Poll

5 votes (14.7%)
No votes (0%)
13 votes (38.23%)
5 votes (14.7%)
1 vote (2.94%)
11 votes (32.35%)
6 votes (17.64%)
3 votes (8.82%)
1 vote (2.94%)
5 votes (14.7%)

34 members have voted

Mental
Mental
Joined: Dec 10, 2018
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December 3rd, 2020 at 6:45:12 AM permalink
Quote: SOOPOO

I think you should include a ‘tax cost per hour’ in your calculations. Winning a Jackpot of $45k + is difficult to ‘wash’

Mike.... if I told you I could guarantee that on your next dollar bet you could win $45k, what would you say the real EV of that bet is for you, tax effect included?



If you go to an ordinary job and earn $45K for the year, that is difficult to 'wash' if , by 'wash', you mean fraudulently avoid paying taxes.
rdw4potus
rdw4potus
Joined: Mar 11, 2010
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December 3rd, 2020 at 7:28:37 AM permalink
Quote: AlanMendelson

Yes. Empty seats by design.



Well...no? If 3/4 of the chairs were removed from the floor to enforce the 25% occupancy cap, then the remaining chairs (the "empty seats") are designed to be sat in.
"So as the clock ticked and the day passed, opportunity met preparation, and luck happened." - Maurice Clarett
terapined
terapined
Joined: Dec 1, 2012
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December 3rd, 2020 at 7:44:06 AM permalink
Heading to the red rock canyon scenic drive today
Might as well stop by and check out these machines.
Probably just spend 20 dollars hoping lightning strikes
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SOOPOO
SOOPOO
Joined: Aug 8, 2010
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December 3rd, 2020 at 9:22:30 AM permalink
Quote: Mental

If you go to an ordinary job and earn $45K for the year, that is difficult to 'wash' if , by 'wash', you mean fraudulently avoid paying taxes.



I didn’t necessarily mean fraudulently. If you play 100 hours before you hit it you certainly have a few thousand to legally write off.

But I’ll agree with you that most who attack this type of opportunity do use ‘fraudulent’ techniques. When it comes to taxes.
DRich
DRich
Joined: Jul 6, 2012
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December 3rd, 2020 at 9:27:05 AM permalink
Quote: SOOPOO

I think you should include a ‘tax cost per hour’ in your calculations. Winning a Jackpot of $45k + is difficult to ‘wash’

Mike.... if I told you I could guarantee that on your next dollar bet you could win $45k, what would you say the real EV of that bet is for you, tax effect included?



I believe almost 100% of gamblers cheat on their taxes by not claiming all wins.
Order from chaos
USpapergames
USpapergames
Joined: Jun 23, 2020
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December 3rd, 2020 at 9:54:46 AM permalink
Quote: SOOPOO

I think you should include a ‘tax cost per hour’ in your calculations. Winning a Jackpot of $45k + is difficult to ‘wash’

Mike.... if I told you I could guarantee that on your next dollar bet you could win $45k, what would you say the real EV of that bet is for you, tax effect included?



This question is just a massive variable. I'm definitely not the all-knowing tax man but I do know that the amount of tax you pay depends on your yearly income. I believe the minimum federal tax is 35% so if your income was nothing other than the jackpot that's still a great reward on top of a machine that already has a positive E.V. in all its other payouts! Sounds to me like anyone with the knowledge of how to play video poker optimally could make around 5x minimum wage playing that machine!
Math is the only true form of knowledge
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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December 3rd, 2020 at 10:01:45 AM permalink
Quote: USpapergames

This question is just a massive variable. I'm definitely not the all-knowing tax man but I do know that the amount of tax you pay depends on your yearly income. I believe the minimum federal tax is 35% so if your income was nothing other than the jackpot that's still a great reward on top of a machine that already has a positive E.V. in all its other payouts! Sounds to me like anyone with the knowledge of how to play video poker optimally could make around 5x minimum wage playing that machine!

. It is my understanding that it has a significant -EV if you eliminate the value of the big jackpot.

Minimum federal tax is less than 35%.

As far as ‘making’ 5x minimum wage.... I think it is fairer to say what the EV per hour is. MOST people if they just play one machine hoping to hit it will actually lose money.
Wizard
Administrator
Wizard
Joined: Oct 14, 2009
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Thanks for this post from:
ChuckleberrytringlomaneFiliusBruce
December 3rd, 2020 at 10:06:48 AM permalink
Quote: SOOPOO

I think you should include a ‘tax cost per hour’ in your calculations. Winning a Jackpot of $45k + is difficult to ‘wash’



I've had this comment before with other games. No matter what cost I arbitrarily decide, 99% of readers will disagree with it. So I leave adjusting for taxes up to the dealer.
It's not whether you win or lose; it's whether or not you had a good bet.
Wizard
Administrator
Wizard
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December 3rd, 2020 at 10:08:05 AM permalink
Quote: terapined

Heading to the red rock canyon scenic drive today
Might as well stop by and check out these machines.
Probably just spend 20 dollars hoping lightning strikes



Let me know if they demand a reservation to do the scenic drive.

Check out the cake by T-Bones.
It's not whether you win or lose; it's whether or not you had a good bet.
terapined
terapined
Joined: Dec 1, 2012
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Thanks for this post from:
tringlomane
December 3rd, 2020 at 11:11:10 AM permalink
By the buffet
75,522.63
2 empty seats on one side but 3rd seat a smoker
Other side 1 empty seat so have to sit next to someone
Starbucks
40,748.25
2 seats empty, not sitting next to anybody and 2 players nonsmokers
Going in and see if I can strike lightening
See how long to lose 10 bucks lol
WOV supports censorship. Bring back free speech challenging lies.

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