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#21
08-21-2005, 06:57 PM
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Re: Taxes... once again.
[ QUOTE ]
[ QUOTE ] [ QUOTE ] There are more craps players that are long term winners than sports bettors, that alone should tell you something. [img]/images/graemlins/smile.gif[/img] [/ QUOTE ] Your statement is absurd. Do you see why? [/ QUOTE ] No but I see why yours is. Take a 1.41% vig or a 5% vig on sports or an 8% vig on horses, which is lower. I rest my case, thanks for playing though. [/ QUOTE ] Thank you for playing also. Craps has a fixed house edge, as you pointed out. This cannnot be overcome by any player in the long run. Sports betting has a fixed vigorish. However, the lines are set by public opinion. When the public opinion is off of the true value of the line, the player has an edge. A good professional sports bettor can hit in the mid to upper 50% range, which is plenty to overcome the 52.4% break-even point for 11/10 wagers. 
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#22
08-21-2005, 09:23 PM
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Re: Taxes... once again.
Bought it and am bringing it with me.
Not replying specifically to you on this, but it seems to me that the probability is much higher than when I ask some random CPA on the phone if he has experience w/ serious gamblers that more will say yes just to get me to come in vs. saying no honestly. Hence the point of this post was to try and get a series of questions together to see if the CPA knows what he's talking about, rather than debate the existance of gambling specialist CPAs in South Florida. If anyone knows any feel free to PM me a reference w/ contact info. Thanks. [ QUOTE ] buy a copy of Walter Lewis' Gamblers Guide to Taxes and bring it with you. Then you can show the CPA what you are talking about. [/ QUOTE ]
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#23
08-22-2005, 12:07 AM
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Re: Taxes... once again.
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] There are more craps players that are long term winners than sports bettors, that alone should tell you something. [img]/images/graemlins/smile.gif[/img] [/ QUOTE ] Your statement is absurd. Do you see why? [/ QUOTE ] No but I see why yours is. Take a 1.41% vig or a 5% vig on sports or an 8% vig on horses, which is lower. I rest my case, thanks for playing though. [/ QUOTE ] Thank you for playing also. Craps has a fixed house edge, as you pointed out. This cannnot be overcome by any player in the long run. Sports betting has a fixed vigorish. However, the lines are set by public opinion. When the public opinion is off of the true value of the line, the player has an edge. A good professional sports bettor can hit in the mid to upper 50% range, which is plenty to overcome the 52.4% break-even point for 11/10 wagers. [/ QUOTE ] How about the fact that winning sports bettors are sometimes banned from making future bets at a particular book? Has a winning craps player EVER been banned from the craps table?
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#24
08-22-2005, 12:14 AM
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Re: Taxes... once again.
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Bought it and am bringing it with me. [/ QUOTE ] Awesome. That way...if he looks at you like you're an alien for talking about schedule-C's regarding your gambling-winnings you can show him that it isn't something you just made up. You can judge for yourself when you meet him if you think he is competent to help you. Even if he isn't that familiar with the specifics of it he should be able to pick up on it fairly quickly if he knows what he's doing. But don't be afraid to ditch him if you think he's a moron.
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#25
08-22-2005, 07:31 PM
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Re: Taxes... once again.
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How about the fact that winning sports bettors are sometimes banned from making future bets at a particular book? Has a winning craps player EVER been banned from the craps table? [/ QUOTE ] Yes. There are several winning craps players that are banned from a number of casinos because it is believed that they are capable of manipulating the dice. Acme
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#26
08-22-2005, 08:25 PM
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Re: Taxes... once again.
[ QUOTE ]
We've seen many many posts on here from posters who were told the most ridiculous advice from CPA's. [/ QUOTE ] i spoke with a cpa who had absolutely no idea what she was talking about yet she insisted that she is experienced in filing for professional gamblers. she told me that any winnings i make at the poker tables are recorded by the casino and my social security number is documented. i told her that ive won tournaments there and have cashed out profits at the poker tables and they never, ever asked for my social security number. i told her that this is only the case for winnings that excess like 15k or something like that. she insisted that they have to record my social security number so they must have it. i explained to her that when you go to a casino you buyin at the cashier and you cash out at the end of your session. you never present id they just hand you money. she didnt believe me. lol.
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