Advantage play, pros and cons of discussing methods.

Winning more than $58K this year disqualifies a single person from getting Obamacare. What kind of health insurance can you get after that?

Not to mention auto insurance is going up 30% to 80% this year and home insurance is going up in some states to non-coverage levels.

Quote: billryan

Quote: Dieter

(snip!)

Quote: SOOPOO

I’m frankly surprised more don’t have a regular job/regular lifestyle and do AP as a side gig.
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When I had a "regular" job, it was very hard to get to a casino to look for or capitalize on plays.
Finding the kind of day job that honestly doesn't care if you need to take a few hours or days off to play on short notice is shockingly hard.
Too many jobs want you to "show up" and "keep a predictable schedule", and they really don't care that some plays are time sensitive.
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The easiest thing to do is to start your own business. I'm amazed how many people could easily benefit by doing so, but for some reason, they can't be bothered. Your Uncle Sam literally wants to hand out money, but people are afraid.
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Easier said than done.


From my understanding, a large percentage of new businesses fail within the first five years.

What business do you suggest someone start?

Being an Advantage Player is basically like owning your own business. If one is making money and enjoying it, why start another business?

Heath Insurance and SS can all be had just like any other business or job if you want it. One must take extra steps to make sure they are set up for that.

As far as living on the road in hotels and your car to save money, that's perfectly fine if you're comfortable doing that. It's certainly not for most people, but for some, it's perfectly fine. I never liked that Idea because it wasn't well suited for dating and whatnot.

It is more than just the monthly savings one is banking...
I have noticed one thing about APs who live that on-the-road lifestyle, they tend to put in a hell of a lot more hours and seem to find more stuff. Makes sense since one probably wants to spend the least amount of time in their car/hotel room as possible.

Money saved from not paying rent, lights cable, etc plus putting in 50% more hours than the average AP = a big advantage both in the short and long-run.

Quote: AxelWolf

Quote: billryan

Quote: Dieter

(snip!)

Quote: SOOPOO

I’m frankly surprised more don’t have a regular job/regular lifestyle and do AP as a side gig.
link to original post

When I had a "regular" job, it was very hard to get to a casino to look for or capitalize on plays.
Finding the kind of day job that honestly doesn't care if you need to take a few hours or days off to play on short notice is shockingly hard.
Too many jobs want you to "show up" and "keep a predictable schedule", and they really don't care that some plays are time sensitive.
link to original post

The easiest thing to do is to start your own business. I'm amazed how many people could easily benefit by doing so, but for some reason, they can't be bothered. Your Uncle Sam literally wants to hand out money, but people are afraid.
link to original post

Easier said than done.




From my understanding, a large percentage of new businesses fail within the first five years.

What business do you suggest someone start?

Being an Advantage Player is basically like owning your own business. If one is making money and enjoying it, why start another business?

Heath Insurance and SS can all be had just like any other business or job if you want it. One must take extra steps to make sure they are set up for that.

As far as living on the road in hotels and your car to save money, that's perfectly fine if you're comfortable doing that. It's certainly not for most people, but for some, it's perfectly fine. I never liked that Idea because it wasn't well suited for dating and whatnot.

It is more than just the monthly savings one is banking...
I have noticed one thing about APs who live that on-the-road lifestyle, they tend to put in a hell of a lot more hours and seem to find more stuff. Makes sense since one probably wants to spend the least amount of time in their car/hotel room as possible.

Money saved from not paying rent, lights cable, etc plus putting in 50% more hours than the average AP = a big advantage both in the short and long-run.
link to original post

Tax advantages. I'm not why that is so difficult. I suggested a way to TRich that his unreimbursed flights became business expenses and his response was, in effect, that he couldn't be bothered.

Quote: billryan

Quote: AxelWolf

Quote: billryan

Quote: Dieter

(snip!)

Quote: SOOPOO

I’m frankly surprised more don’t have a regular job/regular lifestyle and do AP as a side gig.
link to original post

When I had a "regular" job, it was very hard to get to a casino to look for or capitalize on plays.
Finding the kind of day job that honestly doesn't care if you need to take a few hours or days off to play on short notice is shockingly hard.
Too many jobs want you to "show up" and "keep a predictable schedule", and they really don't care that some plays are time sensitive.
link to original post

The easiest thing to do is to start your own business. I'm amazed how many people could easily benefit by doing so, but for some reason, they can't be bothered. Your Uncle Sam literally wants to hand out money, but people are afraid.
link to original post

Easier said than done.


From my understanding, a large percentage of new businesses fail within the first five years.

What business do you suggest someone start?

Being an Advantage Player is basically like owning your own business. If one is making money and enjoying it, why start another business?

Heath Insurance and SS can all be had just like any other business or job if you want it. One must take extra steps to make sure they are set up for that.

As far as living on the road in hotels and your car to save money, that's perfectly fine if you're comfortable doing that. It's certainly not for most people, but for some, it's perfectly fine. I never liked that Idea because it wasn't well suited for dating and whatnot.

It is more than just the monthly savings one is banking...
I have noticed one thing about APs who live that on-the-road lifestyle, they tend to put in a hell of a lot more hours and seem to find more stuff. Makes sense since one probably wants to spend the least amount of time in their car/hotel room as possible.

Money saved from not paying rent, lights cable, etc plus putting in 50% more hours than the average AP = a big advantage both in the short and long-run.
link to original post

Tax advantages. I'm not why that is so difficult. I suggested a way to TRich that his unreimbursed flights became business expenses and his response was, in effect, that he couldn't be bothered.
link to original post

Were you talking about filing as a business as an advantage player ? If so, I agree.

Quote: billryan

Tax advantages. I'm not why that is so difficult. I suggested a way to TRich that his unreimbursed flights became business expenses and his response was, in effect, that he couldn't be bothered.

That is not how I recall it. I guess I just don't understand how I can expense items from a business that I am employed by to a business that I own. My wife works for a CPA firm and there suggestion was to reclassify as a 1099 employee. I will do that if I can but if I can't I will have expenses from my "full time job" as an employee and don't understand how to write those off against my LLC or SCorp.

Yes, you are correct. You don't understand.

Quote: billryan

Yes, you are correct. You don't understand.
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To be clear, you are saying DRich doesn't understand?

Quote: billryan

Yes, you are correct. You don't understand.

Thank you for clarifying that.

Let’s be clear here. This is not a JOB. It’s a Business.

The business owner (AP) has the potential for massive monetary swings in either direction. As such you write off the losses against your wins and the business/sole proprietor pays taxes on the profit. When was the last time you went into work for the day and spent 2 grand?

Health insurance is obtained the same way anyone would, by going to the marketplace or direct to the insurer. Some AP’s may qualify for reduced insurance depending on their actual profit for the past year.

As a business you can write off your expenses as any business would.

Again I have to reiterate that being an AP is not easy, and most fail. The ones that are successful are very successful. The ones who aren’t as successful either go broke or are making a little side money. Not enough to survive without a second income.

You also have the issue of people thinking they are AP’s but in reality are hybrid gambling addicts and AP’s. I know loads of “professionals” who lose thousands on plays that were never plays to begin with. In my area there is a guy who claims to be a millionaire being an AP yet routinely blows 4-5 grand gambling. He claims to be an expert. It’s hilarious as an actual professional AP knows that the person will eventually go broke no matter how good they think they are due to their addiction to make money.

Quote: Slotenthusiast

Let’s be clear here. This is not a JOB. It’s a Business.

How much labor is required and how much can be delegated? What parts of it can be sold? If Jeff Bezos doesn't show up the Amazon warehouse, it still runs. He can sell his equity in the company or any of its assets. If the CPA doesn't show up to do my taxes it doesn't get done and he doesn't get paid. If he wants out, no one is going to buy his LLC. One of them is a business owner, the other is self-employed. I would say the guy playing casino games for income owns his job not a business.

It's not a job, it's an adventure. It's not a business, it's a way of life. It is a business in the sense that you can deduct all sorts of expenses that normal employees can't.

It's not a job, it's an adventure. It's not a business, it's a way of life. It is a business in the sense that you can deduct all sorts of expenses that normal employees can't.