Single Bet = -EV, Multiple Bets = +EV

[RocketManJames]

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I am 99% sure there is a flaw in the logic here, but my brain is completely fried. The first case looks correct, but I don't see the EV shifting here. In the second case, you have the EV of winning twice and the EV of losing twice, but if you win one & lose one, you lose as well.

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When you win one and lose one, you will show a profit of $0, and so you pay no taxes. Maybe there is a flaw in my logic somewhere, but if there is, then how do casinos make money with corporate tax rates as high as they are?