Gambling Games

Last week I noted that, in general, a taxpayer cannot simply net all gambling winnings and losses from the tax year and report the resulting amount. Instead, a taxpayer must separate gambling winning sessions and gambling losing sessions.

A taxpayer with an overall loss from gambling for the year cannot use the net loss to offset other income, create a net operating loss carryback or carryover, or be carried to a previous or future tax year to offset gambling winnings in such year.

There are several possible tax consequences from separate reporting of winnings and losses. I will mention a few.

First, if a taxpayers total itemized deductions are less than the standard deduction, then the gambling losses have no tax benefit.

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Hawaii is the latest US State to reconsider internet gambling following the US Department of Justices reversal in opinion late last year.House Bill 2422 has been submitted to the Hawaiian state legislature, that if passed, will create a ” Hawaii internet lottery and gaming corporation ” (HILGC) authorised to offer games of chance and games of skill over the internet which would include poker, lottery and casino games.Provisions are included in the bill for the need to acquire the services, on a tender bid basis, of an internet gaming provider on condition that the successful company has not offered internet services to Americans in the past.The bill allows for intrastate real-money wagering as well as a free-to-play internet offering to citizens residing both in and out of the state. Full article…

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With Black Friday basically stopping all US online poker players’ cold in their tracks, we are likely looking at the yearly results for any US high-stakes poker player in the list below, and all of the movement that will be taking place will be amongst the European and Asian players.

Gus Hansen, despite a losing streak that has seen him drop nearly $1.5 million, Hansen is still in the top spot on the winners list, and still over $1 million ahead of his nearest competitor. O

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 Which hands to reraise with is a different topic entirely, but in short, against a maniac who is prone to raise with absolutely anything, your reraising hands might be a handful, but against a fairly tight and aggressive player you might want to save your reraises for Q-Q through A-A, and A-K. We can abbreviate that range by saying, Q-Q+, A-K. But against a real fish who is prone to call reraises with a wide variety of hands, you might reraise with 9-9+, AJ-AK.

 Three-betting Light. Reraising with a narrow range of hands runs the risk of predictability, especially if you play against the same opponents regularly. P

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The start of the Wild Card Weekend, the first round of the 2011-2012 NFL Playoffs, is just a day away, and NFL betting fans in Canada and beyond are scrabbling to get their bets on, with four all-important Wild Card games scheduled.

While all eight teams that will be showcased this weekend deserve to be in the playoffs after a long and grueling season, only four teams will progress, which means the pressure is on. If you’ve been scratching your head as to which teams will come out ahead, perhaps our NFL Playoffs first round predictions will help.

All the reflected NFL Playoffs odds can be found at Bodog, one of the world’s most trusted online sportsbooks.

NFL Playoffs First Round Predictions

Cincinnati Bengals at Houston Texans (-3)

You don’t have to be an NFL guru to see that the Houston Texans of today are a far cry from the Houston Texans that kicked off the season.

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