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Do I have to Report Winnings for Tax Purposes?

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Do I have to Report Winnings for Tax Purposes?

Post by henderson on Thu Jul 22, 2010 7:59 am

Hello everyone, I play on Full Tilt and I've started winning a
decent amount of money and I was just wondering if I have to report
winnings eventually if I start winning a lot???
Premium payment system, which I mentioned above, involves the actual cash money deposited to your casino account. Until you can answer the minimum requirements of a bet, any remaining cash from bonuses are yours to keep. I found another type of bonus casino.

At first glance, this bonus system of payment of the casino seems a bit unfair. To entice you, the casino offers 200% th prize to $ 200, with only 4X requirement bet. But there are benefits. You can not keep the prize. If you make $ 100, you get $ 200. Then you would have to play for money [(a deposit of $ 100 + Bonus of $ 200 $) x 4] = value for the $ 1,200 rate. If you will only be $ 200 in your account, and you decide to cash out, they just take away his prize, and you have nothing. " Also you can only play a limited range of games, fortunately Blackjack adopted in most of these casinos, but make sure you read the terms of premiums carefully before you start playing for money. Playing only one hand roulette you can break the terms of premiums, and they will keep your money. So, how can you make money with these awards?

You make money by betting big. If you are betting $ 300 on their own experience, you can win $ 300, but only lose $ 100 because $ 200 of the money was not yours to begin with. Most casinos have an upper limit of $ 500 per hand, so the second hand, you have to put $ 500. Only two hands, risking only $ 100 you could be 1100 $ in your account. After subtracting your initial shares and bonuses in the amount of $ 200, which leaves you with a net profit of $ 800.

So now you have put $ 800, which only leaves $ 400 to reply to the gambling requirements. To maximize your expected return on all investments, you could put $ 400 in one hand. However, the chance to win 3 hands in a row is very low. So you have to bet small again (say $ 10 per hand), until you have put a total of $ 1200. Statistically, you should not lose too much, if any, of $ 800 until you make small bets and follow the basic strategy.

Using the edge of the house as a guide and be a little conservative for example, a chance to win the hand blackjack 0.48. Thus the chance to win two in a row (48% x 48%) = 23.04%. Your chance of not winning the two hands (100% - 23.04%) = 76.96%. Your expected return on all investments and therefore (800 $ x 23.04%) - (100 $ x 76.96%) = 107.36 $. Importantly, the chance of winning in any casino is very low only in 23.04%, thus this system only works if you go to many a casino. In the final analysis, there were 24 casinos that offer this type of award, more casinos, you are trying this system on the more likely you will succeed. This is - a very simplified model for a more complete analysis, see the formula on the page of formulas and results. These formulas were tested using computer simulation. The results of these simulations can also be found in a page of formulas and results.

In Blackjack you simply do not win or lose, you may also be a blind alley. Impasses in order, because they still add to your total amount bet. You could have three deadlock in a row and win the fourth hand. Then you would have won $ 300. You must then stop and turn into cash money.

It is important to note that this is - is still a gamble. Usually, differences with casinos. However, if you went to a casino only once and made $ 100, you could get away, winning $ 100. But if you were in the same casino every day throughout the year and put $ 100 every time you are almost sure to lose financially than when you started.

The same principle applies here. More casinos, you are using this system to the more likely you are winning.

Last edited by henderson on Fri Aug 20, 2010 1:42 pm; edited 1 time in total


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Re: Do I have to Report Winnings for Tax Purposes?

Post by Admin on Thu Jul 22, 2010 1:22 pm

I've never had to report taxes from the winnings that I've had from other sites that I've withdrawn funds from. Now, saying that, I don't know how much you're looking to withdraw, but you want to avoid receiving a check for $10,000 or more because when you try to deposit that check at a bank, you'll then have to fill out tax forms.

For legal purposes, I should add that you should always pay your taxes!

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