Gambling With an Edge - Kit Woolsey

Our guest this week is bridge and backgammon expert Kit Woolsey.  We talk about his recent book The Backgammon Encyclopedia Volume 2 as well as some of his stories from years of playing bridge and backgammon at the highest levels.

podcast

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Show Notes

[00:53] The difference between the volumes 1 and 2 of the Backgammon Encyclopedia
[02:27] How helpful the Backgammon bots have been in learning the game
[04:41] Is Kit planning future volumes in the Backgammon Encyclopedia series?
[05:14] Would cube decisions in the book change depending on the proficiency of the opponent?
[08:44] What is the current state of Backgammon in the U.S.?
[09:41] Does Kit team up with other bridge players in big events?
[11:23] What sets apart Kit’s defense to no trump openings
[12:43] Why was Woolsey convention considered illegal?
[18:08] Cheating scandals in bridge
[20:03] How some players cheat at high-level games with dividing screens
[23:03] How to identify cheating in bridge
[25:57] Richard and Kit shuffle tracking in the late 70’s.
[28:41] Kit’s bad barrings from playing Blackjack
[29:27] What is the Alcatraz coup?
[34:37] Does studying one game help studying other games? What other games interest Kit?
[38:07] How is playing bridge with wife affect Kit’s marriage?
[39:15] Backgammon tournament in the Las Vegas area
[40:29] Book recommendations for backgammon tournaments
[43:43] Examples of different plays 30 years ago
[47:01] Do high level games of backgammon and bridge require a genius level intelligence?

eXtreme Gammon http://www.extremegammon.com/

Kit Woolsey, "Backgammon Encyclopedia Vol. 1" http://amzn.to/2AsWOoy

Kit Woolsey, "Backgammon Encyclopedia Vol. 2" https://thegammonpress.com/product/the-backgammon-encyclopedia-volume-2/

Woolsey convention: https://en.wikipedia.org/wiki/Woolsey_convention

Kit Woolsey, "The Language of Bridge" http://amzn.to/2nrOaUo

Kit Woolsey, "New Ideas in Backgammon" http://amzn.to/2ihyQUN

How to Play Tournament Backgammon” http://amzn.to/2nsUuLe

Paul Magriel “Backgammon” http://amzn.to/2iNH1w7

Gambling With an Edge - Rozanna Travis and Jo

This week our guests are two female advantage players.  Rozanna Travis, and Jo started out as card counters on one of the largest blackjack teams of all times. Over the years they have played with several other teams, as well as individually.  This is the first of two interviews with them.

podcast

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Show Notes

[00:38] A recent case in Colorado regarding abandoned credits in a slot machine

[02:44] How Rozanna and Jo got started with AP

[08:22] How is it different being an AP as a woman?

[23:27] Changing appearances and putting on acts

[36:05] Sexual harassment stories: how to talk to pimps and when acts get too much

[46:30] Memorable backoff stories

Gambling With an Edge - author David Clary

Our guest today is David Clary. David is a news editor of the San Diego Union-Tribune, and has written  a new book entitled “Gangsters to Governors: The New Bosses of Gambling in America.”

podcast

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Show Notes

[00:44] The book’s aim and whether the goals were met

[02:51] Government revenue and financing through lottery

[04:24] Louisiana lottery company and the corruption

[05:58] Less known history about the mob and Las Vegas

[10:17] David’s prediction on the future of Las Vegas

[12:21] Atlantic City v.s. Las Vegas 

[16:10] The future of sports betting 

[24:57] The future of fantasy sports

[29:07] Where the online gaming is going

[33:31] John "Old smoke" Morrissey

[36:56] What happened to horse racing?

[41:45] The NFL owners and their gambling connections

[48:40] Other interesting gambling facts

[50:19] Possibilities of the sequel

Gansters to Governers: The New Bosses of Gambling in America by David Clary: http://amzn.to/2zaJKDr

John "Old Smoke” Morrissey” https://en.wikipedia.org/wiki/John_Morrissey

David Clary

Twitter: @dpclary 

Gambling With an Edge - guest tax man Russell Fox

Our guest this week is Russell Fox. Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income.

podcast 

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Show Notes

[00:49] Tax evasion v.s. tax avoidance

[01:43] The federal tax bill and its relevance to gamblers and non-gamblers

[08:29] What is the best way to list W2G’s for a professional gambler using schedule C?

[15:23] Online casinos in New Jersey require W2G’s for slot machine winnings of $1200 or more. In general, is free play taxable? Is the free room from the casino taxable?  

[18:10] Keeping a diary of gambling wins and losses

[21:33] Can a player form a C-corp so that he can present his tax ID rather than his SSN when he hits jackpot

[24:11] Playing under an assumed name and producing an identification for the real name and the form W-9

[28:33] Is the U.S. the only country that taxes gambling winnings?

[29:10] If you hit a $20,000 royal flush and take it in cash, is CTR filled out on top of W2G?

[33:20] What should a U.K. citizen be worried about if he visits Las Vegas for a vacation and wins a significant amount of money?

[37:31] The tax implications for both the investor and the players of a blackjack team

[40:59] Should you pay taxes on gambling overseas?

[41:51] Are capital gains on cryptocurrency taxable events?

[48:29] Do you report gambling wins/losses for games that occurred on international waters?

[48:47] If you have a SEP IRA and a solo 401k, is there any downside for using solo 401k just for the $18,000 elected deferral and use SEP IRA for roughly 18.5% of the net contributions?

[50:15] 5 silly things that Russel heard from his clients

Russel Fox:

RCFox@Claytontax.com 

http://www.taxabletalk.com/

http://claytontax.com/nevada/

Gambling With an Edge - listener emails part 2

We have no guest this week.  Bob and I answer questions from our listeners. We always welcome your questions so post them below, or send them to us at gamblingwithanedge@gmail.com. This is a follow-up to the show two weeks ago.

podcast

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Show Notes

[00:47] 7 star experience & potential concerns with parking system's identification

[06:41] Credit card cashback and slot machines

[08:54] Casino procedures and what they mean for heats on card counters

[10:06] Edges on Easy baccarat 

[12:23] Win poker stopped working in iPad. What would Bob recommend?

[14:00] What would you recommend to a middleaged man starting in AP

[19:07] Multiline game v.s. single line games. 

[21:15] Bonus multiline games and changing the address to a local P.O. box.

[22:20] Best apps for practicing blackjack

[22:54] Tutorial for Dream Card & frequency for the dream card? Is there percentage return list by pay schedule?

[25:01] What is the life of an AP now?

[27:18] What do AP's do about insurance and retirement?

[31:37] Is it possible to use hi-lo or speed count for Spanish 21?

[34:50] The Fremont shooting story

[40:45] A camouflage idea for a card counter

[42:23] 3500 coin instead of 4000 coins for a royal. Should the listener report to the Gaming?

[47:15] Other episode recommendations

[48:37] what happened to Bob's mentee?

[49:27] weight loss story part.2

[52:49] technicalities with over and under bet

[55:39] The rule of having to sit down while playing

[59:45] Hit-and-run strategy in Las Vegas

[1:01:29] Counting cards in Baccarat

Previous episodes:

Kelly Sun: 

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-kelly-sun-queen-sorts/

Bob Nersesian: 

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-bob-nersesian-17/

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-bob-nersesian-18/

Russel fox

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-tax-man-russell-fox-2/

Blackjack ball 

https://www.lasvegasadvisor.com/gambling-with-an-edge/twenty-first-annual-blackjack-ball/

Cat Hulbert

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-with-edge-guest-cat-hulber/

Laurie Chang

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-with-edge-guest-laurie-c/

Jefferey Compton

https://www.lasvegasadvisor.com/gambling-with-an-edge/gambling-with-an-edge-guests-jeffrey-compton-anthony-curtis/

Winpoker: http://www.zamzone.com/

Wizard of Odds: https://wizardofodds.com/

Katerina Walker’s Spanish 21 book: http://amzn.to/2xQmCIU