Gaming Guru

Do I Owe Taxes on My Table Games Profits?

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 crap 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 email!

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 email is a list of all of our classes for the remainder of 2010 and for 2011.

For your email I am giving you a free 30-day subscription to my private member's only web site 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