Gambling Sux and I have quit gambling

[nikest]

Yeah, that sucks but since you are still in the black this is something you should be proud of because even if you play with perfect strategy you should, theoretically, still be losing although that is minimised. On a lighter note, do you mind telling us of your best winning streak in BJ at any online casino.

normally i am not a high roller, but my biggest win is $1200 at single deck blackjack at inter casino.

 

[winbig]

normally i am not a high roller, but my biggest win is $1200 at single deck blackjack at inter casino.

I think they were trying to find out the longest winning streak in hands, not a monetary streak.



Which also proves a point. Everyone is so quick to point out how many hands they lost in a row, but yet when they're asked what their longest winning streak was, they really don't know.

Moral of the story is the bad streaks really stand out, but winning streaks? Forget it!

edit: Actually that's not 100% true...The most memorable winning streak I had was winning every hand except for 2 (I forget how many pushes, if any) during a full 8 deck shoe (B&M casino). Too bad that hasn't been repeated in over 10 years

 

[nikest]

well if you are talking about winning streak, then as far as i am sure in my 3 year of gambling history, my biggest winning streak is max 8-9 hands in bj. more often i get a winning streak of 5-6 hands . but a wining streak of 17 hands out of 19 hands. never ever happened to me.though i have a loosing streak of 17 hands.does any 1 have a winning streak of 17 hands in bj in online gambling or even land based casino. i dont know wats the probability of getting 17 winning or loosing hands out of 19 hands.

 

[mitch]

Nikest

I have repeated my post from the "Streaky Casinos" thread.

As you can see between session bets 151- 170 I had 19 wins and 1 loss!

Streaks are common in BJ (not as 'streaky' as this session was though!) you tend only to remember the losing ones well however. Also you play so many more hands in Internet play that they are bound to happen more often.


Here is the streakiest and most freakish session of blackjack I ever played.

Session Bets Win Push Lose

3 - 13 .............. 11 - -
45 - 61.............. - - 16 ( during an overall run of W1 P1 L 22 )
83 - 89 ............. 7 - -
90 - 98 ............. - - 9
115 - 127 .......... - 1 12
128 - 135 .......... 8 - -
151 - 163 .......... 13 - -
165 - 170 .......... 6 - -
178 - 191 .......... - 1 12
219 - 228 .......... 1 1 8
240 - 255 .......... - 3 13
260 - 276 .......... 2 1 14
284 - 296 .......... 13 - -
314 - 320 .......... 7 - -
324 - 330 .......... - - 7
371 - 378 .......... - - 8
382 - 391 .......... 10 - -
454 - 462 .......... 1 - 8
469 - 483 .......... - 1 14
492 - 500 .......... 9 - -
515 - 526 .......... 11 1 -
537 - 544 .......... 8 - -
572 - 582 .......... - 2 9
583 - 591 .......... 9 - -

Is that freaky or what? Look how close these streaks are, a number actually connect!

I did end up 20 units overall, assuming flat bets.

Just shows what can happen when playing BJ and how many streaks can occur in a session of only 600 bets.

Mitch

 

[chuchu59]

Mitch,

Wow! What a streaky session. When broken down, they are mathematically improbable but perhaps the most important thing is that the positive and negative streaks are of similar lengths ie 13 wins, 14 losses etc and that the number of positive and negative streaks are about the same and basically cancel each other out.

 

[BingoT]

Only my 2 cents on this is

Only my 2 cents on this is:
If the Kitchen is too Hot get the hell out. You will always be at yourself.
It will cool down and it will get Hot again
And remember Never Bet Money You Don't Have.
Lose Today Win Tomorrow Life Is Just A Gamble To Start With.

Cheers

 

[amatrine]

Re

You know, everyone talks about the money that goes outside the country that does not get taxed. That money we already paid taxes on it when we earned it. What about the money people win that comes into the country, and gets spent ? Those dollars are being taxed on everything you buy. So the governemt isnt loosing out entirley. I would like so see a figure for how much money comes into the country every year from online gambling.

Amatrine

 

[winbig]

You know, everyone talks about the money that goes outside the country that does not get taxed. That money we already paid taxes on it when we earned it. What about the money people win that comes into the country, and gets spent ? Those dollars are being taxed on everything you buy. So the governemt isnt loosing out entirley. I would like so see a figure for how much money comes into the country every year from online gambling.

Amatrine

On the flip side, I'm sure the USA gov't is looking at it as money that's coming into the country that's not getting taxed.

Ultimately it is getting taxed on what you buy from that money, but a much smaller %.


Unlike licensed B&M casinos in the USA, online casinos leave it to the gambler to report their winnings to the gov't....who actually does this??

 

[lots0]

The other side of the coin...

I bring money into the US and/or keep money here that would be leaving the country everytime a casino sends me a payment... and I pay my taxes... even though it makes me sick most of the time...

But again, collecting taxes from online casinos has very little, almost nothing to do with the current group within the government trying to outlaw online gambling.

Personal power and personal gain have everything to do with what is going on in Congress right now, most of those cornholers in Congress know their time in power is very limited now and they better get whatever they can before November 8th.

 

[GrandMaster]

On the flip side, I'm sure the USA gov't is looking at it as money that's coming into the country that's not getting taxed.

Ultimately it is getting taxed on what you buy from that money, but a much smaller %.


Unlike licensed B&M casinos in the USA, online casinos leave it to the gambler to report their winnings to the gov't....who actually does this??

B&M casinos in the US casinos only report wins above a certain amount. I bet most players who do not generate paperwork do not report their wins from B&M casinos either.

Moral issues aside, taxation is a tricky issue. The obvious way to collect taxes is on online gambling is to license the casinos and to require them to provide the necessary information to the tax authorities. This would make online gambling less attractive, since people would not be able to evade taxes, so online casinos would lose most of their US customers by becoming legal.

 

[tennis_balls]

B&M casinos in the US casinos only report wins above a certain amount. I bet most players who do not generate paperwork do not report their wins from B&M casinos either.

While I have not gone to Vegas in a couple years, the sportsbooks there used to make you fill out a tax form for any net win over $500. I've "witnessed" a punter that walked around the strip for a couple hours to make it to 4 different books and spread out a large bet. How egregious and unethical!!!

 

[amatrine]

Re

One time I won $3000 at a land based. I never calimed it, and the IRS got me.
The $3,000 was enough to change our income level and cancel out our 401k credit. So we had to pay them back $3500 more than I won! I was so angry.
I will not play a machine now that pays over $1200 max. What made me more angry was I could not claim my losses because they were under $10,000.
So even though I lost more than $3000 I still had to pay it. The laws make me angry. So I do not see online casio regulation as the best bet in this sense, because when I win I loose.

Amatrine

 

[winbig]

One time I won $3000 at a land based. I never calimed it, and the IRS got me.
The $3,000 was enough to change our income level and cancel out our 401k credit. So we had to pay them back $3500 more than I won! I was so angry.
I will not play a machine now that pays over $1200 max. What made me more angry was I could not claim my losses because they were under $10,000.
So even though I lost more than $3000 I still had to pay it. The laws make me angry. So I do not see online casio regulation as the best bet in this sense, because when I win I loose.

Amatrine

wow, that sucks bigtime.

I thought you only had to claim > $5,000 for wins at a casino?

 

[NoMouthToScream]

$600 or 300 times the wager you gotta pay.

 

[winbig]

$600 or 300 times the wager you gotta pay.

And how is the IRS going to prove that?


Sure they can get the average bet from the casino, but if you max your bet out at $100, that's $30k.

I've cashed out max $4,000 from a B&M before and they never said I had to report it then and there.

 

[amatrine]

Re

I dont know. At this casino here in Arizona, if you have a win over $1200 you have to fill out a form before you recieve your winnings that includes your social security number.The bet size does not matter.

My husband tried to claim the losses, but he said it was $10,000. Not sure where he found his information, I think it was HNR block or something.

Amatrine

 

[winbig]

My husband tried to claim the losses, but he said it was $10,000. Not sure where he found his information, I think it was HNR block or something.

Amatrine

I think it's a matter of whether or not it'd be beneficial to take the standard deduction as opposed to itemizing your deductions; which would include gambling losses.

 

[tennis_balls]

And how is the IRS going to prove that?

i'm not sure how the IRS proves it with table games but I'm sure they must have a system in place.......with slots or sports bets it's fairly simple in that they require the casino to have anyone with a big hit to fill out a tax report before the casino pays them. (since with most slot wins the machine doesn't have enough coins to complete the payout)

 

[NoMouthToScream]

Yeah table games rarely receive a W2G form, slots and sportsbooks on the other hand are reportable. You take your risks with the IRS. Personally, I don't want to risk it.

 

[dickens1298]

While I have not gone to Vegas in a couple years, the sportsbooks there used to make you fill out a tax form for any net win over $500. I've "witnessed" a punter that walked around the strip for a couple hours to make it to 4 different books and spread out a large bet. How egregious and unethical!!!

That must have been quite a while ago. I recently won almost $20k on a $2k parlay bet. No paperwork was involved.

 

[winbig]

That must have been quite a while ago. I recently won almost $20k on a $2k parlay bet. No paperwork was involved.

Was this at a sportsbook or casino?

I'm really surprised that they didn't require you to fill out paperwork for the IRS considering how tightly regulated they are in Vegas.