billryan
billryan 
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July 31st, 2020 at 7:22:23 AM permalink
Quote: DRich

Yes, if you bet it on a slot machine.



What about a kiosk?
DRich
DRich
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July 31st, 2020 at 7:24:36 AM permalink
Quote: billryan

What about a kiosk?



No, a kiosk is not a gaming device so it doesn't apply.
Living longer does not always infer +EV
lilredrooster
lilredrooster
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July 31st, 2020 at 7:37:49 AM permalink
Quote: billryan

If I bet $2,000 on a horse and the horse scratched, does my $2,000 refund generate a W2G?




absolutely not at a parimutuel track
they have computers and know that a refund is not a win


Quote: ChumpChange

Not paying attention to horse racing, but don't people bet $2 on the horses?




some, but very few - not since inflation caused the value of $2.00 to be so much less than when it was originally installed as the minimum bet at racetracks

you can bet as little as $1.00 at tracks if there is a box or part wheel on an exotic bet but the combinations add up and the total cost will be much more than $2.00

there are thousands who will bet hundreds on a single race and a few who will bet thousands on a single race
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DRich
DRich
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July 31st, 2020 at 7:40:12 AM permalink
Quote: lilredrooster

absolutely not at a parimutuel track
they have computers and know that a refund is not a win





some, but very few - not since inflation caused the value of $2.00 to be so much less than when it was originally installed as the minimum bet at a racetrack
there are thousands who will bet hundreds on a single race and a few who will bet thousands on a single race



My wife is still a $2 bettor and she looks at me with disdain as I bet $5 or $10. She also understands that the track takes out 18%-22%.
Living longer does not always infer +EV
lilredrooster
lilredrooster
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July 31st, 2020 at 7:43:04 AM permalink
Quote: DRich

She also understands that the track takes out 18%-22%.



overseas books offer generous rebates
the legal U.S. books, aware that they were losing out to these books, now also have various different kinds of promos that reduce the effect of the takeout
the best promos are offered when you first sign up
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DRich
DRich
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July 31st, 2020 at 7:47:05 AM permalink
Quote: lilredrooster

overseas books offer generous rebates
the legal U.S. books, aware that they were losing out to these books, now also have various different kinds of promos that reduce the effect of the takeout
the best promos are offered when you first sign up



In our case we only go to the track(Del Mar) once a year. My annual horse racing budget is less than $100. I spend a lot more on renting a table, buying food and alcohol than I do on betting the races. We just enjoy sitting in the sun and screaming for our horses to win $5.
Living longer does not always infer +EV
lilredrooster
lilredrooster
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July 31st, 2020 at 7:52:59 AM permalink
Quote: DRich

In our case we only go to the track(Del Mar) once a year.



Del Mar is a beautiful track
as is Santa Anita, Saratoga and Gulfstream

they are among the very few tracks that will still draw significant numbers in live attendance
last year I was at Saratoga on a Wednesday - it was jammed
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lilredrooster
lilredrooster
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July 31st, 2020 at 8:04:09 AM permalink
this, according to taxslayer.com is what should generate a W2G:


"$600 or more in gambling winnings and the payout is at least 300 times the amount of the wager (except winnings from bingo, keno, and slot machines);
$1,200 or more in gambling winnings from bingo or slot machines;
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament;
$1,500 or more in proceeds (the amount of winnings less the amount of the wager) from keno; OR
Any gambling winnings subject to federal income tax withholding."


the very last line:

"Any gambling winnings subject to federal income tax withholding."


this seems to suggest that the house has some discretion as to whether or not they issue one
can't see any other way to interpret this



https://support.taxslayer.com/hc/en-us/articles/360015701772-What-is-a-W-2G-#:~:text=TaxSlayer%20Support-,What%20is%20a%20W%2D2G%3F,keno%2C%20and%20slot%20machines)%3B
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AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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July 31st, 2020 at 8:46:49 AM permalink
Quote: lilredrooster

Alan:



you were in the news business

casino mogul Sheldon Adelson bought the "Las Vegas Review Journal" newspaper

this newspaper is a main source of info about casinos in Vegas

do you think he will allow the paper to be objective in its coverage and if necessary criticize the casinos?

or do you you think he will see to it that the news reported by this paper is shaded to show only favorable coverage of the casinos?

how about if there was unfavorable news about the casino he owns or controls - the Venetian - would he or his surrogates allow it to be published unfiltered?




anybody else too - to answer this



The RJ is very careful to post a disclaimer on every story regarding LVS that the paper is owned by Sheldon's family.

I would hope that they would be objective. I am not privy to their editorial decisions.
billryan
billryan 
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July 31st, 2020 at 9:42:02 AM permalink
Quote: lilredrooster

Del Mar is a beautiful track
as is Santa Anita, Saratoga and Gulfstream

they are among the very few tracks that will still draw significant numbers in live attendance
last year I was at Saratoga on a Wednesday - it was jammed



Belmont is a fantastic way to spend an afternoon. Not so much Aqueduct. Saratoga always struck me as a social outing that had horses as opposed to a racetrack. It's an excuse for New Yorkers to spend time in the country.

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