article on canadian casinos

Khern · #1 11-15-2005, 01:38 PM

http://www.mises.org/story/1961

John

Kurn, son of Mogh · #2 11-15-2005, 03:02 PM

To quote Keats

"Beauty is truth, truth beauty..."

Peter666 · #3 11-15-2005, 03:08 PM

I don't like socialism myself, but truth be told, the Fallsview casino is rather nice. It's kind of unfair to compare anything to Las Vegas. And winners don't pay taxes on their winnings in Canadian casinos which more than makes up for the negatives. What does the capitalist have to say about that?

tylerdurden · #4 11-15-2005, 03:24 PM

[ QUOTE ]
And winners don't pay taxes on their winnings in Canadian casinos which more than makes up for the negatives. What does the capitalist have to say about that?

[/ QUOTE ]

The capitalist isn't the one imposing the taxes.

Peter666 · #5 11-15-2005, 03:37 PM

I agree. There should be no taxes on gambling winnings and the casino's should be free enterprises.

But the article is bashing Canadian Casinos without giving all the facts. It is much better to play in a Canadian Casino monetarily speaking.

Khern · #6 11-15-2005, 03:47 PM

I honestly know nothing of the quality of these casinos. Comparing it to those in Vegas may not be fair. Vegas may have some sort of gambling economies of scale or some other advantage. I was just passing along the article as one that might be appreciated on this forum.

John

tylerdurden · #7 11-15-2005, 04:10 PM

[ QUOTE ]
I agree. There should be no taxes on gambling winnings and the casino's should be free enterprises.

But the article is bashing Canadian Casinos without giving all the facts. It is much better to play in a Canadian Casino monetarily speaking.

[/ QUOTE ]

I don't think that's clear at all. If you're a losing player, the taxes don't matter. In that case, the comps and other promotions in the US casinos are clearly superior, along with the "psychic benefits" of superior aesthetics. Additionally, there may be other advantages in game selection (competitive US casinos might offer better BJ rules, or more odds in craps, or higher limits).

Peter666 · #8 11-15-2005, 05:19 PM

"If you're a losing player, the taxes don't matter."

Neither do comps, because you end up paying for them from your losses. Any professional player who is +EV will do much better monetarily in a Canadian Casino than in An American Casino because of the tax issue.

A loser will probably enjoy one of the Vegas Casinos on the Strip (and definitely most American casinos are not like those) but who cares? A gambler comes to gamble. The tourists go for the other stuff. I want to play against -EV gamblers.

Kurn, son of Mogh · #9 11-15-2005, 05:45 PM

I want to play against -EV gamblers.

Then in your case the gating factor would be game selection, so the US casinos are better for you - Vegas and CA best of all.

tylerdurden · #10 11-15-2005, 05:58 PM

[ QUOTE ]
"If you're a losing player, the taxes don't matter."

Neither do comps, because you end up paying for them from your losses.

[/ QUOTE ]

That's obviously wrong, because the comps partially offset your losses.

[ QUOTE ]
Any professional player who is +EV will do much better monetarily in a Canadian Casino than in An American Casino because of the tax issue.

[/ QUOTE ]

I don't think this is a given. As I said before, even if you are +EV, there *may* be advantages in competitive casinos that outwiegh the tax-free winnings.

Some of them may be avoidable for canadian players, however. For example, canada doesn't tax gambling winnings but it taxes everything else and sticks you with crappy medical care. If you live in the US and play in canada you can avoid those downsides. Of course, you'd be living in Detroit most likely, which has it's own set of negatives.

[ QUOTE ]
A loser will probably enjoy one of the Vegas Casinos on the Strip (and definitely most American casinos are not like those) but who cares?

[/ QUOTE ]

Well, all of those people care, that's who. That was the main point of the article.

[ QUOTE ]
A gambler comes to gamble. The tourists go for the other stuff. I want to play against -EV gamblers.

[/ QUOTE ]

Aren't tourists -EV gamblers? I was assuming that you were talking about table games before you got to this point. For poker, I seriously doubt that canadian tax-free winnings can come anywhere close to making up for the huge game selection and fish factor advantage that vegas holds.