction and reality is that fiction is supposed to make sense.
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 28th, 2022 at 12:25:47 PM permalink
Quote: MDawg

The reason casinos do not issue any sort of 1099 W2G etc. for table game wins is they cannot attest under penalty of perjury to the exact sum won or lost. The records of pit bosses are pretty accurate (and nowadays at a casino like Resorts World Vegas where every bet at some table games is tracked by RFID inside the chips, the records might be getting close to entirely accurate), but still they aren't guaranteed to be correct.


With all due respect Mr. MDawg, if a casino were to issue a W2G that was erroneous, it would be on the player to prove the error. The pit boss records the buy-in and time. When the player colors, the time is noted and amount returned is also recorded. Now I grant you that the "paperwork" or documentation can be cumbersome, but the feds always seem to want to get their pound of flesh. It seems here casino table players are double winners. Talk about a +EV -- WOW.

Quote: MDawg

For one thing, tips that the player hands out during a session aren't always accounted into the exact final tally of win or loss, for the most part the pit boss just looks at what you have in front of you at the end of the session and the marker is paid, and enters that as the win. Or if a marker is pulled (and not paid) or cash presented, the final is tallied against the starting point to input the win or loss.


Tips are not a real factor in that they are just part of the gross win accounting nothing more. BTW do the dealers report those tips? How do casinos handle that similar to wait staff?

Quote: MDawg

As far as casino income/loss they just keep track of whatever they have taken in minus whatever they have paid out, and apply that gross against their expenses, to come up with net income or loss just like any other business.


I absolutely agree just like any other business.

tuttigym
SOOPOO
SOOPOO
Joined: Aug 8, 2010
  • Threads: 121
  • Posts: 10420
January 28th, 2022 at 12:28:47 PM permalink
Quote: tuttigym

Quote: SOOPOO

You are joking, right? You think a casino needs to allocate its wins and losses from specific patrons for tax purposes? They figure out a Ďnetí, not MDawg -100k, SOOPOO +$32, tittygym +42Ö. They just count that as -$99,926.
link to original post


You are joking, right? MDawg losing $100,000. You are now also inferring that the casinos have no duty to the feds to report large wins, i.e., income, and therefore that "income" is tax free unless self-reported by the individual who then has the ability to offset those wins with documentation of losses. If the player does not self- report, he skates because there is no way for the feds to document that "income." Sounds good to me.

tuttigym
link to original post

Iíll try and be polite. I am not an expert, and frankly most of what I know about the subject has been learned over my 10 years reading posts on this forum from those who are quite knowledgeable on the subject. Casinos have specific reporting requirements that result in those W-2Gís. If I recall it is any win over $1200 but also at 600-1 odds. So there are a bunch of slot jackpots that intentionally pay $1199. Or people play a denomination that maxes at under $1200 for a VP royal.
The guy who wins $10k on a pass line bet gets nothing. The guy who hits a fire bet on a $5 bet and gets $5k gets a W2G.
You are correct, there are a bunch of people who win large sums that likely donít declare those wins.
It is solely up to a big winner like MDawg to truthfully declare his winnings to the IRS. It is not the casinoís responsibility.
tuttigym
tuttigym
Joined: Feb 12, 2010
  • Threads: 10
  • Posts: 1789
January 28th, 2022 at 12:39:49 PM permalink
Quote: SOOPOO

Iíll try and be polite. I am not an expert, and frankly most of what I know about the subject has been learned over my 10 years reading posts on this forum from those who are quite knowledgeable on the subject. Casinos have specific reporting requirements that result in those W-2Gís. If I recall it is any win over $1200 but also at 600-1 odds. So there are a bunch of slot jackpots that intentionally pay $1199. Or people play a denomination that maxes at under $1200 for a VP royal.
The guy who wins $10k on a pass line bet gets nothing. The guy who hits a fire bet on a $5 bet and gets $5k gets a W2G.
You are correct, there are a bunch of people who win large sums that likely donít declare those wins.
It is solely up to a big winner like MDawg to truthfully declare his winnings to the IRS. It is not the casinoís responsibility.


Thank you, I appreciate the affirmation and the tax reporting distinction information.

tuittigym
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 1:11:31 PM permalink
By the way, I am not a craps player not for many years, but I asked one of the pit bosses at one of the majors on the Strip about whether they issue a W-2G or whatever for a fire bet and that pit boss said NO, because they don't allow anyone to bet enough on that bet to make the maximum payout exceed the reporting requirement. Now, this was at a public table maybe at a private reserved craps table a high roller might be allowed to bet more? I could check on that.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
unJon
unJon 
Joined: Jul 1, 2018
  • Threads: 14
  • Posts: 4352
January 28th, 2022 at 1:47:42 PM permalink
Quote: MDawg

By the way, I am not a craps player not for many years, but I asked one of the pit bosses at one of the majors on the Strip about whether they issue a W-2G or whatever for a fire bet and that pit boss said NO, because they don't allow anyone to bet enough on that bet to make the maximum payout exceed the reporting requirement. Now, this was at a public table maybe at a private reserved craps table a high roller might be allowed to bet more? I could check on that.
link to original post



Thatís interesting. I am not a tax lawyer, but Iíve always read the table game W2-G prong of $600 or more winnings AND 300:1 or greater odds as permissive (option of payer). Iíve not heard of any casino that chose that permissive prong of not issuing the W2-G though. I do know many casinos where W2-Gs were issued for a fire bet six-point hit.

Note that even a $1 fire bet will hit the trigger above because it pays 999:1 for a six number hit.

Another possibility is the fire bet not having a six point payout at all. Iíve never heard of that either (but thereís lots of things that are true that Iíve never heard of).
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
KarmannGhia
KarmannGhia
Joined: Jan 28, 2022
  • Threads: 0
  • Posts: 1
January 28th, 2022 at 7:26:27 PM permalink
Quote: MDawg

By the way, I am not a craps player not for many years, but I asked one of the pit bosses at one of the majors on the Strip about whether they issue a W-2G or whatever for a fire bet and that pit boss said NO, because they don't allow anyone to bet enough on that bet to make the maximum payout exceed the reporting requirement. Now, this was at a public table maybe at a private reserved craps table a high roller might be allowed to bet more? I could check on that.
link to original post



In table games, the player gets a W2G if the win is $600 or more AND the ratio of the win to bet is 300 or more.

The only way this would be possible is if the casino followed the 7/30/150/300 pay table on the Fire Bet and the bet amount was $2 or less. Correct me if I'm wrong, but most casinos follow the 25/250/1000 pay table. In that case, even a $1 Fire bet would trigger a W2G if all six points were hit.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 8:09:34 PM permalink

This guy joined the forums just today just to make this comment?
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 101
  • Posts: 4485
January 28th, 2022 at 8:10:36 PM permalink
Some fire bets have a top payout of 299 to 1 and wouldn't trigger a tax form. But most fire bets pay 999 to 1 and require a tax form.

Since the customer never sees the CTR that are filed and can't use them to develop his tax return, the IRS use of them will be nil to limited.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 10:15:50 PM permalink
I asked at another major Strip casino and this one doesn't accept the craps fire bet at all. That's one way to deal with any table game reporting paperwork.

Maybe fire bet no longer exists on the Strip? Again, I'm not a craps player haven't been for many years but if I have time I'll ask around some more.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 28th, 2022 at 10:28:38 PM permalink
Day 26 play

DD Blackjack.

Small time action as far as play. I made the rounds to a few different casinos that are giving me promo chips and gift cards just for showing up, with mandatory minimum one night stay requirements. The hosts are wise to what is going on - they put me into basic rooms for a one night stay, I checked in, went to the cage, got my promo chips and my gift cards if physical (e-gift cards will be emailed at checkout), and then just left. I never even went up to look at the rooms - didn't have time.

I did some play at one of the casinos, won a little. I did not use the promo chips for this session, actually. For that particular casino I am trying to stockpile so many promo chips that they may be used for a serious session all alone.

Didn't bother to play at the others. Strictly business here to collect.

+1650 (in real dollars, winnings, one short session)

+23500 in promo chips and Visa gift cards.

Note: Lately, for security reasons, session reports are not necessarily presented in real time corresponding directly to the day played.



I'm willing to present a side Challenge. If anyone doubts that any one, just any one of the Session reports I present during this trip is not entirely accurate, throw down a red flag! Put up a mere ten grand in cash, let's work out how to verify the Session to your satisfaction using the Wizard as the judge, and winner takes the twenty thousand.

I'll contribute five hundred from my end for the Wizard's time if the Challenger will do the same, so that's $19,000. to the winner of this side Challenge.

This Side Challenge remains good for the duration of this particular Vegas trip.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 2:14:42 AM permalink
Quote: MDawg


This guy joined the forums just today just to make this comment?
link to original post

MDawg,
You should know better than to greet a new member with a profanity, even if it was within a spoiler tag. Not acceptable under the "no profanity" clause of rule 6, and discourteous, too, under rule 12.
The new member had given a helpful and thoughtful reply. You are not here to drive such new members away with overt insults and snide comments!
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
TwelveOr21
TwelveOr21
Joined: Nov 18, 2018
  • Threads: 3
  • Posts: 72
January 29th, 2022 at 3:15:29 AM permalink
Quote: OnceDear

Quote: MDawg


This guy joined the forums just today just to make this comment?
link to original post

MDawg,
You should know better than to greet a new member with a profanity, even if it was within a spoiler tag. Not acceptable under the "no profanity" clause of rule 6, and discourteous, too, under rule 12.
The new member had given a helpful and thoughtful reply. You are not here to drive such new members away with overt insults and snide comments!
link to original post



Is the dawg getting put in the kennel for nuisance barking?
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 3:24:51 AM permalink
Quote: TwelveOr21


Is the dawg getting put in the kennel for nuisance barking?
link to original post

If you mean "is he getting suspended?" Well, I have not applied any penalty. Other moderators may choose to. That's for them to decide.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 29th, 2022 at 7:29:59 AM permalink
You've seen Goodfellas I assume? In the context of why Henry said what he said, it was not meant as derogatory to the new member. It was more of a Donnie Brasco-esque "Forgettaboutit" spontaneity. As far as the profanity that's why I hid it, but that quote from Goodfellas wasn't profane for the sake of being profane, it just happened to have that word in it.

I think exceptions may be made for quoting great movies or works of literature? Especially if hidden (spoilers)?
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Dieter
Administrator
Dieter
Joined: Jul 23, 2014
  • Threads: 16
  • Posts: 5044
January 29th, 2022 at 7:40:02 AM permalink
Quote: MDawg

I think exceptions may be made for quoting great movies or works of literature? Especially if hidden (spoilers).
link to original post



I refer you to the forum rules.

Quote: The forum rules

The punishment for violating these rules will be meted out on a case by case basis. link to original post



So we may make exception, or we may take exception.
May the cards fall in your favor.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 29th, 2022 at 7:45:22 AM permalink
Well anyway, I understand that the new "policy" in 2022, tends to more lenient application of the rules, but if you so direct I will no longer link to movies with any profanity in them. (Darn! so Scorcese, DePalma and Tarantino are out?)
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Dieter
Administrator
Dieter
Joined: Jul 23, 2014
  • Threads: 16
  • Posts: 5044
Thanks for this post from:
MDawgOnceDear
January 29th, 2022 at 7:50:06 AM permalink
Quote: MDawg

Well anyway, I understand that the new "policy" in 2022, tends to more lenient application of the rules, but if you so direct I will no longer link to movies with any profanity in them. (Darn! so Tarantino and Scorcese are out?)
link to original post



I believe the informal guidance is that linked sparingly, it may be overlooked.



Unbleeped, that would not be sparingly.
May the cards fall in your favor.
coachbelly
coachbelly
Joined: Oct 21, 2013
  • Threads: 1
  • Posts: 1231
January 29th, 2022 at 7:53:26 AM permalink
Quote: Dieter

So we may make exception, or we may take exception.



Is it within your purview to apply forum rules to punish some members, and not others?
Dieter
Administrator
Dieter
Joined: Jul 23, 2014
  • Threads: 16
  • Posts: 5044
January 29th, 2022 at 8:07:35 AM permalink
Quote: coachbelly

Quote: Dieter

So we may make exception, or we may take exception.



Is it within your purview to apply forum rules to punish some members, and not others?
link to original post



Each situation is different.
Possible infractions are evaluated on a case by case basis.
May the cards fall in your favor.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 29th, 2022 at 8:09:18 AM permalink
So Bally's (owned by Caesars Ent) is becoming a "Horseshoe" casino.

And since 2005, Binion's has not been known as Binion's Horseshoe but as Binion's Gambling Hall.

I found an abandoned TM application (ser 85784474) by Caesars for "horseshoe" as used in ONLINE electronic wagering. Both TMs (ser 78477526 and 78477526) for "Binion's Horseshoe" were abandoned in 2009. There is a live TM (reg 2370824) for "horseshoe" assigned to Caesars for use in Information services in the fields of gambling, casinos and entertainment.

Okay here we go, Caesars got the Horseshoe mark as assigned from Binion's: (both live: reg 1839764 and 1839688), for use in hotel, restaurant and bar services, and in casino services (both first use in commerce 1955). So Binion's sold their Horseshoe TM to Caesars Ent. (assigned to Harrah's (which is actually Caesar's Ent., as re-named)) in 2004.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 8:19:58 AM permalink
Quote: Dieter

Quote: MDawg

I think exceptions may be made for quoting great movies or works of literature? Especially if hidden (spoilers).
link to original post



So we may make exception, or we may take exception.
link to original post



Context, sir. Context!

The new member may take exception, how can we know?
"The punishment for violating these rules will be meted out on a case by case basis"

When I opened the spoiler, the profanity was right there in the youtube overlay. They were the only words spoken. Connect the context with the only words in your post, where you expressed some incredulity. Did you doubt the Newbie's advice or motivation in some way?

Was his taking the time to join and give a solid contribution to the thread so remarkable or unwelcome?

Put yourself in his/her shoes...... You can't, because we don't know him or her well enough. So effectively you f-bombed a helpful new member. We don't do that. In the words of Johnny5
Quote: Johnny5

Is wrong. Incorrect.
Newton Crosby, PhD,
not know this?



I'm perfectly fine with the odd profanity, and in humourous youtube vids, we have to take it or leave it. Many would be overlooked.

The punishment meted out was a reminder of the rules and a few words in bold.

You wish to appeal that???
I thought that was on the generous side, given the context.

If you wish to discuss this rebuke, Let's not mess up your thread with a hijack, let's maybe take it to the appropriate 'Discussion about the suspension list thread"

Thanks.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 29th, 2022 at 8:21:36 AM permalink
I am not taking exception, more seeking clarification for the future.

I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 8:27:00 AM permalink
Quote: coachbelly

Quote: Dieter

So we may make exception, or we may take exception.



Is it within your purview to apply forum rules to punish some members, and not others?
link to original post


Has MDawg appointed you as his representative? Are you suggesting that he launch an appeal?
Would you have us impose a harsher, or lesser penalty for this incident?
Were we showing favouritism to MDawg? Or were we harsh in not ignoring his perceived infraction.

All rhetorical questions!
If you wish to argue the rules, take it to the rules subforum, maybe in the appropriate discussion about the suspension list.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
MDawg
MDawg
Joined: Sep 27, 2018
  • Threads: 36
  • Posts: 6667
January 29th, 2022 at 8:31:07 AM permalink
At this point we need ChumpChange to come in with a non-sequitur, to put us back on track.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 8:36:37 AM permalink
Quote: MDawg

I am not taking exception, more seeking clarification for the future.

link to original post


To what end?

You want to set precedents in stone? Do you think we should cross check every penalty ever imposed or not imposed.

Ain't happening sir.

Unless you want to pay an hourly rate.

There are nominally four arbiters of the rules here. We don't hold a committee meeting to review and revisit every decision.

Next time, you might get a penalty involving a larger font, or maybe it will be muted with a winky eye emoticon, or maybe you will be asked to write out some lines, or maybe you will get suspended. The rules are clear enough, some might say there should be only one rule.
You've been here long enough, I bet you could draft it yourself.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
OnceDear
OnceDear
Joined: Jun 1, 2014
  • Threads: 63
  • Posts: 7305
January 29th, 2022 at 8:37:47 AM permalink
Quote: MDawg

At this point we need ChumpChange to come in with a non-sequitur, to put us back on track.
link to original post

If he does, shall I suspend him for hijacking the hijack?
$;o)
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 101
  • Posts: 4485
January 29th, 2022 at 8:44:23 AM permalink
I never deserved any of my suspensions, period!

  • Jump to: