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Do I owe taxes on my table games profits?

1 August 2010

Dear Frank:

I just wanna say that I've read two of your books and they have turned me into a winning craps player. I'm definitely not an expert dice controller nor do I make all the right plays because sometimes when I'm hot I take on a lot of action. But I do use the 5-Count and I'm a decent roller, usually the best at the table. I get the dice passed back to me at full tables sometimes.

I played 52 craps sessions in 12 trips to Atlantic City casinos in 2009 and won 43 of them. On every one of those trips I made a profit I'm looking for info on liability to the IRS. I've heard on table games there is none, but a friend of my friend had a crazy year of playing blackjack. He took the money, bought a house and got audited. I heard it didn't work out too good for him.

In my opinion you write the best books on gambling and figured you might have an idea on the taxation issue.

My friends think I'm the luckiest gambler ever, but I tell them they should read the book and apply the principles. I personally think I'm on to something (dice control definitely exists). I was interested on some info on private learning sessions if you even do that and if you do how expensive would it be? I feel like I have an uncanny ability to focus and be disciplined and 1-on-1 with one of the pioneers of the dice control movement and solid betting principles can take me from a solid player into an MVP caliber player.

Thank you for reading my e-mail!

Tony from New York City

Hi Tony:

First, the taxes. You are responsible for paying taxes on your wins for any given year. You can deduct your losses from those wins but if you have a surplus then you owe Uncle Sam his cut. So you should keep a record of all your play, especially since you go to the casinos quite a bit.

You would certainly be making a good decision to take one of our Golden Touch dice control courses. The private sessions can be arranged by calling 1-866-SET-DICE. However, you might be better off taking one of our Primer Courses since you get great individual attention and the fees are quite reasonable. Becoming an MVP or elite dice controller takes a lot of work and a lot of practice.

At the close of this e-mail is a list of all of our classes for the remainder of 2010 and for 2011.

For your e-mail I am giving you a free 30-day subscription to my private members-only website at www.goldentouchcraps.com. We have over 5,000 members on this site and I think you will enjoy it.

All the best in and out of the casinos!

Frank

Remaining Golden Touch Dates for 2010:

Chicago: Friday, September 24: Dice Control Tune-ups
Saturday and Sunday, Sept. 25 and 26: Dice Control Primer and Refresher Classes

Las Vegas: Friday, October 22: Dice Control Tune-ups
Friday, October 22, Meet and Greet (5:30PM to 8PM)
Saturday & Sunday, October 23 & 24: Dice Control Classes: Primer and Refresher
Saturday and Sunday, October 23 and 24: Dice Control Advanced Class

Golden Touch Dates for 2011:

Atlantic City: March 18, 19, 20 or 25, 26, 27
Memphis (Tunica): April 8, 9, 10
Las Vegas: June 24, 25, 26
Chicago: September 16, 17, 18
Las Vegas: October 21, 22, 23

Related Links
Recent Articles
Best of Frank Scoblete
Frank Scoblete

Frank Scoblete is the #1 best selling gaming author in America. His newest books are Slots Conquest: How to Beat the Slot Machines; Everything Casino Poker: Get the Edge at Video Poker, Texas Hold'em, Omaha Hi-Lo and Pai Gow Poker!; Beat Blackjack Now: The Easiest Way to Get the Edge; Casino Craps: Shoot to Win!; Cutting Edge Craps: Advanced Strategies for Serious Players; Casino Conquest: Beat the Casinos at Their Own Games! and The Virgin Kiss.

Frank and Casino City Times columnist Jerry "Stickman" teach private lessons in dice control. Frank's books are available at Amazon.com, in bookstores or by mail order. Call 1-800-944-0406 or write to Frank Scoblete Enterprises, PO Box 446, Malverne, NY 11565. Frank can also be reached by email at fscobe@optonline.net.

Frank Scoblete Websites:

www.goldentouchcraps.com
www.goldentouchblackjack.com

Books by Frank Scoblete:

Baccarat Battle Book

> More Books By Frank Scoblete

Frank Scoblete
Frank Scoblete is the #1 best selling gaming author in America. His newest books are Slots Conquest: How to Beat the Slot Machines; Everything Casino Poker: Get the Edge at Video Poker, Texas Hold'em, Omaha Hi-Lo and Pai Gow Poker!; Beat Blackjack Now: The Easiest Way to Get the Edge; Casino Craps: Shoot to Win!; Cutting Edge Craps: Advanced Strategies for Serious Players; Casino Conquest: Beat the Casinos at Their Own Games! and The Virgin Kiss.

Frank and Casino City Times columnist Jerry "Stickman" teach private lessons in dice control. Frank's books are available at Amazon.com, in bookstores or by mail order. Call 1-800-944-0406 or write to Frank Scoblete Enterprises, PO Box 446, Malverne, NY 11565. Frank can also be reached by email at fscobe@optonline.net.

Frank Scoblete Websites:

www.goldentouchcraps.com
www.goldentouchblackjack.com

Books by Frank Scoblete:

> More Books By Frank Scoblete