Just in time for tax season, what is the biggest bad shock you had in your loss report?

So, like I mentioned, it is tax season and I thought it would be a good idea to talk about biggest shocks from losses in our win/loss reports for tax reasons. :)

It's not me that this happened to, but a woman on the internet a couple of years back said she got her win/loss report from like 6 different casinos and was shocked to see she lost $35,000 in just one year. The real kicker is that she was betting Minimum bet, only .40 a spin. She said,"I remember when I was playing the .40 bets, I said,"I'm only playing .40 a spin. There is no way this will add up to a big loss. How did I end up losing $35,000 playing such a low bet? I am shocked and speechless."

I, Nathan, was randomly thinking of her shocking win/loss statement today and it inspired me to start this very thread.

Quote: Nathan

So, like I mentioned, it is tax season and I thought it would be a good idea to talk about biggest shocks from losses in our win/loss reports for tax reasons. :)

It's not me that this happened to, but a woman said a couple of years back said she got her win/loss report from like 6 different casinos and was shocked to see she lost $35,000 in just one year. The real kicker is that she was betting Minimum bet, only .40 a spin. She said,"I remember when I was playing the .40 bets, I said,"I'm only playing .40 a spin. There is no way this will add up to a big loss. How did I end up losing $35,000 playing such a low bet? I am shocked and speechless."

I, Nathan, was randomly thinking of her shocking win/loss statement today and it inspired me to start this very thread.

You, Nathan, should have told her she was a stupid freaking idiot for not knowing already at least approximately how much she won or lost over a year. And did she have a 7 figure bankroll so there was no way she would even know she lost 35k?

The win/loss statements are notorious for being incorrect, perhaps that is more forgivable not to know. In fact I don't know what they are good for.

PS: the IRS knows these things are incorrect and will not accept them in an audit. You know you are supposed to keep an impeccable diary, right?

Quote: odiousgambit

You, Nathan, should have told her she was a stupid freaking idiot for not knowing already at least approximately how much she won or lost over a year. And did she have a 7 figure bankroll so there was no way she would even know she lost 35k?

The win/loss statements are notorious for being incorrect, perhaps that is more forgivable not to know. In fact I don't know what they are good for.

PS: the IRS knows these things are incorrect and will not accept them in an audit. You know you are supposed to keep an impeccable diary, right?

Mea culpa! I should have mentioned that this woman said this on the internet not to me in real life! ;) To the edit button I go! ;)

But, but, aren't you a woman who is now saying this on the internet? Oh, it's all just so meta. I don't know what to do!

Quote: rdw4potus

But, but, aren't you a woman who is now saying this on the internet? Oh, it's all just so meta. I don't know what to do!

It wasn't me,I promise!

My surprise-- I lost about 2k at Mohegan Sun.

The closest I've been to New England in 8 years was New Orleans.

It occurred to me that she probably was playing higher denominations and didn't realize it. For example there is a 10 cent machine in one of my local casinos and it's across the row from the penny machines so it could be easy to play $4 a hit thinking you are only playing a .40 cent bet. Something similar happened to me. I was accidentally playing a nickel machine and got a $5 win on a $1.60 bet. I thought, "This is just a measly $5 win, not a great win and kept playing. It soon dawned on me that I was quickly losing my money. I looked in horror at the denomination and realized I was playing $8 a hit,not only $1.60. The $5 win was actually a $25 win and I didn't know it at the time. This is why it's best to look at the denom before you plop money in.

Nathan have you ever realIzed that roughly every 14th post you make is starting a new thread?

I start a thread every 110 posts or so. I’m not trying to be mean but I think this is why people don’t understand why you start some of these really weird threads. It’s like every thought you have gets its own thread. You should really check out the miscellaneous thread as that’s where most of what you post fits.

Just my two cents, have a good day.

Quote: PokerGrinder

Nathan have you ever realIzed that roughly every 14th post you make is starting a new thread?

I start a thread every 110 posts or so. I’m not trying to be mean but I think this is why people don’t understand why you start some of these really weird threads. It’s like every thought you have gets its own thread. You should really check out the miscellaneous thread as that’s where most of what you post fits.

Just my two cents, have a good day.

Good point but I do try to stop making so many new threads lately, only made 2 new ones this week versus one virtually every day like I was doing not too long ago.

This thread reminds me of a former friend. He and I who used to go to this Indian casino, and annually, he would have a loss report of around $90,000. All he played was slots.

Every year, the host would offer him $2500 in free play to come pick up his W-2 in person, and he would go and lose about $10,000 more.

The guy earned about $500,000 every year gross, about $350,000 after taxes, so to lose about 1/4 of your take home pay to gambling is a bit harsh. But he had the discipline to not lose his entire salary. HIs kids always had the necessities and he had nice cars and a nice house.

Eventually, he lost his job and disappeared. I’ve not seen or heard from him in 10 years.

Quote: klimate10

This thread reminds me of a former friend. He and I who used to go to this Indian casino, and annually, he would have a loss report of around $90,000. All he played was slots.

Every year, the host would offer him $2500 in free play to come pick up his W-2 in person, and he would go and lose about $10,000 more.

The guy earned about $500,000 every year gross, about $350,000 after taxes, so to lose about 1/4 of your take home pay to gambling is a bit harsh. But he had the discipline to not lose his entire salary. HIs kids always had the necessities and he had nice cars and a nice house.

Eventually, he lost his job and disappeared. I’ve not seen or heard from him in 10 years.

He made $500,000 a YEAR? O.O I only make about $12,000 a year! I'd have to work almost 42 years to make what he made in one year! O.O What kind of job did he have that paid him so lucratively? :/

Good grief.

Lots of people make good money, it isn't rare at all.

If a man wants to blow one-quarter of his net yearly income on slots, I say "Why not?"

So long as he pays his bills, it's "no harm, no foul."

Oh sure, the money lost could have been invested, but in the end it's all a personal choice as to how we choose to blow our money; we sure as hell can't take it with us.

Gambling can be expensive, but so are many other hobbies / pass-times, e.g. travel, hunting (hello, safari in Africa), fishing (hello, new fully-equipped bass boat).

I'm down $48K lifetime, and am neither particularly alarmed nor more than mildly concerned: I can afford it, it's fun, nobody is getting hurt.

Vice ain't cheap.