Episode # 98 Twelve Feet Away From $34,000

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Part I

Opening: Youtube 3-2-1 craps strategy approaching 200,000 views.  Craps segment begins with us playing craps at the Meadows Casino in Washington, Pennsylvania. Our opening three straight matchplay coupons were losses and made Coach Fav more cautious in this game .  Hint: he decided not to make place bets or odds bets behind the pass line until after the first roll following an established point number. This is a cautious way to play and it certainly helped today.  Coach Fav continues to hedge $15 come out rolls with a 3-way  $6 craps bet. This hedge bet paid off but not until he approached the end of the session. Until late in the game, he was behind.

Back to back come out rolls craps numbers 12 and 2 along with 3 consecutive $15 field bets make the session profitable and makes that made 10 straight sessions of winning craps since the casinos reopened in Pennsylvania. How about that! Just Plus $66 on this visit, but we’ll take it after being behind most of the game.

Part II

Janie explains the title of the episode: “Twelve Feet Away from $34,000.  She has a great attitude and enjoys seeing other players win.

Part III

Tax consequences on slot winnings are explained. A player always has the responsibility of paying taxes on gambling winnings.  So if you are an honest individual then a journal that keeps track of your winnings and losses and provides the date and location of your visit is acceptable to the IRS. Remember you can deduct your “documented” losses from you winnings.

The casino will make sure that you pay if you hit $1200 or more on a slot machine by giving you a W2G from to complete before you are free to depart the casino with your cash.

In table games there are two things that must happen to be given a W2G.

1. Must win at least $600 on a wager. 

2. The payout must be at least $300 times the wager.  This is most unlikely in craps with the exception of the Fire Bet.  Other sidebets in a number of table games but not a craps table would certainly be this way often paying thousands and thousands of dollars.  Remember though that the responsibility to pay taxes on winnings of any amount is always there.

For details: go to Color Up’s “Taxes and Gambling” on YouTube by Jeremy Elerick.  It’s the best explanation of this tax information that I have ever come across.

      Thanks for Listening

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