Help on understanding the math if I have a win
November 17th, 2013 at 1:26:15 PM
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hey all
I have what I hope to be a valid question! I am a lover of craps and I have a hypothetical discussion with my wife this weekend. My question was, what if I won 100k in Vegas, would you bet it or take it home, minus the taxes.
Then I got to thinking, perhaps this would sway the odds somewhat in craps for example, but I am not a math guy.
My logic is:
I am essentially having to give up say 40% in taxes of that 100k, so I receive 60k. Well, doesn't that mean that if I gamble my winnings, I am essentially only risking 60 cents of each dollar?
How does that affect the odds in craps, or well, any gambling game, but specifically craps?
I am not lazy so if someone could point me in the right direction to be able to calculate it myself I'd be really appreciative.
I remember Don Johnson went to Vegas and negotiated that he receive back a certain percentage of his losses, and it tipped blackjack in his favor..I guess I'm wondering the same thing.
Thanks everyone, long time reader, first time poster.
good luck to all!
I have what I hope to be a valid question! I am a lover of craps and I have a hypothetical discussion with my wife this weekend. My question was, what if I won 100k in Vegas, would you bet it or take it home, minus the taxes.
Then I got to thinking, perhaps this would sway the odds somewhat in craps for example, but I am not a math guy.
My logic is:
I am essentially having to give up say 40% in taxes of that 100k, so I receive 60k. Well, doesn't that mean that if I gamble my winnings, I am essentially only risking 60 cents of each dollar?
How does that affect the odds in craps, or well, any gambling game, but specifically craps?
I am not lazy so if someone could point me in the right direction to be able to calculate it myself I'd be really appreciative.
I remember Don Johnson went to Vegas and negotiated that he receive back a certain percentage of his losses, and it tipped blackjack in his favor..I guess I'm wondering the same thing.
Thanks everyone, long time reader, first time poster.
good luck to all!
November 17th, 2013 at 1:30:18 PM
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I suppose it depends on how badly you need the money.
If you are well-heeled, what the hell, go for it.
Otherwise, exercise restraint.
If you are well-heeled, what the hell, go for it.
Otherwise, exercise restraint.
"What, me worry?"
November 17th, 2013 at 1:38:42 PM
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Quote: rymetymeukWell, doesn't that mean that if I gamble my winnings, I am essentially only risking 60 cents of each dollar?
Unless I'm missing something, aren't you also only winning 60 cents on the dollar?
November 17th, 2013 at 1:53:38 PM
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Yeah haha I see what you mean. So I risk only 60 cents on the dollar and only gain 60 cents on the dollar, thus meaning the same math applies as usual. Duh. thanks a lot, I knew I was confusing myself!
and I wouldn't personally bet it, I was just interested in the math. I'd pay it off my mortgage :) thanks everyone!
and I wouldn't personally bet it, I was just interested in the math. I'd pay it off my mortgage :) thanks everyone!
November 17th, 2013 at 2:03:55 PM
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Sheeeet. Da answer is easy. If youse ever wins dat much money.... you ask your CPA what to do wit it.
November 17th, 2013 at 7:25:57 PM
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Thats quite amazing coz I had a dream last night that I won $580k playing Dice in Tahoe in December when my wife and I drive through on our way to Portland.
I was wondering the same thing about the tax implications of my big win but most importantly I was wondering how we were going to get from downtown Lake Tahoe back to the Hyatt unacosted and with our back sides in tact. We can't take a room downtown as our little puppuy dog will be in the room at the Hyatt and we cannot , no WILL not leave him alone for the whole night.
These are the things I must know :)
Oh yeah welcome to the OP
I was wondering the same thing about the tax implications of my big win but most importantly I was wondering how we were going to get from downtown Lake Tahoe back to the Hyatt unacosted and with our back sides in tact. We can't take a room downtown as our little puppuy dog will be in the room at the Hyatt and we cannot , no WILL not leave him alone for the whole night.
These are the things I must know :)
Oh yeah welcome to the OP
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
November 18th, 2013 at 12:50:21 PM
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Well if you are from Wisconsin which is community property state
you could win $580,000 in vegas, leave your wife and run away
and your wife would be responsible for all the taxes.
Or you could win the $580,000, come home and get divorced and she would
have to pay tax on $290,000 whether you shared it with her or not.
Or on that night that you were so hot you could give her 10 blacks chips
every time she walked by, she could cash them in $1000 at a time
and pay almost nothing in tax.
That way you could keep your wife and the money.
Or maybe at the end of the night you could look for your wife and the money
and not find either.
I think i will win the $580,000 first and then worry about it.
dicesetter
you could win $580,000 in vegas, leave your wife and run away
and your wife would be responsible for all the taxes.
Or you could win the $580,000, come home and get divorced and she would
have to pay tax on $290,000 whether you shared it with her or not.
Or on that night that you were so hot you could give her 10 blacks chips
every time she walked by, she could cash them in $1000 at a time
and pay almost nothing in tax.
That way you could keep your wife and the money.
Or maybe at the end of the night you could look for your wife and the money
and not find either.
I think i will win the $580,000 first and then worry about it.
dicesetter
