Gambling With an Edge - guest Russell Fox

Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes.

We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge.

 

Show Notes

[00:00] Introduction of Russell Fox, tax expert from Clayton Tax
[01:02] What's going to be in the next tax law?
[02:09] Has the pandemic affected Russell's professional life?
[03:02] Do Canadian poker players owe income tax?
[05:14] Can YouTubers deduct gambling losses in excess of winnings?
[06:30] Have the tax implications on DFS changed?
[12:27] Taxation of credit card rewards redemption
[12:51] Process of reporting winning for a recreational advantage player
[18:06] How is travel time handled if IRS questions full-time gambler status?
[18:52] Lost or misplaced W2Gs
[20:58] Is it better to file as a professional gambler if you're a slot AP with many W2Gs?
[22:29] What are the acceptable ways for an amateur to define a sports betting session?
[24:31] Tax on futures bet, rule of constructive receipt
[25:11] Should a bettor clear balances from all sports betting apps every year
[25:34] Tax treatment of free bets
[30:52] South Point Casino October Promotions - $500k+ Monster Money casino-wide progressives, Prime Time Mondays for people 55 and older
[32:19] http://BlackjackApprenticeship.com - card counting training website and community with many betting, tracking, and analytical tools
[32:52] http://VideoPoker.com/gwae - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners
[33:56] Is a casino win/loss statement from a casino sufficient for tax purposes?
[35:51] Beard accounts in sports betting
[39:53] Splitting a sports bet
[41:16] At what point does it make sense to file as a professional gambler?
[43:26] Audit risk for professional gamblers
[46:05] Tax professionals who specialize in gambling
[48:01] TurboTax
[48:35] Costs to file as a professional gambler
[51:44] Changes to cryptocurrency laws
[54:41] How to contact Russell Fox
[55:25] Recommended: Maid on Netflix, A Most Clever Girl by Stephanie Marie Thorton, Circus Circus steakhouse


Sponsored Links:
http://SouthPointCasino.com
http://BlackjackApprenticeship.com
http://VideoPoker.com/gwae


Guest Links:
http://Claytontax.com
http://Twitter.com/russcfox


Recommended:
Maid on Netflix  http://Netflix.com/title/81166770
A Most Clever Girl by Stephanie Marie Thorton  https://amzn.to/3CmJgtQ
http://Circuscircus.com/restaurants-1/the-steak-house/

Gambling With an Edge - Mail Bag 10/21/2021

No guest this week as we once again dip into the mail bag. 

We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge.

Show Notes

[00:00]  Introduction

[00:33]  Did Bob ever take advantage of online casino promotions?

[01:28]  W2Gs for craps players

[03:44]  General rules for all variations in video poker

[05:32]  Card counting for comps

[10:12]  Should slot hustling be avoided where hole-carding

[11:30]  Magic of the Nile slot advantage player tracking

[13:21]  $5DDB with double progressive amounts

[16:52]  Should a new AP chase progressives?

[19:54]  Seven Stars Insider newsletter

[21:34]  Prax

[23:23]  Card counting as a refusal and AP sports betting

[25:03]  Signing up for new credit cards when purchasing a home

[27:08]  Baccarat, roulette, and baccarat bonuses

[32:05]  How do the odds change playing two hands versus one hand

[35:24]  Valuing a blackjack hot seat promotion

[39:20]  South Point Casino October Promotions - $500k+ Monster Money casino-wide progressives, Prime Time Mondays for people 55 and older

[40:45]  http://BlackjackApprenticeship.com - card counting training website and community with many betting, tracking, and analytical tools

[41:25]  http://VideoPoker.com/gwae - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners

[42:35]  How did Bob get backed off playing video poker at MGM properties?

[44:52]  Basic strategy for multi-deck and doubling on A7

[48:18]  How can a dealer handle impolite players?

[50:12]  Putting tape over unused camera on computer

[52:17]  Loss rebates for roulette

[53:16]  Blackjack dealer yells "skills check"

[54:31]  Card pulling

[57:34]  Recommended:  books by Donald Westlake, Margins of Error podcast

Sponsored Links:

http://SouthPointCasino.com

http://BlackjackApprenticeship.com

http://VideoPoker.com/gwae

Books Referenced:

Comp City by Max Rubin https://amzn.to/3jjfvCw

Software Referenced: 

http://Qfit.com

Recommended:

Donald Westlake books https://amzn.to/3C7k0I4

Margins of Error podcast http://Cnn.com/audio/podcasts/margins-of-error

Gambling With an Edge - guest Buddy Frank and G2E 2021

 Bob and I get a return visit from long time slot director Buddy Frank, and this was taped immediately after the Global Gaming Expo (G2E) show, the biggest casino industry trade show of the year. We spend a lot of time talking about the new things we saw. 

We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter, or on facebook at https://www.facebook.com/GamblingWithAnEdge.

Show Notes

[00:00] Introduction of Buddy Frank, long time slot director and casino executive

[00:36] Player identification and video poker player skill tracking products at G2E

[14:08] Resorts World's cashless system, credit cards

[24:25] Interesting AP games at G2E, slots, keno

[31:45] Auto-hold on video poker

[35:24] Ultimate X Gold

[39:18] http://VideoPoker.com/gwae - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners

[39:38] http://BlackjackApprenticeship.com - card counting training website and community with many betting, tracking, and analytical tools

[40:08] South Point Casino October Promotions - $500k+ Monster Money casino-wide progressives

[41:11] South Point operations, comments on the locals market in Las Vegas, Circa

[47:12] Strategy for a player who has been banned, but not trespassed

[51:01] Aristocrat party at Allegiant Stadium

[53:15] Recommended: Sooley by John Grisham, CSI Las Vegas, Aruze claw game and craps game

Sponsored Links:

http://SouthPointCasino.com

http://BlackjackApprenticeship.com

http://VideoPoker.com/gwae

Sites Referenced:

http://Wizardofodds.com/games/video-poker/tables/ultimate-x-gold/

Recommended:

Sooley by John Grisham https://amzn.to/2YU8EbL

Cbs.com/shows/csi-vegas/

Gambling With an Edge - Mail Bag 10/7/2021

No guest this week as we once again dip into the mail bag. 

We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge.

Show Notes

[00:00]  Introduction

[00:40]  Biggest gambling regrets

[03:57]  How can dealers gain AP knowledge?

[06:44]  Variance on multi-line video poker

[10:20]  Fixed-odds horse racing

[11:49]  Bob's problems with betting in Arizona

[22:29]  How do APs network?

[25:45]  Advantages and disadvantages of playing on casino credit

[30:39]  South Point Casino October Promotions - $500k+ Monster Money casino-wide progressives

[31:54]  http://BlackjackApprenticeship.com - card counting training website and community with many betting, tracking, and analytical tools

[32:35]  http://VideoPoker.com/gwae - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners

[34:15]  Who should a player contact about re-entering a property after being thrown out?

[37:20]  Slot YouTubers

[39:28]  Vulturing Ultimate X

[40:46]  New GWAE intro

[42:40]  Recommended - Goliath on Amazon Prime, The Devil May Dance by Jake Tapper, Ross Thomas novels, The Hustler, The Color of Money, Jake Jacobs review of The Card Counter

Sponsored Links:

http://SouthPointCasino.com

http://BlackjackApprenticeship.com

http://VideoPoker.com/gwae

Episodes Referenced:

http://Lasvegasadvisor.com/gambling-with-an-edge/podcast-wilma0-part-2

Recommended:

http://Amazon.com/Goliath-Season-1/dp/B0875NY2V2

The Devil May Dance by Jake Tapper https://amzn.to/3AmrHs7

Ross Thomas novels https://amzn.to/306VNn1

The Hustler https://amzn.to/2WPNJFQ

The Color of Money https://amzn.to/3lmk2Wy

The Card Counter movie review. http://Lasvegasadvisor.com/gambling-with-an-edge/the-card-counter-review