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John Robison Gaming Guru - Page 77  Ask the Slot Expert: More on gambling losses, taxes, and keeping a record25 January 2012
John,
Personally I feel taxpayers should be able to use the capital gains/losses for our gambling venture. Primarily because it's not required to itemize. My observation at casinos is that the clientele are mostly OLD codgers who more than likely are past the stage of itemizing. So the need to itemize deprives us of the healthy standard deduction. ... (read more)
Ask the Slot Expert: A tax preparer comments on taxes on gambling winnings22 January 2012
My feelings on gambling winnings and losses is the winnings are a capital gain and should be taxed. I don't feel it's our government's fault that you lost money gambling. They should not allow us to deduct gambling losses. We are taking a chance when we gamble. I don't feel it's the government or the taxpayer's place to cover our gambling losses. ... (read more)
Ask the Slot Expert: Comparing slot comps18 January 2012
Hi John,
Great site that I always check in on.
I have a comp question. Let's assume I go to a casino with the intention of playing a 3-reel $5 machine at 2 coins, $10 per spin.
I intend to run $10,000 through the machine and quit. Assuming I play 6 spins per minute, ($60)--$3,600 per hour the $10k ... (read more)
Ask the Slot Expert: Does my computer have an RNG?15 January 2012
My computer does not have a RNG. So how do the various video poker training programs select the hands?
A Random Number Generator (RNG) is just a function built using common mathematical operations. Although it can be put on a chip and be a discrete component on a logic board, it can also just be ... (read more)
Ask the Slot Expert: Are RNGs truly random?11 January 2012
In your recent article about why the RNG creates large numbers, you reply included this: "First, the larger range means that the RNG can have a larger period -- that is, the number of numbers that can be generated before the RNG repeats itself."
If it is truly random the RNG could generate the same number many times before it reached 4 billion. ... (read more)
Ask the Slot Expert: Why do RNGs generate such large numbers?4 January 2012
Why does the RNG have to pick a number from 0 to 4 billion and then map it to the virtual reel? Couldn't the RNG easily pick a random number between 1 and the number of virtual stops? Does the fact it picks such a large number affect the volatility of the game?
Thanks,
Jim
Dear Jim,
I can think of three reasons why the output of an RNG falls into such a large range. ... (read more)
Ask the Slot Expert: To deduct slot losses, don't rely on a win/loss statement31 December 2011
John:
The casino win/loss statement is NOT an acceptable document for the IRS at tax time. Casinos vary on their methodology for capturing customers win/loss. There are no accepted standards for the casinos to follow and thus the results vary from casino to casino.
The acceptable form of win/loss ... (read more)
Ask the Slot Expert: Changing a machine's payback28 December 2011
I have a question regarding updating software on machines. I play at Firekeepers casino in Battle Creek, Michigan. I've read many times in your articles that machines can't be altered for change of payout without paperwork being filed.
I've played on a machine that would pay out a pretty good amount of money, if you have the money to stay on it to get to that point. ... (read more)
Ask the Slot Expert: The way we claim gambling losses is not fair23 December 2011
John,
I just want to add a little input on the way the IRS screws us on taxable gambling income.
I am retired and have moved into an apartment. I had a W-2G showing I won $3,000.00 in 2009, but my win-loss statement showed I lost more. As you pointed out, gambling losses must be filed on Schedule A, ... (read more)
Ask the Slot Expert: What do casinos do with old slot machines?21 December 2011
Hi John,
I was watching a TV program called Auction Hunters where the guys acquired a Saturday Night Fever pinball machine made by a company named Williams. Someone on the program said that the company was no longer in business. But I remember reading that the WMS slot makers started out in arcade games. ... (read more)
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