It’s time to answer some of the questions that have appeared in the “Comments” or come to me in private e-mails.
Where can I find out what casinos offer the best Video Poker Odds and what those odds are?
Your best friend – and the friend of all wise VP players – should be vpFREE2. You can search by game, casino, or particular section of the US – a wealth of data at your fingertips!
Are tips considered a deductible expense?
This is one of the subjects covered in Tax Help for Gamblers, in the sections talking about filing as a professional gambler. Recreational gamblers would not have a place on their return to deduct tips, but if you file with gambling as a business, either on a Schedule C or corporation forms, there is a place for work-related expenses. Some of these expenses might include things like travel, office supplies, mileage – and gambling tips might be added to that list. It is very hard to get the IRS to accept gambling as a business, so you would need to keep very detailed records, especially on expenses. As I suggested in the book, IRS Publication 535, Business Expenses, is a good resource to learn what deductions are allowed and their limitations.
How come you never talk about your losses, just about your big fantastic wins?
Over the years I have written about the valleys – but the mountains are always more dramatic and make for more interesting reading. Actually I don’t talk too much about particular sessions – winning or losing ones. If you notice, I talk about the long term much more frequently, because that is the only thing that really matters to us. No one session – good or bad – makes or breaks us.
That said, long losing streaks are difficult to weather for all gamblers. They are particularly stressful for gamblers who are getting too close to the bottom of their bankroll money. They are stressful for players who have a skimpy psychological bankroll – they “lose the faith” pretty fast.
Brad and I have a more than adequate financial bankroll for the level we play, and we have been doing this long enough – almost 30 years – that we have experienced long losing streaks and know that they do end and in the long run we will come out with a profit if we keep playing smart. (In 2012 we were in the hole the first 7 months but pulled out a nice win for the year.) However, let’s face it – losing is not as much fun as winning. And last month we may have had the worst month in our gambling experience. Not that we haven’t lost more money in one month – we certainly have. But in January, we had the biggest percentage of losing sessions. We played 20 sessions together, and we won in only 3. January seemed like a very long month!
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And now a special message for a couple of readers – no names – you know who you are. You write very violent words in your posting to the “Comments.” I am not insulted by your rants – maybe you are losing more than you can afford – maybe your wife is nagging you – maybe it seems like the world is not treating you well. I don’t hold it against you. But, no, I’m not going to stop writing this blog because you tell me to do so. No, I am not going to take your suggestion to try to do something that is anatomically impossible. And, no, I am not going to “Approve” your comments so the whole world can see your bad grammar and bad manners. Perhaps it would be better for your blood pressure to just not read this blog.
And a word for the 99.99% of my readers who write polite and helpful comments – thank you from the bottom of my heart. However, don’t worry if your comment doesn’t show up for a couple of days. I try to check and approve the comments every day – but sometimes I get busy and don’t have time to right away dig them out of the loads of spam that plague an open forum like this.
Hi Jean-
I was curious about the payouts and pay schedules. I took a picture of the NSU deuces wild at my local casino. Four-of-a-kind was only 4, and the payout for 5-coin pay was not $4,000, it was $1400, on that particular day. Should I go and look at the 5-coin payout before I put any coins in? I didn’t notice that it wasn’t full pay until I left. My local casinos are woefully lacking in payouts vs. Las Vegas. So, instead of going to the casino for President’s Day, I stayed home and probably saved $100-300. How do you know what the payouts are on the progressives? Is there a quick way to figure it out? Always look at the 5-coin pay? I’m practicing on Bob Dancer’s v.p. c.d.; but sometimes it’s confusing. They suggest major error, choose the opposite of what I picked, then a few hands later, it seems the suggestion is to choose exactly what I would have picked, like a flush. Maybe math isn’t my forte either…
You two have fun, best of luck in your favorite places. 🙂
Hi Jean,
I don’t really have a comment to post to your blog. I just wanted to say Thank You. I really enjoy your column. While you are very knowledgeable, it is your attitude that is absolutely fantastic. You and Brad are like part of the family. What you do makes the world a nicer place. You are appreciated. Thanks.
You are spending YOUR time and YOUR energy trying to educate people so they have a better chance of improving their odds at the casino. You have never advocated for folks to gamble, you’ve simply provided them with the facts to try and HELP them. I must say I feel your pain on this one. As a fellow former teacher, continue to pursue your calling as an educator and let the critics be damned. Through your books and your blog you have taught me many things and for that I am grateful. Keep up the great work!
Hi Jean, have you ever done a article on what I call the 40 centers. Everyone looks at what the casinos take in for $$$ but what they do not realize is what the casinos are not paying out on their machines. People who play very low bets like 40 cent spins and hit many free games and payouts and just realize back a small amount of winnings drive me crazy. I just shake my head when a person hits one free game after another and gets a $6.00 pay out. The casinos are cleaning up on this because they do not pay out the big $$ on their machines. It seems the 40C are there for just the free drinks??? When people complain slots are not paying off or loose they have to take in consideration many of the good play is eaten up by the low bet people. I would love to see what return the casinos get from this I am sure they track it on each machine. Thanks.
I find it interesting that some people come onto YOUR blog and disparage what you write. Suffice it to say that some people feel better when they tear others down. Keep writing about how to get those comps. It’s your passion and our obsession.
Let’s hope this MS bill doesn’t pass! An example of the desperation of many states to look for new sources of needed income – and “sin taxes” seem the easiest target!
Per our records you were here 2 times in 2012.
In April of 2012 we show you lost $70
In August 2012 we show you won $929
Our records show when your card was used. This is the only record we have to go by, if you lost or left your card and somebody else played on it that could explain. Unfortunately we can not alter the Win/Loss statement. It specifically states it is just an estimate so if you have your own records I would suggest you use those for tax purposes
OK MS IRS–I CONTACTED HARRAHS & GOT THE ABOVE RESPONSE.
IN 20 YEARS I HAVE NEVER WON MONEY AT THAT CASINO. FOR SURE I NEVER LEFT MY CARD IN THE MACHINE. THE PRIOR YEAR THEY ALSO SAID I WON $800–WHAT’S WRONG WITH HARRAHS ? TAX TIME IS HERE.
Hi Jean,
Here’s a link to a current Mississippi proposed gaming tax bill. I can’t imagine how they are going to implement this, but if it passes the state will be empowered to tax 3% of all payouts in a casino, not just those in excess of $1200.00. billstatus.ls.state.ms.us/2013/pdf/history/SB/SB2144.xml
A couple years ago I was at the Orleans and observed a person at one of those credit card advance machines where you get pre- approval then got to the cage to get your money (while paying exorbitant fees). The guy must have been declined by his credit card system, he yelled the same thing, punch the machine, braking it from the wall and walked away. Perhaps your commenter is this same person or if not they both need to find other entertainment.
Unless you are astute, play near perfectly, have sufficient bankroll and get lucky video poker can bleed anybody dry. It’s just plain mathematics. Play for entertainment and don’t try to beat the casino, in the long term they win 99% of the time. If you get lucky, and I have many times, enjoy your wins but remember the law of independent trials: the machine has no memory so just because you hit a royal flush it doesn’t mean you’re on a roll!
I am shocked to hear that people would say disparaging things to you about your blog. I have purchased several of your books / guides in the past and have found them very entertaining and helpful. I try to “read between the lines” a little also to divine your strategies. Given that we are both from the midwest, I inevitably run into the same casinos that you do and have wandered upon the same casinos in Vegas as well. As yet I have yet to run into you. But I just want to lend my support for what you are doing and tell you that is very much appreciated. Having recently joined the vpfree2 email list, I see the work that you and other authors do on a daily basis, and I think it’s great. My guess is that those who are sending you those rotten comments are people / professionals that don’t want the word to get out to the public about good video poker opportunities. I have run into a few people like this in the past (as a recreational player), and found them paranoid and annoying. At any rate, keep fighting the good fight, and if you or a friend ever need any help liquidating antiques or estates, that is my business. You can see my website up above, that is my calling in life. Take care and thank you…!!!
Like an Old friend use to say: You can gamble, if when driving down the road you can throw your money out the window and not turn around to pick it up. This means you can gamble, if you can afford it. Rent, bills & food money is not gambling money.
Wow… Sounds like some cranky folks out there skipped their nap. Blaming Jean for gambling losses is pure insanity. I tend towards speaking plainly and coarsely, but nothing on this blog has even remotely warranted “anatomically impossible” suggestions. The funny thing is
that people who truly understand things like risk of ruin,
Kelly criteria, and the need for a gambling bankroll
independent of other needs simply won’t go broke. The Kelly criteria tells a gambler to lower his stakes as his
bankroll shrinks. If that is impossible (since VP often
only has set bet levels, one simply QUITS and turns to
other methods to build the necessary bankroll.
Personally, I am FAR MORE cautious than the Kelly numbers suggest. I only play games where my bankroll provides
a risk of ruin of 1% max. I derive all income from VP which is why I am so conservative. For those with incomes
that can replenish a bankroll, a higher risk is acceptable. And, in fact, Kelly suggest something
around a 10% ROR.
The bottom line is that if you or someone you are co-dependent with is losing the rent money, the problems are emotional, not tied to the mathematics of the game.
QZ