CS 2018

[markinca]

Yes, the random guy you meet in a high roller room playing VP is probably not a professional. He probably doesn't even know optimal strategy.

No one is arguing that there are tons of VP professionals out there. But they DO exist, and there are a not-insignificant number of them, as opposed to say, craps, or roulette, or keno, or any other number of casino games where it's virtually impossible to make a living.

[FloridaPhil]

Can you please share 10 years of your tax returns with us to verify some of the many things you have stated on this forum?

I will be happy to share the same proof I asked for. I think over the last 10 years I have shown about a taxable $2,000 VP profit. I will have my CPA verify this when I receive the same information from anyone claiming to live a "nice lifestyle" off their VP profits alone. $2,000 in 10 years is not my idea of a nice lifestyle, but you never know.

[FloridaPhil]

But they DO exist, and there are a not-insignificant number of them, as opposed to say, craps, or roulette, or keno, or any other number of casino games where it's virtually impossible to make a living.

I have no doubt they exist. What I have a problem with is someone claiming to live a "nice lifestyle" off their VP winnings alone. A nice lifestyle to me would be at least $100K a year in profit. I would like to see the breakdown on that.

[FAA]

I play in the HL room weekly! It can be done. Not at CET 8/5 rooms. Way the hell up the boardwalk. Ocean 96. The siren song calling me as I get a nice walking workout. Low roll, hope Quad breaks me even and jitney back after a nice lounge at the cozy sports book. Try to max and hit big. Mon I didn't even take money into C. ATM during walk. Either that $2 fee or an AM bust ruining my day. At CET I'm in drunken sailor mode. At Ocean I'm CPA serious. I've finally gotten out of my bust and shame cycle. It took a couple of brand new casinos to evacuate that house of horrors. They relinquished their RF. I didn't capitalize. That's on me. But I am voting with my feet.

[FAA]

Thanks for fleshing out your routine. You will lose $20/hour in the worst case scenario. Realistically, half. A fifth of my recent beatings. Nice to have experience. I lack this world weary nonchalant POV. Seeking hand pay one. Hope I don't shoot myself in the foot next time.

[billryan]

Switched topics or gone completely off the track? As in Unhinged.

[Eduardo]

The secret is to pay your taxes in quarters instead of dollars.

[billryan]

Most pros I know have an LLC or similar legal entity set up and draw salaries from the company, with dividends either reinvested or distributed. Some, I imagine, have one set up for each revenue stream.
No one in my circles spends more than a few hours a week on VP. Just too many better ways to invest their time and money.

[Tedlark]

And if the LLC was set up in Nevada, and I'm pretty confident they are, the set up cost is next to nothing.

[billryan]

As they say, what happens in Nevada stays in Nevada.

I suspect it's easier to get credit when you have a weekly salary from a company than by showing gambling income.