Mathematical impact of the Big Ugly Bill--on gamblers

Originally posted by: AZmaddog

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These numbers just get worse and worse as you play more and more. You can be consoled by the fact that the taxes you pay will go toward buying another fancy jet for the CEO of the corporation that owns your favorite casino.

 

Kevin, I think it'll be quite the opposite.  Once the accountants inform their whale clients that "winning $9 means you must lose $10 to break even with the IRS", these whales will flee Las Vegas and head to Canada or other places.  The casino CEO's might be flying Spirit Airlines instead of a corporate jet.

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Originally posted by: Kevin Lewis

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From a tax standpoint, how they pay you and whether or not you get a W2G is utterly irrelevant. A lot of people who should know better call it a "taxable" win. Well, you drop a nickel in a JOB macine and get two pair, that five cents you just won is just as taxable as if you had gotten a royal on a dollar machine.

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Originally posted by: PJ Stroh

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What percentage of people who dont get a tax form from the casino register their casino winnings, ya think?    I dont have any statistics - but Im pretty sure its less than 1%.

 

Its always been a bullshit law.   Table players arent subjected to it.    Guys playing with $5000 chips dont get a tax form...but Grandma has to pay tax on her 50 cent bet that hit that jackpot on the Planet Moolah slot. 

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Originally posted by: PJ Stroh

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What percentage of people who dont get a tax form from the casino register their casino winnings, ya think?    I dont have any statistics - but Im pretty sure its less than 1%.

 

Its always been a bullshit law.   Table players arent subjected to it.    Guys playing with $5000 chips dont get a tax form...but Grandma has to pay tax on her 50 cent bet that hit that jackpot on the Planet Moolah slot. 

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Originally posted by: PJ Stroh

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What percentage of people who dont get a tax form from the casino register their casino winnings, ya think?    I dont have any statistics - but Im pretty sure its less than 1%.

 

Its always been a bullshit law.   Table players arent subjected to it.    Guys playing with $5000 chips dont get a tax form...but Grandma has to pay tax on her 50 cent bet that hit that jackpot on the Planet Moolah slot. 

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Originally posted by: PJ Stroh

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Hand Pay limit raised to $2000

 

This is the (small) silver lining in the bill for gamblers.     Unfortunately that $2000 is still going to hit 50 cent video poker players with a royal....    SO its really only a gift to slot players.

 

 

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Originally posted by: Matt Roberts

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I think the number of people who don't get a W2-G who are net winners is very small to start with.

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Originally posted by: Kevin Lewis

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Not true. For instance, a .25 or lower denomination video poker player who doesn't play progressives will basically never get a W2G--but playing only the best games, and taking advantage of promotions, he can easily be a long-term winner.

 

Even now, Vegas is home to thousands of APs at that modest level.

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Originally posted by: Kevin Lewis

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Not true. For instance, a .25 or lower denomination video poker player who doesn't play progressives will basically never get a W2G--but playing only the best games, and taking advantage of promotions, he can easily be a long-term winner.

 

Even now, Vegas is home to thousands of APs at that modest level.

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Originally posted by: Matt Roberts

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"Long-term winner" to what degree? Do you believe there are a lot of people making a living playing only .25 and lower video poker? Or just nominal amounts as a sideline? 

 

If somebody had a consistent .5% edge and ran a million dollars through, they'd win 5K. At $1.25 per hand that'd be 800,000 hands. Let's say they're relatively speedy and got in 600 hands per hour. That's 1333 hours, or 166 eight-hour days. Less than $4 per hour.

 

Maybe my math is wrong; if so, I defer to you experts. But if that's "winning".....no, thanks. 

 

 

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