thefish2010
thefish2010
Joined: Dec 24, 2009
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February 12th, 2012 at 3:16:34 AM permalink
Here are a few pics of the results of my 2011 big wins. Unfortunately, I still ended the year down....still not sure how that happened, but it did. Most of this was the result of Barona's now discontinued single-deck blackjack game - which was the best in the country, and more likely than not the best in the world. The two wins at Barona were within 3 weeks of each other. On the $40K win, I was only in for $1K and for the $65K I was in for about $15K (and was down to about $2K left before it turned around). Both Barona and Aria have $10,000 maximums, and during all three of these wins I played at least a couple of hands at that level. When you get on a do-no-wrong run, it sure can be a lot of fun!

PS - Before anyone says anything, for whatever reason Barona writes any check for winnings on their Jackpot account - these were not slot wins.





1BB
1BB
Joined: Oct 10, 2011
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February 12th, 2012 at 4:22:26 AM permalink
So you work in the cage at the Barona and always have your cell phone camera at the ready. Kidding aside, there must have been a reason they allowed you to keep playing. The heat on that single deck game was legendary.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
thefish2010
thefish2010
Joined: Dec 24, 2009
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February 12th, 2012 at 4:33:52 AM permalink
Yes, there is a reason they let me keep playing. It's simple: I got very lucky. I wasn't changing my bet with the count - I was out there with friends both times and wasnt looking to get thrown out. They watched that game like hawks - since even the most basic counting system would beat it (A/5 etc) - and it was very close to an even game with proper BS anyway. The $40k run was the first time I had ever been out there, so when I first sat down I figured I'd just have some fun with my friends, and at the same time check out the heat, etc. I almost immediately began winning virtually every hand, so I kept pushing up my bets, figuring the edge was so low, that it wasn't costing me much in terms of theo anyway (0.06% i believe - a $10k bet was worth $6 to the house) and I'd back off immediately if I began losing. In other words, I was playing like a ploppy and I have to say it was fun. I started the $40k with a $1k buyin that i fully expected to lose, and the next time I went out there, took some of the $40k win and started the $65k. So really I was in for a total of $1k of my own money at Barona.
Mosca
Mosca
Joined: Dec 14, 2009
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February 12th, 2012 at 7:54:10 AM permalink
This story just made my morning. Thanks, fish. I got it, the way it felt, completely.
NO KILL I
klimate10
klimate10
Joined: Feb 6, 2012
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February 12th, 2012 at 9:05:04 AM permalink
Dude, a 40k check is a terrible idea (im not gonna say why, but you must know). You can't cash out $7000 at a time?
Mosca
Mosca
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February 12th, 2012 at 9:07:06 AM permalink
40k, not Form 8300. Multiple checks under 10k, totaling more than 10k, Form 8300.
NO KILL I
MathExtremist
MathExtremist
Joined: Aug 31, 2010
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February 12th, 2012 at 11:37:03 AM permalink
Quote: Mosca

40k, not Form 8300. Multiple checks under 10k, totaling more than 10k, Form 8300.


I thought CTRs are only for cash transactions, not checks. I routinely deposit checks for over $10,000 at the bank and have never filled out anything. They're not gambling winnings, mind you, but still, the bank doesn't care.
"In my own case, when it seemed to me after a long illness that death was close at hand, I found no little solace in playing constantly at dice." -- Girolamo Cardano, 1563
EvenBob
EvenBob
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February 12th, 2012 at 11:48:25 AM permalink
They paid you $105K by check, how do you explain
to the IRS that you don't have to pay taxes on it
because you lost more than you won last year? Did
you keep an accurate gambling diary, its the only
thing they'll accept. If Barona didn't report the
winnings to the IRS, the bank where you cashed
the checks did. They're required to report any
transactions over $10K.
"It's not enough to succeed, your friends must fail." Gore Vidal
Mosca
Mosca
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February 12th, 2012 at 11:53:38 AM permalink
Quote: MathExtremist

I thought CTRs are only for cash transactions, not checks. I routinely deposit checks for over $10,000 at the bank and have never filled out anything. They're not gambling winnings, mind you, but still, the bank doesn't care.



I did some research, and I'm wrong. 8300 is for businesses receiving more than $10k. Form 104 is for cash transactions over $10k.

Nevertheless, in the aforementioned instance multiple checks of $7k totaling $40k count the same, as related transactions.
NO KILL I
thefish2010
thefish2010
Joined: Dec 24, 2009
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February 12th, 2012 at 12:13:58 PM permalink
Quote: EvenBob

They paid you $105K by check, how do you explain
to the IRS that you don't have to pay taxes on it
because you lost more than you won last year? Did
you keep an accurate gambling diary, its the only
thing they'll accept. If Barona didn't report the
winnings to the IRS, the bank where you cashed
the checks did. They're required to report any
transactions over $10K.



Yes, I am reporting these wins (and offsetting losses) on the taxes I am about to file. I have win/loss ststements, a diary, and other records to prove it to the IRS if need be. By the time these wins happened, I already had losses to offset them, most of which had generated CTRs because I lost more than $10k cash at one time (many of those were sports bets as well, which is my primary focus as far as advantage gambling). I was just running very badly early in 2011. I know someone who was actually arrested for structuring, so I stopped doing anything that would approach that long ago. Whether I get rated and play in a manner that generates reports all depends on what I am doing at the casino that day.

Btw checks from a casino do not generate any sort of special filing, but obviously if you deposit it to a bank, the bank will have a record of the deposit. Also note that you can take a check from a place like Barona and use it as front money in Vegas directly, which generates no reports from either place. You could win $1m at one casino, get a check, take it across the street where you promptly lose it, and no reports would be generated. In Vegas most places will accept chips from other Vegas casinos, which is preferable to checks, but they won't take chips from places outside of Vegas.

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