last episode gambling with an edge?

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stevel96a1
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last episode gambling with an edge?

Post by stevel96a1 »

with Prax player his story sounded so fishy and suspicious! did anyone else feel like judge judy and put their thinking caps on while listening to his "story"?

sad to say i can't say his technique sounded vague because he did not give any vague answers lmao everything was incognitos! 30$ saved for 15hours on a flight vs 4 hours push out 150$ more? is that how ap value their time life span on this planet save 110$ and lose 11hr of your life while ultimately braging how hes making money hand over fist like clockwork? and spending time sleeping in a van uncomfortable? yeesh! *smells fishy

but yea that last episode sounded scripted or fishy or just didn't sit right anyone else?

case
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Post by case »

He also said he drives his car about 10,000 miles....a month going to casinos. That is really hard to believe. It also sounds like he hardly ever loses. Yes I found his story a "bit" embellished.

dinghy
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Post by dinghy »

The guest is coming back again later for another episode. I will listen to the second hour, and I still won't have any idea what he's talking about.

As I recall, the 15 hours on a flight was a recollection from before his current career. He was poor at the time. Sleeping in a van is current, but that's because of his bedbug phobia. I have a bunkbed phobia.

The heavy car mileage is a clue to his secret, I guess. He plays many different casinos, machines only. He has a big edge, but with volatility. Other players are involved, either as partners or paid employees. He's applying high-level/advanced techniques.

What did I miss from the interview?

stevel96a1
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Post by stevel96a1 »

yea but with high volatility, is followed by big taxable jackpots, is he paying the people he hires money for the foreseeable taxes that will endure come april?

billryan
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Post by billryan »

If your business is gambling, and you have paid employees, if an employee hits a jackpot while on your dime, wouldn't the jackpot belong to the business

stevel96a1
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Post by stevel96a1 »

billryan wrote:
Tue Nov 03, 2020 5:56 pm
If your business is gambling, and you have paid employees, if an employee hits a jackpot while on your dime, wouldn't the jackpot belong to the business
right but the attendant is going to hand out the tax form, will it be the boss who gets it or the employee?
and if the employee gets it, does he owe irs money for landing the big 1?

dinghy
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Post by dinghy »

stevel96a1 wrote:
Tue Nov 03, 2020 5:58 pm
and if the employee gets it, does he owe irs money for landing the big 1?
Taxes are an inconvenience, but partnerships and other financial relationships are common among pro gamblers, so I assume there's somewhat of an established framework.

I think the w2g normally goes to the person who pushed the button, but methods exist to reassign the tax liability. Form 5754 can be presented to the casino prior to w2g issuance, if the casino accepts it. Otherwise I believe the winner can subsequently issue a 1099 to his backer/investor.

The latter may be preferred regardless to avoid tipping off the casino that the players are teamed up.

dinghy
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Post by dinghy »

dinghy wrote:
Tue Nov 03, 2020 5:13 pm
I will listen to the second hour, and I still won't have any idea what he's talking about.
Hour 2 with Prax is now up and at 'em.

I'm out. I looked through the topic summary and listened to the last couple minutes. He didn't spill any beans.

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