[Buzz123]

Most of us have only seen this on TV shows like "Las Vegas".


Interesting story about camera surveillance in Las Vegas casinos on Today this morning:

TODAY Video Player

[macgeek]

The sad part, is, all the camera's the 'eyes in the sky" are there to protect the Casino,
not the guests of a casino against being robbed, or hurt in a hotel hallway.

Jonathan

[las vegas drunk]

Originally Posted by Buzz123

Most of us have only seen this on TV shows like "Las Vegas".


Interesting story about camera surveillance in Las Vegas casinos on Today this morning:

TODAY Video Player

I have to laugh at the dumb blonde journalist at the end of the video who said that she does not know how to play baccarat. Baccarat is literally head/tails (banker/player) with a tie added. What a joke.

[MadManofBethesda]

Originally Posted by las vegas drunk

I have to laugh at the dumb blonde journalist at the end of the video who said that she does not know how to play baccarat. Baccarat is literally head/tails (banker/player) with a tie added. What a joke.

But someone who's never played Baccarat and has only seen it in James Bond movies would not know that. Besides, someone who thought he had a fool-proof winning system for beating roulette (or whatever the hell the table game was) should not be posting condescending remarks about anyone else's lack of gaming knowledge.

[dynimagelv]

The HOUSE is the only winner. period. end of statement.



one more......they didn't build these joints by paying off winners

[las vegas drunk]

Originally Posted by MadManofBethesda

But someone who's never played Baccarat and has only seen it in James Bond movies would not know that. Besides, someone who thought he had a fool-proof winning system for beating roulette (or whatever the hell the table game was) should not be posting condescending remarks about anyone else's lack of gaming knowledge.

Ah, good grief. Somehow my ignore list became disabled since I have been gone and I had to read this tripe. I find it embarrassing that a so called journalist from a major network of the lame stream news would post how dumb she was that she could not even look up how easy baccarat is to play AKA a coin toss. It is far simpler than blackjack LOL. As far as my thread, I know you are referring to this:

http://www.city-data.com/forum/las-v...-possible.html

I did profit with it, and it was not roulette either as I clearly posted. What happened is I hit a really rough patch, and decided it was not for me as I quit easily. I was still in profit AFTER the rough patch. You're back on ignore, were you belong.

[las vegas drunk]

Originally Posted by dynimagelv

The HOUSE is the only winner. period. end of statement.



one more......they didn't build these joints by paying off winners

So, I guess you are saying what this guy below is posting is untruthful?

Originally Posted by LV2ndHome

We prefer the term "Advantage Players", or "AP" for short. We do not consider ourselves "gamblers". I have been a pro AP for many years (almost 20), though I've slowed down considerably the last few years. Some might consider me semi-retired now, but hopefully I still qualify as someone you are looking for to answer. Also note that I rely on a CPA to prepare my taxes, so I'm not qualified and unable to give extremely detailed facts, but here's my general understanding and experience:

I've always filed a Schedule C for my gaming. Filing Schedule C allows one to deduct out of pocket expenses for gaming activities, which is mostly travel related (airfare, rental cars, mileage on your own car, meals while traveling, etc).

I've never paid for a room or meal in a major gaming venue, so expenses like that are minimal. Actually in large venues like LV, I'm usually checked into at least 2-3 rooms per night and never see most of the rooms I check into. Some small, isolated casinos across the US, mostly tribals, don't have hotels, or I may get tossed out and flyered to all the area casinos and opt to bed down in a non-casino hotel, so I do have some hotel expenses that are deductible.

You can only write off gaming loses in a tax year to the extent of your gaming wins that same tax year (you can't use a net gaming loss to offset non-gaming other earnings). Also if you have a net gaming loss in a calendar year, you can't carry it forward (or back) to offset a net gaming win in another year. I've never had a losing year though. Other than the limitation of deducting gaming losses only to the extent of your gaming winnings in the same calendar year, you can keep deducting gaming losses forever. This paragraph applies to everyone... pros and non-pros, and no matter if the taxpayer files a Schedule C for gaming or not.



AP is just a job to me. Yes, it is a job I generally enjoy and the money is good. But while many non-APs view it as a glamorous life style, it is far from that if you play for serious money. In fact, I know many APs that can't wait for their vacation time to get away from the casinos and get a break from that lifestyle. I would not call your friend a "professional" gambler per your own admission that she only "breaks even, or makes a little". Sounds more like someone that is retired with other income, and is playing what I would call more of a recreational nature. Also I would question how dated your info is. Generally speaking, VP used to be a much better play than it is today. Many casinos in recent years have reduced the comp rates for VP play, reduced the paytables on the machines, etc. It can still be a viable play at times with careful shopping, playing during promo periods, etc.

I live out of a suitcase away from home for sometimes weeks at a time. I work in smokey environments against my wishes and often must deal with rude casino personnel and rude players. Yes I've had some nice suites, comped of course, but I'm usually out of them working for at least 16 hrs/day and out cold trying to squeeze in a few z's when I am in the room, so it really has little more value to me than a Motel 6 room. And a few times I've had security banging on my door at 3 am to throw me out. A breakeven player like your friend does not experience this kind of treatment.

There have been cases when I have stayed up 40 hrs straight to play a promo lasting only a few hrs due to the need to beat others to one of the few available seats at a table or maybe lock up a machine highly desirable for that particular promo. Sometimes I've spent considerable time and expense to go attack a promo at an out-of-the-way place only to find that others have beaten me to the available seats and have me locked out, or have the casino end the promo early due to the AP attack making the trip not worthwhile. There have been times I've walked the sidewalks of LV scouting for opportunities until my feet literally bled. What a glamorous life.

As for comps/gifts, etc... I covered the [lack of] value of suite comps already. I seldom use steakhouse comps as it's hard to eat healthy eating in those kinds of places every night (I'd be 500 lbs if I did), and from a business point of view even though the meal is comped, the tip in those places is more than a meal would be in say a deli or buffet even if you had to pay for it, plus there is a lot of downtime in eating in a steakhouse (usually no way you are getting in and out in less than an hour).

Any "gifts" I get are just part of my pay for the work I do. If I win or get gifted a Rolex, golf clubs, gas cards valid only outside of my usual area of travel, etc, they go on eBay or however I can best convert them to cash. If is something like a cruise, often the casino will allow me to accept cash instead, or give me something more readily marketable in exchange.

I'm not a poker player, but it should also be noted that a lot of professional APs are poker players, and the comp accumulation rates for poker play is generally very low. I try to never say never, but normally poker players do not get comped luxury suites, $3000 gift cards, etc.



If you hit a machine jackpot (a jackpot is $1200+), win a large amount in a tourney, win a substantial prize in a drawing, or anything similar, you will get either a W-2G or a 1099 reporting it as income to the IRS. But any gaming losses you incur during that year can be used towards offsetting that income. Wins on live table games do not generate a W-2G or 1099, other than a rare exception or two.

If you buy in or cash out over $10k within a 24 hr period, the casino will file a CTR (cash transaction report). These are not any indication of income and not considered as such by the IRS. For example, if you use all cash to buy over $10k in chips as soon as you walk in, a CTR will immediately be filed even though you haven't even made a single wager yet.

In addition, many casinos automatically file a SAR (suspicious activity report) when there has been $3000 in cash transactions within a 24 hr period. Again, this is no indication that reportable income has been received. There is leeway as to when a SAR must be filed, but the requirement for filing a CTR is very black & white. You do not get a copy of these forms, and may not even know they are being filed (especially with the SAR).

I've had many CTRs and SARs filed by casinos and my local bank over a period of many years, and have never had an issue with the IRS.



You can request a win/loss statement from the casino for your convenience. It will always have a disclaimer on it that accuracy is not guaranteed. In many cases you can get it from the casino's website, but in some cases you will need contact the player's club for it. You will need to obtain a separate W/L statement for each player's club account you have, as each W/L report will only include the play on that one corresponding players card. These type of annual W/L reports are not provided to the IRS. The only problem you will have is if a casino issues a W-2G or 1099 for one specific win and you fail to report it on your tax return.

Note that pros usually play under several aliases or very often anonymous (no players card). Even non-APs sometimes forget to put their cards in a machine, or the casino makes a mistake in determining how many chips you left a table with, and stuff like that, so the casino W/L statements aren't usually completely accurate.

[dynimagelv]

What Im sayin.....and the fact that Las Vegas is still here bears that out.....is that, in the LONG run....the house wins....if it doesn't....it ain't the house.

[las vegas drunk]

Originally Posted by dynimagelv

What Im sayin.....and the fact that Las Vegas is still here bears that out.....is that, in the LONG run....the house wins....if it doesn't....it ain't the house.

I do not disagree that the house makes money in the long run. I only disagree with the quote below. There have been, and still is, a very small percentage of advantage players that can and do beat the house consistently.

Originally Posted by dynimagelv

The HOUSE is the only winner. period. end of statement.

[MadManofBethesda]

Originally Posted by las vegas drunk

Ah, good grief. Somehow my ignore list became disabled since I have been gone and I had to read this tripe.

Yeah, that's what happened. Your ignore list became disabled, lol. Hmmm, I guess that's what happened to jfk's ignore list too when he responded to something I wrote.

Originally Posted by las vegas drunk

You're back on ignore, were you belong.

It's funny. After over 15 years of participating in various online forums, I still have never come across one person who has actually followed through with their claim of putting someone on ignore. I guess people are just too curious to see what people are writing about them. Eventually they all succomb to their curiosity or make a mistake and respond to something that they allegedly couldn't see.