I have two distinct lives. One in the trenches of low-budget film and television, the other in professional gambling. Because of the feast-or-famine nature of show business I need a reliable income... gambling. So here you will read about both worlds. Enjoy!

Thursday, July 27, 2017

Gambling With an Edge - guest Bob Nersesian #18

The guest this week is Bob Nersesian. Bob is a frequent guest to the show, and always entertaining. Bob is the lawyer who advocates for the players against the casinos, and has successfully sued many Vegas casinos on the behalf of players. His new book is called The Law for Gamblers: A Player's Guide to Legal Survival in the Casino Environment. Today we discuss more listener questions as a continuation of last week's show.

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Show Notes

[1:08] What legal action is available about a big win that was lost due to sticky VP buttons?
[6:20] Is it illegal when a slot player refuses to forfeit all the slot tickets that were won from a glitch, and cash out over the next several days?
[11:17] Bob Nersesian’s response to the recent accusation on a blackjack forum that Bob’s book is insufficiently in-depth.
[14:18] How much can you get paid for incorrectly wired progressive jackpot on a VP machine?
[19:20] Is it legal to accept a winning smaller than the jackpot amount in order to avoid reporting to the IRS? 
[23:11] The real estate cost of the paperwork.
[24:57] The marijuana legalization strategy Richard’s father had in 1968.
[28:14] Does Bob Nersesian refer cases to other lawyers?
[32:43] Can a player bring complains to a Better Business Bureau for false promises on casino mailing?
[34:07] How frequently do Bob Nersesian’s judgements include punitive damages? Is NDA mandatory?
[41:55] A Nevada sports book posts an off number, and accept bets. Can the book cancel the bets?
[47:43] Locals sign false markers for International high-rollers who wish to conceal their income source. What if the casino pursues the marker signing local because the high-roller doesn’t pay?
[52:38] Is there a case when the lottery refuses to pay because the winner is not old enough?
[55:16] Are casinos allowed to discriminate according to zip codes? 

Thursday, July 20, 2017

Gambling With an Edge - guest Bob Nersesian #17

The guest this week is Bob Nersesian. Bob is a frequent guest to the show, and always entertaining. Bob is the lawyer who advocates for the players against the casinos, and has successfully sued many Vegas casinos on the behalf of players. His new book is called The Law for Gamblers: A Player's Guide to Legal Survival in the Casino Environment. Today we discuss listener questions.

Click to listen - Alt click to download

Show Notes

[3:00] If you put the money into the machine, but allow someone else to hit the “deal” button on a slot machine, who gets the jackpot money? Does jurisdiction make a difference?
[8:24] What should the player above have done to protect his rights?
[10:33] A player was held against will and was photographed in an Indian casino for playing a holecarding game. The tribal police got involved, threatened to arrest the player and confiscated $60,000 in chips for refusing to show ID. What is a good way to handle a situation like this?
[12:56] Risks to consider when playing in an Indian casino and the parallels between Indian casinos and Internet casinos.
[15:54] Would Harrah’s Resorts SoCal, formerly Harrah’s Rincon Resort and Casino, apply the normal Harrah’s rules or the rules of the owners, the Rincon Band?
[16:51] How would AG Jefferey’s Session's reinstitution of civil forfeiture affect gamblers and tourists? 
[22:32] Casino’s change in attitude when the see a guy with a suitcase full of cash
[23:06] The tax implication of Slade v.s. Casesar’s for the Nevada residents. 
[27:38] Why Richard says, “hi" to high-rollers. 
[29:40] 4 laws that Nevada tourists unwittingly break and 1 legal thing that tourists mistakenly think is illegal. (Surprise: Can tourists legally smoke marijuana in Nevada?)
[36:54] 2 ways to change your SSN and what happens to the old SSN.
[38:10] Do markers disappear when you declare bankruptcy?
[40:23] A question regarding Pai-Gow Tiles from p.30 of Bob Nersesian’s book, The Law for Gamblers: A Legal Guide to the Casino Environment: For a group of Pai-Gow Tiles players, when does sharing their tile information among themselves become cheating? 
[51:29] How do other states see the legality of holecarding? 
[54:53] Bob Nersesian’s prediction of Phil Ivey’s appealing case in London.
[56:55] Assume a player had a valid ID, but not a SSN. Is not having a SSN a sufficient reason for the casino to not pay you if the cashout amount required filling out a CTR?
[1:01:39] How does Bob’s reputation as an attorney affect his legal process?

Thursday, July 13, 2017

Gambling With an Edge - guest tax man Russell Fox

Our guest this week is Russell Fox.  Russell is a certified tax professional who handles many professional gamblers. We talk about strategies that effect people with gambling income.

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Show Notes

[1:00] Can professional gamblers use IRA accounts to even out year-to-year fluctuations?
[5:20] 4 ways for non-US players to retrieve the 30% of money that is withheld due to W2G’s
[8:26] Is it a taxable event if you pick up as cash $100 worth of cash-back or free-play?
[11:19] In case of winning a drawing for $10,000, is there any tax difference between receiving cash with a 1099 form and free play without a 1099 form?
[14:43] For professional gamblers using schedule C on US tax return, what qualifies as legitimate schedule C business expenses?
[17:08] You play enough to get a "free” cruise which costs $600 in taxes, port fees, and gratuities. Assume the cruise has a retail value of $2,500 plus the $600 in fees. Is there any part of this cruise that is taxable?
[21:01] Assume you’re a video poker professional and you decided go on a cruise ship and lose $4,000. The casino gives you another cruise. Is any part of that $4,000 deductible? Is it actual losses rather than the daily amount?
[22:31] Claiming more losses than what shows on W2G’s and the importance of keeping records.
[24:36] Implications on W2G’s when giving the casinos an address other than the actual home address such a P.O. box. Is there a problem?
[29:00] How would Trump’s new tax plan affect gamblers?
[31:43] Will the W2G’s $12,000 threshold increase in the foreseeable future in order to keep up with the inflation?
[32:20] The difference in the W2G threshold amount for jackpot at the tracks and the casinos
[37:41] Can you correct W2G errors after the fact? Can casinos refuse to provide the W2G’s after the fact?
[40:50] What are the W2G rules on electronic table games?
[47:42] Russel's 5 “Bozo Tips,” why keeping cash in a deposit box could cause trouble, and when CTR’s are your friends.

You can contact Russell Fox at rcfox@claytontax.com 
You can visit his website at Claytontax.com or http://www.taxabletalk.com/

Thursday, July 6, 2017

Gambling With an Edge - listener emails 2

We have no guest this week.  Bob and Richard answer questions from our listeners. We always welcome your questions so post them below, or send them to us at gamblingwithanedge@gmail.com.

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Show Notes

[00:32] Should you go on a kamikaze mission and retiring from AP once and for all?
[06:17] Should you get mailers in local address P.O. box v.s. out of state P.O. box? 
[07:45] The proper length of VP session
[10:43] VP heat in Europe and hollywooding jackpots as a cover move.
[12:52] Richard’s game selection criteria
[15:24] How to make other VP players to go away
[19:00] How to deal with a casino employee knowing your full name before you have given up your identity.
[22:03] Do you think there are still decent sidebets?
[23:15] Milking hole carding games/ how to approach hole carding games
[24:57] How do you use Beyond Counting?
[28:18] How is the casino rating you based on the different machines you play?
[29:30] Richard and Porno films in Korea
[30:53] Over and Under side bet. Is this worth pursuing?
[31:50] Who is the better ping pong player? Bob or Richard?
[32:36] Poker player wondering validity of card counting and how to validate his skill level as a card counter
[34:30] Does having Wizard of Odds strategy charts get you barred?
[37:05] The mathematical background of Bob and Richard
[40:00] Worst thing that a friend or a partner has done to Bob and Richard?
[43:00] Would Richard rather be an AP right now or in 1960’s?
[44:10] What’s the nicest comps you have received?
[47:46] What’s keeping you profiting from the next Don Johnson?
[52:20] What’s the nastiest backoffs you’ve had?
[56:42] Richard, how many other people have you taught some form of AP to?
[58:53] When playing high-denomination games, when you’re basically getting W2G’s every 2-5 minutes, how does all that paperwork get processed at the end of the session?
[59:45] Richard’s AP idols when he started
[1:02:54] strategy changes to Ultimate X for less than full-pay machines
[1:07:39] Richard’s general criteria for adding an AP for his team