[RocketManJames]

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The "flaw", if you want to call it that, is that the scenario posed suggests that the house doesn't take their taxes out every time you win, rather only the cumulative winnings. If the tax is taken out step-by-step for each game played, then it's a negative game all along.

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That's what I was getting at. My wording is awful sometimes.

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Yes, that's the mathematical reason why it works out given the scenario I posed. I just found it interesting that if casinos were only allowed to offer the wager exactly once per tax year, it'd be a losing proposition. But, if allowed any more than that, they'd make money.

-RMJ