Gambling and taxes

[Scav]

Originally Posted by tector

This country is apparently among the more stupid places on earth on this issue (among others).

On BC Saturday I was at the Wynn, sitting next to a Canadian who was appalled at the tax routine we have to go through (yes, I actually had a couple of IRS tickets). In Canada, apparently, there is NO tax on gambling winnings. Then, today, I read this about the WSOP:

http://www.taxabletalk.com/2011/11/0...ries-of-poker/

No tax tickets in Canada is correct. But everything is taxed there, including things like vet bills and lasix shots, GST (goods/services tax). It sucks.

[tector]

Hell, I am appalled when I run into the sales taxes I see around the country. We are at 6% here and I thought that was bad. But I was recently in Texas and it was 8.25% where I was at--WTF?

[Indian Charlie]

Originally Posted by tector

Hell, I am appalled when I run into the sales taxes I see around the country. We are at 6% here and I thought that was bad. But I was recently in Texas and it was 8.25% where I was at--WTF?

As much as you hate the religious right, what were you doing in Texass?

[tector]

It was a brief visit in Dallas. Then I moved on to LV.

Austin is alright, BTW.

[Rudeboyelvis]

Originally Posted by tector

Austin is alright, BTW.

Agree - The only problem with Austin is that it's completely surrounded by Texas

[Heels1989]

Originally Posted by Rudeboyelvis

Agree - The only problem with Austin is that it's completely surrounded by Texas

[Indian Charlie]

Originally Posted by tector

It was a brief visit in Dallas. Then I moved on to LV.

Austin is alright, BTW.

Still, hard to picture you in Texass.

You might be the only person less tolerant of those uptight aholes than me.

Who did you end up playing in the KD future book?

[NTamm1215]

Too much unnecessary Texas hate in this thread.

[Indian Charlie]

Originally Posted by NTamm1215

Too much unnecessary Texas hate in this thread.

Oh, I don't know. What's too much?

What's unnecessary?

[Rudeboyelvis]

Originally Posted by NTamm1215

Too much unnecessary Texas hate in this thread.

Houston's ok

[tector]

Originally Posted by Indian Charlie

Still, hard to picture you in Texass.

You might be the only person less tolerant of those uptight aholes than me.

Who did you end up playing in the KD future book?

Well, I had small piece of Take Charge Indy pre-race. I took your suggestion on Liaison. I am hoping he will appreciate the dirt more.

I like the bozo in that thread who called futures a "sucker bet". First I am still WAY ahead on futures for having Concern back in the BCC back in the day. Second, I have had tremendous value on a few occasions, most recently Eskendereya at a 100-1. If I had been so inclined (I wasn't) I could have easily converted that ticket to very substantial cash a week or two before the Derby. When I see a dumb generalization like his, I know I am dealing with a true idiot.

[Port Conway Lane]

Originally Posted by tector

Well, I had small piece of Take Charge Indy pre-race. I took your suggestion on Liaison. I am hoping he will appreciate the dirt more.

I like the bozo in that thread who called futures a "sucker bet". First I am still WAY ahead on futures for having Concern back in the BCC back in the day. Second, I have had tremendous value on a few occasions, most recently Eskendereya at a 100-1. If I had been so inclined (I wasn't) I could have easily converted that ticket to very substantial cash a week or two before the Derby. When I see a dumb generalization like his, I know I am dealing with a true idiot.

I don't think someone who believes that the future bet is a "sucker bet" is either a bozo or idiot. If someone took a poll my guess would be that more people would vote yes than no.

When someone makes a future bet they are betting the horse will make it to the gate. If I had the means to easily "convert" the wager I may take a shot. I'm wondering why you didn't convert that ticket when you had a chance.

[pweizer]

Originally Posted by tector

Well, I had small piece of Take Charge Indy pre-race. I took your suggestion on Liaison. I am hoping he will appreciate the dirt more.

I like the bozo in that thread who called futures a "sucker bet". First I am still WAY ahead on futures for having Concern back in the BCC back in the day. Second, I have had tremendous value on a few occasions, most recently Eskendereya at a 100-1. If I had been so inclined (I wasn't) I could have easily converted that ticket to very substantial cash a week or two before the Derby. When I see a dumb generalization like his, I know I am dealing with a true idiot.

Future bets in general are bad bets. Ask any race book manager whether these are hugely profitable for them. I assure you that we all know the answer.

Your claim that they are good bets are based on you hitting a bet about 20 years ago as well as the fact that you got 100-1 on a horse who never made the race.

The Eskendereya example is a perfect illustration. Did you get good value when you made the bet? Yes. Would I have taken that bet a few weeks out from the Derby? Yes. But, in the end, did you cash the ticket? The simple answer is no. There is no value in a losing ticket.

Future bets are sucker bets because you are betting on a horse who may never run. Unlike race day, there are no scratches or refunds. How many examples do we have in the last few years alone where probable favorites scratch from the Derby in the weeks or days leading up to the race. It is not just Eskendereya. Would you have taken 100-1 on I Want Revenge or Uncle Mo in April?

People will hit future bets. Sometimes they hit for serious money. But far more often than not, they will lose. Call me a bozo, but I usually like to know something about the race track, the track conditions, the post positions, and whether a horse will actually run before betting. This game is hard enough with that knowledge.

I will renew my original offer. Pick any horse from the Wynn list and I will happily book any and all future bets.

Paul

[PatCummings]

Originally Posted by tector

Hell, I am appalled when I run into the sales taxes I see around the country. We are at 6% here and I thought that was bad. But I was recently in Texas and it was 8.25% where I was at--WTF?

Texas has no personal income tax though...and cost of living is way lower than many other places in the country. Balances a bit.

[tector]

Originally Posted by PatCummings

Texas has no personal income tax though...and cost of living is way lower than many other places in the country. Balances a bit.

There is no personal income tax here, either. And you can live quite cheaply here as well, if you want to be in the mostly dumbass parts of the state (which are about as dumbass as most of Texas is, to be fair).