My Win/Loss Statement! :D

**21forme** · 10-30-2021, 02:13 PM

MWP, you should listen to the GWAE with Russel Fox. He just did one this past week and usually is on the show once or twice a year. He's incredibly knowledgeable and specializes in pro gamblers.

**Midwest Player** · 10-31-2021, 01:58 AM

Originally Posted by 21forme

Sounds like a good deal.

Are these games with live dealers or purely electronic?

They are both, but I mostly play the electronic games as they have lower betting minimums and have lower house edge. You will never get $100,000 in action in time playing live games. They go at a snails pace.

Anyway, I just finished my latest $100,000 promotion. Cashed out almost $1,600 more than I bought in for, but my sports bet win is also in that amount. Close to expected value, but did terrible on playing the free credits.

**aceside** · 10-31-2021, 07:57 AM

Originally Posted by Midwest Player

They are both, but I mostly play the electronic games as they have lower betting minimums and have lower house edge. You will never get $100,000 in action in time playing live games. They go at a snails pace.

Anyway, I just finished my latest $100,000 promotion. Cashed out almost $1,600 more than I bought in for, but my sports bet win is also in that amount. Close to expected value, but did terrible on playing the free credits.

You are so creative! I believe you just created a new career path for professional gamblers in a post-Covid era.

**Midwest Player** · 10-31-2021, 01:02 PM

Originally Posted by 21forme

MWP, you should listen to the GWAE with Russel Fox. He just did one this past week and usually is on the show once or twice a year. He's incredibly knowledgeable and specializes in pro gamblers.

I did look up and listen to the 10/28/21 GWAE with Russel Fox. I don't think he said anything I didn't already know but he did confirm many items.
https://youtu.be/KoNmvuLFVLg

I liked when he said someone who makes say $20,000 a year gambling, but has a full time job making a $100,000 a year could qualify as a business for the gambling.

I never had the IRS or the state income tax folks question how I reported my gambling income. I once had the state question another item on my return but they didn't question at all my gambling reporting.

I do have very detailed gambling records but I don't report start and end time of a session. I report my sessions by the day. However, this online gambling is a whole new ball game. Some online deposit promotions require to play the promotion thru before you can withdraw your money. I don't let any money stay in the gambling site. When the promotion is over I withdraw the money back to my special account set up only for gambling.

There is going to be new reporting required by banks if the proposed Biden legislation passes. Banks will be required to report total deposits and withdrawals for the year if over $10,000. My regular checking account has around $5,000 in deposits and withdrawals in a month. I just looked at my gambling account and I had over $50,000 in both deposits and withdrawals in the last month. Better think twice about not reporting gambling winnings in the future.
https://www.npr.org/2021/10/25/10484...ight-explainer