ChumpChange
ChumpChange
Joined: Jun 15, 2018
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December 1st, 2019 at 7:41:51 PM permalink
Maybe you need to cash out from a table every time you go from $250 to $1175.
jren9718
jren9718
Joined: Dec 1, 2019
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December 1st, 2019 at 7:59:31 PM permalink
Maybe my description is confusing.

If I bet $25, won, then bet $25, lost. Repeat 100 times in this pattern, I only have $25.

But NJ online casino will say you won 50 times, with a cumulative winning of $1250, and a W2G is generated.

I'm not sure if this is true.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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December 1st, 2019 at 11:02:56 PM permalink
Try it and find out. There was a tax thread here a year ago about online BJ, maybe not NJ, where every bet hand that won including splits & double downs that totaled over $1200 was taxed. Probably wouldn't want to bet more than $125 a hand if you plan on doubling down on 4 splits.

If NJ is counting every win in a session towards a tax form, I'd just give up unless I was betting $3 and keeping track of all wins.

BTW, most digital BJ games I see deduct your bet from your balance, then when you win, it says you won double what your bet was. So if you bet $500 and win $500, that would be a $1,000 win but not taxable; if you get a blackjack, you'd win $750 + your $500 bet for a total of $1250, which could be taxable. There should be no tax forms in BJ, but online it gets treated like it was a slot machine.
FatGeezus
FatGeezus
Joined: Jun 12, 2010
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December 2nd, 2019 at 7:17:39 AM permalink
Quote: jren9718

Maybe my description is confusing.

If I bet $25, won, then bet $25, lost. Repeat 100 times in this pattern, I only have $25.

But NJ online casino will say you won 50 times, with a cumulative winning of $1250, and a W2G is generated.

I'm not sure if this is true.



This can't be true.

Think about this---If you bet $25 on a slot machine and the payout was $15, did you lose $10 or win $15?

If you bet $25 on a slot machine and the payout was $40, did you win $40 or did you win $15?

Can you imagine the amount of W2Gs that would be generated by the on line slot players if this were true.
jren9718
jren9718
Joined: Dec 1, 2019
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December 2nd, 2019 at 7:22:01 AM permalink
I wish this is not true. Many people receive 500+ W2Gs from NJ online casino.
jren9718
jren9718
Joined: Dec 1, 2019
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December 3rd, 2019 at 9:58:20 AM permalink
Update: Borgata told me today that the $1200 limit is per bet, not cumulatively. Sorry for any confusion I made.

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