2017 Taxable Income from Gambling

Discussion in 'Advanced Craps' started by amzngguy, Dec 10, 2017.

  1. amzngguy, Dec 10, 2017

    amzngguy

    amzngguy Member

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    Hello Fellow DI'ers, nere-do-wells, members of GA, and Mr Zen himself, the Comeback Kid,

    As 2017 draws to a close, I did a quick day trip to my favorite casino in Las Vegas, the MGM. Now the MGM company owns a lot of Casino Hotels and their player's card covers them all. NYNY, Luxor, Bellagio, etc.

    I didn't spend the night. I flew in early, watched the UCLA Michigan game (ugh), played some poker and then hit the craps tables hard. Lost $500 and then made most of it back at the Tropicana before flying out on the last plane to SJC.

    While I was at the MGM, they showed me my history of my card use and gambling for 2017 and how I rated. You can do this on-line with most player card systems. I track my play, but the Casino; has it down cold. They know how much, how long, and how often I go pee.

    I was pretty pleased to see that I was in the black for the year. This was 95% craps 5% BlackJack. They had information on 12 sessions of between 1-4 hours long. Was I enough in the black to make a living? Uhm, No. It did show that I had several large swings. I remembered the swings; highs and lows.

    So, I need to see a report from all you so-called experts. Which DI players are in the black and by how much? How many of you Iron Cross Enthusiasts win over the course of a year? How about you Dark Side players? Dark enough to be in the black? Comeback? Where are you? Sevenout? Duck? Demango? Eagle? TDVegas?, James, Dave? Try your best not to BS me.

    If you are a YTD loser; I need to see how you will change your strategy to become a winner in 2018. I plan on being at the MGM over New Year's, shamrock boxers will be washed, pressed, and ready to go!

    ~~ Amzngguy
     
    #1
    Last edited: Dec 10, 2017
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  2. dicepunk, Dec 10, 2017

    dicepunk

    dicepunk Member

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    It ain't over until the fat lady sings... (or is that considered fat shaming now?)

    [​IMG]

    2017 isn't over yet. There may still be hope for some.
     
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  3. badddoin, Dec 10, 2017

    badddoin

    badddoin Member

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    It's over for me. I've had a rotten year - down 6-8 grand, I reckon. I've only played twice in the last 5 months (one small winner, one big loser, 120/800, respectively).

    Taking a little break. There's always next year, right?
     
    #3
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  4. The Comeback Kid, Dec 10, 2017

    The Comeback Kid

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    First let me first preface by saying that I don't keep as meticulous records as you. In fact, I believe keeping score is counter-productive. Of course I have a general idea, but there ain't no done, no matter what the calendar says. Maybe red, maybe black, maybe tickled pink. I like it that way. I'm finding that I no longer bounce off the wall with my wins, nor get too depressed with losses. But since you asked, here's a compiled report that I had my (cough, wink/wink) accountant draw up. It's all there.
    Good luck New Years, Shamrock.

    source.gif
     
    #4
  5. TDVegas, Dec 10, 2017

    TDVegas

    TDVegas Member

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    I'll crunch the numbers at year's end. Lotta sessions. 2017 did not start off well. In fact January was an awful month but things picked up.
     
    #5
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  6. amzngguy, Dec 10, 2017

    amzngguy

    amzngguy Member

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    CBK,
    Looks like TDVegas' Accountant!
     
    #6
  7. TDVegas, Dec 10, 2017

    TDVegas

    TDVegas Member

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    No, more like this..;)
     
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  8. tabletop123, Dec 10, 2017

    tabletop123

    tabletop123 Member

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    Wells 2017 was a horrible year for me. Encountered a HUGE loss during one visit. Did not hit, & run. More like......I got "run over"!

    Got a new strategy for 2018! A fool-proof system, & I'll share it free of charge.....I AINT PLAYING!

    Ain't winning, so I'll take Jame's advice.....QUIT! Lol.
     
    #8
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  9. KokomoJoe4, Dec 10, 2017

    KokomoJoe4

    KokomoJoe4 Member

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    Unless there is a small four figure change for the better before the end of the year, this will be 3 consecutive years in the red, after 9 out of 10 in the black.

    In hindsight, it can be seen that there are optimal ways to minimize loss that need to be strictly followed, especially when you can pretty much get into the casino anytime you want to, instead of just frittering more play money away.

    On top of this, you do need to have some nice winners to offset the losses. Now if I could only find a way to ensure this, I would share it and we'd all be much better off.

    At least there is always hope.
     
    #9
  10. amzngguy, Dec 10, 2017

    amzngguy

    amzngguy Member

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    It's not a bad strategy. You are guaranteed to break even!
     
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  11. eagleeye2, Dec 10, 2017

    eagleeye2

    eagleeye2 Member

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    Amzngguy,

    Nice Post & one that can contribute to the Forum, yes unfortunately, that is different from what most post here!

    For me, I do not play every week; like many here say they do.

    I do know that when you buy in @ Craps, with a Players Card, the Casino has a good Idea of weather you Loose or walk away with some of their money. My experience verifies that, with losses, for a two day stay (I typically stay two nights several times a month), the Casino will credit my Players Card, in proportion to my losses. When I Win, over the sessions played, there is ZERO Credit applied to the card!

    I am a proficient Rat Holler, so IMHO, the Casino does not have the best estimate of my Wins or Losses. Also, I figure that I am up a reasonable amount this year, but not enough to make a living at it, and have never gotten a 1099 from Craps Table play.

    I typically bet the low House Percentage bets, with a high press ratio, but always bet the STA, on my rolls; as it pays off for me.
    Yes, DI is in my agenda, with Dice Setting & play only from several positions & mostly with few folks at a table & at off hours.

    eagleeye2
     
    #11
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  12. amzngguy, Dec 10, 2017

    amzngguy

    amzngguy Member

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    Eagle,

    I did most of my shooting this weekend. I play a similar style. You are the Casino's best customer only if you lose!
     
    #12
  13. AzDice, Dec 10, 2017

    AzDice

    AzDice Member

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    My yearly doesn't end December 31st.
    My win loss total doesn't end until the day I die.
    I'm in the plus by a few dollars. Craps life is good
     
    #13
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  14. amzngguy, Dec 11, 2017

    amzngguy

    amzngguy Member

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    I like your style....ever play the dark side?
     
    #14
  15. AzDice, Dec 11, 2017

    AzDice

    AzDice Member

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    Never have tried playing Dark side. We're mainly laughlin visitors. We were there in October and it's the first time I really noticed other people playing Dark side. Only noticed because they had some big money on the dont and laying some big money. Maybe it's becoming a bigger trend. I just can't cope with the idea of winning less than you bet. I like getting paid more than my bet.
    No firebets in laughlin equals no taxable income.
    You, Are you Dark side bettor? Ever?
    We're going back for New Years. Don't know how much I'm gonna play craps because it's crazy busy.
     
    #15
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  16. amzngguy, Dec 13, 2017

    amzngguy

    amzngguy Member

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    AzDice,

    I had a business friend of mine, when I was still learning the game who only played the dark side. He would make a don't pass bet, take max odds; then make two don't come bets, max odds and then wait until the shooter SO'd. This was all he did and he drank heavily while waiting. He said he would play until he won $1,000 that night and quit.

    I asked him how did he not lose his shirt and he said it was simple. He was only exposed to 3 numbers and if shooter got hot, he had an automatic loss limiter in effect. He said that on a cold table, he cleaned up big time.

    I have never done this. I am a true believer Dice Influence guy and I practice like crazy. I suppose I could be a DI'er and bet the dark side too, but I can't get myself to do it. The "wizard of odds" website says the darkside had the best odds in the long run.

    Last comment, I had another friend who would go to Las Vegas, for 3 days; only book the second night because he would play craps for 30 straight hours. (they flew him in) and he would go with a hot shooter and he would go darkside when the table got cold. He had no problems switch hitting in craps (or in real life I might add; according to my Mrs. "gaydar")

    Anyways, He loved craps and said he was a lifetime winner. I tend to think he had the Comeback Kid's accountant.

    `` Amznggguy
     
    #16
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  17. mycoalsmith, Jan 2, 2018

    mycoalsmith

    mycoalsmith Member

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    Hmmmm . . . . I guess since it is the end of the year and the beginning of a New Year, I do need to add up my wins and losses and see where I am.

    In past years, I would have to say I was always in the red.

    For this year, the beginning of the year wasn't so good, but then things turned around in the latter part, and I had more wins than losses. For THIS year, I would say I'm in the black - but that is just a guess. I need to look in my player's book and see what it says.

    I always get a win / loss statement from the casinos at the beginning of every year to see what they have to say. I know in past years, they have said I'm in the red - which I was - but not for the amount they had listed.

    I am also like eagleeye2. When I'm getting ready to color up, a lot of my chips somehow end up in my pocket. I color up, and assume the casino keeps track of my buy in and color up - and track my "win or loss" from that. Most of the time when I color up, I'm at a loss - at least as the casino is concerned.

    Once I add things up, I'll be back to let everyone know how I did.
     
    #17
  18. mycoalsmith, Jan 6, 2018

    mycoalsmith

    mycoalsmith Member

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    I looked in my "book" and found out several things.

    1. I need to keep better records.
    2. I didn't do as good as I thought I did.

    In my book at the beginning of 2017, I kept wonderful records. Name of the casino, the date, what I bought in at, what I cashed out at - with a sticky note stating if the casino run was a profit or loss.

    Later in the year, I didn't even put the date in or what I bought in or cashed out at for some sessions. There were no sticky notes. (I think I was going to fill in the above information once I got home, but didn't.)

    From what I can tell, I did end the year in the black. It looks to be around $470.00. I had figured it would be more - but I think your mind tends to remember and highlight the good times rather than the not so good times!

    At any rate, I'll be interested to see what the casinos list as my profit or loss on their statement.

    Unlike KokomoJoe4 - I am not close to a casino and can't just "pop in" whenever - which is probably a good thing! My closest casino is a 1 1/2 hour drive - so it's never a spur of the moment thing - it's always a planned trip - which is probably a good thing as well. However, most trips I go on, it's like a whole day thing.

    I get there in the morning and leave in the late evening. As most players can report - the longer you are at the casino, the longer you are playing, the more loss you can rack up.

    There there is my New Year's resolution - to keep track of my trips much better than last year!
     
    #18
  19. von duck, Jan 6, 2018

    von duck

    von duck Member

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    You think that it is "counterproductive" to keep accurate records? So, to know what ones bottom line is, would be "counterproductive "?:confused: Yes it would, but only to the casinos. "I DON'T WANNA KNOW" how could this attitude be beneficial? You don't want to know how much you won? Or you don't want to know much you lost? Either way I dont understand it. Why? :cool:
     
    #19
    Last edited: Jan 6, 2018
  20. basicstrategy777, Jan 6, 2018

    basicstrategy777

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    Didn't have a bad year.......will need a little larger safe deposit box.

    [​IMG]
    777
     
    #20
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