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Money Management
You need to recognize those specific situations when your best option is to quit playing in casino. Although there are some situations that you will have to determine for yourself, the following list covers most of them:
Quit playing
1. When you are losing.
2. When you reach your loss limit.
3. When you try to recoup by increasing your bet size.
4. When you try to recoup by making long-shot bets.
5. When you are unhappy with the dealers.
6. When you are unhappy with other players.
7. When you are angry (for whatever reason).
8. When you are not feeling well.
9. When you are depressed.
10. When you are tired.
11. When you have sucked down too many free drinks.
If you are on a winning streak in roulette , however, grit your teeth and stick with it, even if you are unhappy, angry, or tired. Remember: Never quit while you are winning!
Money Management Reminders
1. Never play with money that you can’t afford to lose—your chances of losing are greater than your chances of winning.
2. Never step up to a table or a machine without first having designated specific funds for your gambling session.
3. If you lose your allocated stake for the session or for the day, never change your pre-established bankroll rules and dig for more money.
Instead, quit playing.
4. Never deviate from smart playing strategy.
5. Never try to chase your losses.
6. When you are winning, always set a loss limit.
Dealing With The IRS
The relationship between blackjack gambling and the IRS is a complex subject that can even confound lawyers and accountants specializing in taxes. In this section, I am not giving you any specific tax or legal advice. I am only making you aware of certain IRS requirements. It is valuable to know about some of these things before encountering them in a real situation. If you engage in casino transactions of more than $10,000, you should consult an accountant familiar with gaming laws. Casinos must report all cash transactions in excess of $10,000 to the IRS. They must also report an aggregate of cash transactions that occur within a 24-hour period and total more than $10,000. If you place a large bet at a sports book, cash-in chips, or even cash a check larger than $10,000, it must be reported. This is just a reporting requirement (presumably to control money laundering) and doesn’t mean that you have to pay taxes on the transaction. The state of Nevada has a similar reporting requirement.
