ChumpChange's Blog

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Posted by ChumpChange
Jun 01, 2020

COVID-19 Casino Tracker

COVID-19 Casino Tracker
https://www.americangaming.org/research/covid-19-casino-tracker/

Violating NYC's curfew is a class B misdemeanor � which can be punished with up to 3 months in jail or a $500 fine.

Posted by ChumpChange
May 24, 2020

HITLER'S VEGAS VACATION GETS RUINED! - No more buffets in Vegas

HITLER'S VEGAS VACATION GETS RUINED! - No more buffets in Vegas - Inside the Casino - YouTube https://www.youtube.com/watch?v=9t6J7GV1MIY
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Bonus slots video: $100,000 GONE! 😢My Biggest Loss in 10 Minutes 😢| (FREAKOUT)
The Big Jackpot - Jan 18, 2019
https://youtu.be/falWBYj2hpU
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Shooting Dice in Deadwood - Craps Update - Color Up - May 20, 2020
https://www.youtube.com/watch?v=3DEWXKUehM0

Posted by ChumpChange
May 18, 2020

Blackjack Card Counting | The Ultimate Blackjack Strategy Guide - Open your 401-G!

Blackjack Card Counting | The Ultimate Blackjack Strategy Guide - Open your 401-G!
https://www.888casino.com/blog/blackjack-strategy-guide/blackjack-card-counting

Here are the results of just one simulation study for a six-deck game with s17 and das (from Chapter 10 Blackjack Attack: Playing the Pros� Way). The simulation was done using the Hi-Lo counting system with the Illustrious 18 (see Chapter 10.7), using a 1-12 bet spread. The first column lists the three penetrations: 4 decks, 4.5 decks, and 5 decks. The second column shows the corresponding card counter�s $ win/hour (assuming 100 hands played per hour). The game with the shallow penetration yields a $12.56 /hour win. By increasing the penetration to 4.5 decks, the win/hour jumps to $20.46 (a 63% increase). With the penetration at 5 decks (i.e., deepest penetration), the win/hour escalates to $34.61 (a 176% increase). (Note: This is why casinos never deal all the cards in blackjack; if they did, card counters would have a field day.)

Posted by ChumpChange
May 04, 2020

Tax question discussed in Video Poker/Gambling

Gambling and Taxes (in the U.S.)
https://easy.vegas/gambling/taxes

"You report your total wins as income in one place ("wins" being the sum of all winning sessions), and, if you itemize, all your losses in another place ("losses" being the sum of all losing sessions). Whether or not you received W-2Gs is irrelevant, since those amounts aren't used for tax purposes. For that reason, the IRS ought to stop requiring casinos to hand out those completely worthless forms."

Tax question discussed in Video Poker/Gambling at Wizard of Vegas - Page 2
https://wizardofvegas.com/forum/gambling/video-poker/32068-tax-question/2/

Where do I stop? 32%, 35% or 37%?
Here are your new income tax brackets for 2019. https://cnb.cx/2EqeW76

Tax reform law deals pro gamblers a losing hand - Journal of Accountancy
https://www.journalofaccountancy.com/issues/2018/oct/pro-gambling-net-losses.html

Professional Gambler Status https://professionalgamblerstatus.com/

Taxation of Recreational Gamblers: An Overview of How to Report Wagering Gains and Losses (EA Journal) - Morrel Law PLLC
https://www.morrellawpllc.com/tax-preparation-and-resolution/taxation-of-recreational-gamblers-an-overview-of-how-to-report-wagering-gains-and-losses-ea-journal/

Comments

gordonm888 May 21, 2020

Gambling wins are listed as Taxable Outcome.

The problem is that gambling losses are listed under Itemized Deductions - and since the standard deduction for married people is about $20,000 most people do not Itemize Deductions. You can easily have gambling losses of $10K or $15K and still find that claiming the Standard Deduction is better. This means that your gambling wins are being taxed and your gambling losses do not offset the wins.