OT: Anyone been to Monmouth to bet sports?

[RUBigFrank]

I did find this on the HR Block site
The payer must provide you with a Form W-2G if you win:

• $600 or more if the amount is at least 300 times the wager
• $1,200 or more in winnings from bingo or slot machines
• $1,500 or more in winnings from keno
• More than $5,000 in winnings from a poker tournament
• Any winnings subject to a federal income-tax withholding requirement

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%. Withholding is required when the winnings, minus the bet, are:

• More than $5,000
• At least 300 times the amount of the bet

 

[kcg88]

Monmouth is partnering with FanDuel for its online aspect. We'll see how long it takes the state to grant licenses... They can any time since it's been more than a month since the B&M betting owned.

 

[MulletCork]

I did find this on the HR Block site
The payer must provide you with a Form W-2G if you win:

• $600 or more if the amount is at least 300 times the wager
• $1,200 or more in winnings from bingo or slot machines
• $1,500 or more in winnings from keno
• More than $5,000 in winnings from a poker tournament
• Any winnings subject to a federal income-tax withholding requirement

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%. Withholding is required when the winnings, minus the bet, are:

• More than $5,000
• At least 300 times the amount of the bet

This is good info. Thanks. I have been fortunate enough through the years to luck into a couple $2 exactas in the $650 - $900 payout range. So when going to the ticket machine to cash out at Borgata, it would say "go to IRS window" or something like that. They take your driver's license and issue a Form W-2G on the spot. But since it's below the withholding threshold, no money is withheld. Of course, then there really is no reason to pay taxes on this winning, since you can claim losses to reduce the gain to $0 (not a tax accountant!). I mean, if you really want to have the losing documentation, then you just collect losing tickets laying around a race or sportsbook.

 

[WhiteBus]

Horse racing has always been based off the 300 to 1 rule. What has changed is your entire amount of your bet is used not the amount of the parimutual value. Old rule was if you bet a $1 trificta box with 3 horses the tax value of the bet was $1 even though it cost you $6. The new rule recognizes your investment in the bet as $6.

 

[MulletCork]

Horse racing has always been based off the 300 to 1 rule. What has changed is your entire amount of your bet is used not the amount of the parimutual value. Old rule was if you bet a $1 trificta box with 3 horses the tax value of the bet was $1 even though it cost you $6. The new rule recognizes your investment in the bet as $6.

This was a long overdue and beneficial tax rule change for horse bettors for sure!

 

[Ataylor1989x]

Monmouth is partnering with FanDuel for its online aspect. We'll see how long it takes the state to grant licenses... They can any time since it's been more than a month since the B&M betting owned.

The meadowlands is partnering with FanDuel. William Hill is Monmouth Park.

 

[Phi_1055]

I did find this on the HR Block site
The payer must provide you with a Form W-2G if you win:

• $600 or more if the amount is at least 300 times the wager
• $1,200 or more in winnings from bingo or slot machines
• $1,500 or more in winnings from keno
• More than $5,000 in winnings from a poker tournament
• Any winnings subject to a federal income-tax withholding requirement

If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%. Withholding is required when the winnings, minus the bet, are:

• More than $5,000
• At least 300 times the amount of the bet

Poker tournament sponsors do not have to withhold 25% if they report player winnings to the IRS. The rest of what you got us correct.

 

[kcg88]

The meadowlands is partnering with FanDuel. William Hill is Monmouth Park.

Correct, my mistake

 

[ruready4somefootball]

Blackjack and douche bags at Borgata that don't like the way you play. Lol, I was winning, but evidently I was costing them cards. Hey, it was the only $5 table,I'll admit, it's not my strong game,so that's why I was on that table. Told them,I ain't going anywhere, so if you 3 guys are the experts,go play on the "Big Boy" table.Was I wrong? It was the friggin $5 table,I have to repeat that. I have played craps for 40 some odd years, and just was killing a little time between dinner and the Comedy Show.

 

[RUBigFrank]

Blackjack and douche bags at Borgata that don't like the way you play. Lol, I was winning, but evidently I was costing them cards. Hey, it was the only $5 table,I'll admit, it's not my strong game,so that's why I was on that table. Told them,I ain't going anywhere, so if you 3 guys are the experts,go play on the "Big Boy" table.Was I wrong? It was the friggin $5 table,I have to repeat that. I have played craps for 40 some odd years, and just was killing a little time between dinner and the Comedy Show.

Folks expect the entire table to play basic rules.

The dealer would even tell you when and when not to hit if asked. So yes the folks have a right to be upset.

 

[MH55]

I've never played blackjack specifically for that reason though I'm yet to hear a player berate another after a bad play results in a winning hand. In the early 90's I used to frequent theIndiana Riverboats where access to tables was so limited, they would allow a second player betting on the hand of a player seated in front of him with no control over the decision. Talk about some funny and heated exchanges between players and "gambling spectators....."

The slow progression of legalized gambling in this country is almost as bad and archaic as the need to protect the citizenry from viewing an exposed female breast.

 

[mikebal9]

Folks expect the entire table to play basic rules.

The dealer would even tell you when and when not to hit if asked. So yes the folks have a right to be upset.

Wholeheartedly disagree. For every time you take a card and it hurts them, the opposite happens and you help them. It's a $5 table. People are free to do what they want with their money.

 

[WhiteBus]

Wholeheartedly disagree. For every time you take a card and it hurts them, the opposite happens and you help them. It's a $5 table. People are free to do what they want with their money.

Exactly. Especially when the dealers hot or you are on a losing streak. Black Jack isnt a team game. You are playing for yourself. Who cares what happens to the others at the table if you are winning.
Stupid to play "by the rules". The house is going to make money the longer you play the by the rules.

 

[RUBigFrank]

Closet odds in the casino to break even against the "house":

From Wikipedia
As with all casino games, blackjack incorporates a "house edge", a statistical advantage for the casino that is built into the game. The advantage of the dealer's position in blackjack relative to the player comes from the fact that if the player busts, the player loses, regardless of whether the dealer subsequently busts. Nonetheless, blackjack players using basic strategy will lose less than 1% of their total wagered amount with strictly average luck; this is very favorable to the player compared to other casino games. The loss rate of players who deviate from basic strategy through ignorance is generally expected to be greater.

 

[ruready4somefootball]

Wholeheartedly disagree. For every time you take a card and it hurts them, the opposite happens and you help them. It's a $5 table. People are free to do what they want with their money.

Thank you, my thoughts exactly.

 

[ruready4somefootball]

Exactly. Especially when the dealers hot or you are on a losing streak. Black Jack isnt a team game. You are playing for yourself. Who cares what happens to the others at the table if you are winning.
Stupid to play "by the rules". The house is going to make money the longer you play the by the rules.

Thanks also.It was a great day for my wife, son and I, but I have to tell you, that episode left a bad taste in my mouth.

 

[ruready4somefootball]

Closet odds in the casino to break even against the "house":

From Wikipedia
As with all casino games, blackjack incorporates a "house edge", a statistical advantage for the casino that is built into the game. The advantage of the dealer's position in blackjack relative to the player comes from the fact that if the player busts, the player loses, regardless of whether the dealer subsequently busts. Nonetheless, blackjack players using basic strategy will lose less than 1% of their total wagered amount with strictly average luck; this is very favorable to the player compared to other casino games. The loss rate of players who deviate from basic strategy through ignorance is generally expected to be greater.

Thats all well and good, as I could live with that, but them, not so much.

 

[Ataylor1989x]

 

[Phi_1055]

Has anyone gotten an answer as to whether or not you can bring in food and beverages not in an insulted cooler? The telephone rep told me that she's 80% sure you can. I haven't been able to get a reply from security.

 

[ruready4somefootball]

Has anyone gotten an answer as to whether or not you can bring in food and beverages not in an insulted cooler? The telephone rep told me that she's 80% sure you can. I haven't been able to get a reply from security.

Only if your going to the picnic area,far,far away from the finish line.

 

[Phi_1055]

Only if your going to the picnic area,far,far away from the finish line.

Are you sure about that? I know that is true for coolers and insulatated containers. I just want to bring in a sub and a soda in a bag.

 

[Terry_2426]

Blackjack and douche bags at Borgata that don't like the way you play. Lol, I was winning, but evidently I was costing them cards. Hey, it was the only $5 table,I'll admit, it's not my strong game,so that's why I was on that table. Told them,I ain't going anywhere, so if you 3 guys are the experts,go play on the "Big Boy" table.Was I wrong? It was the friggin $5 table,I have to repeat that. I have played craps for 40 some odd years, and just was killing a little time between dinner and the Comedy Show.

I've had a small issue or two at the $5/$10 tables in the past. I'll sometimes do the opposite of what the book says based on a hunch (situations like the book says you should stay but the dealer just flipped a bunch of face cards in a row so I'll play the odds and hit thinking that I likely won't bust)

A couple guys complain, to which I say 1. I'll move to your left if you want me to, so I'm not completely affecting your hand or 2. Give me some of your money if you want me to play a way the way you'd like.

 

[ruready4somefootball]

I've had a small issue or two at the $5/$10 tables in the past. I'll sometimes do the opposite of what the book says based on a hunch (situations like the book says you should stay but the dealer just flipped a bunch of face cards in a row so I'll play the odds and hit thinking that I likely won't bust)

A couple guys complain, to which I say 1. I'll move to your left if you want me to, so I'm not completely affecting your hand or 2. Give me some of your money if you want me to play a way the way you'd like.

Or how about,"are we playing as a team and sharing our winnings"?

 

[Ataylor1989x]

Monmouth is installing twelve new 75 inch screens, as well as a giant 70 foot multi-display screen inside the grandstand for the football season. Should be cool.

 

[WhiteBus]

Monmouth is installing twelve new 75 inch screens, as well as a giant 70 foot multi-display screen inside the grandstand for the football season. Should be cool.

Heading down Friday. Have to cash in some winners from Haskell day but also check out the changes being made in the last month.

 

[RUHoopsguard]

Anyone that bets at either track is giving away $$$. The lines they make are so off the market it is not even funny; I'll "wager" there will be an investigation into this within 12 months after they make enough $$ for the state. @WhiteBus , when you are there on Friday compare the lines they are making to vegas or off-shore lines....Horrific.

No wonder they reported 10% net revenue for July, when everyone else from your local bookie to Vegas to off-shore is only trying to make 5% per handle each week. It is called price-gouging/terrible markets. Just compare the odds you see on Friday to what you see on your phone that afternoon via www.vegasinsider.com .

Hope you have a great day otherwise.

 

[RUBigFrank]

Anyone that bets at either track is giving away $$$. The lines they make are so off the market it is not even funny; I'll "wager" there will be an investigation into this within 12 months after they make enough $$ for the state. @WhiteBus , when you are there on Friday compare the lines they are making to vegas or off-shore lines....Horrific.

No wonder they reported 10% net revenue for July, when everyone else from your local bookie to Vegas to off-shore is only trying to make 5% per handle each week. It is called price-gouging/terrible markets. Just compare the odds you see on Friday to what you see on your phone that afternoon via www.vegasinsider.com .

Hope you have a great day otherwise.

If the lines are "off" then that is an opportunity either to take the other side or middle a bet with another booking option.

 

[kcg88]

If the lines are "off" then that is an opportunity either to take the other side or middle a bet with another booking option.

The lines aren't off, the vig is.

 

[Zak57]

So a standard -110 in Vegas has been -120 or worse at Monmouth?

 

[RUBigFrank]

So a standard -110 in Vegas has been -120 or worse at Monmouth?

I believe in bookie parlance Monmouth would be 55 on a ten timer at any betting level (including a two dollar bet).

 

[RUBigFrank]

I believe in bookie parlance Monmouth would be 55 on a ten timer at any betting level (including a two dollar bet).

So isn't that the -110 Vegas standard?

 

[Ataylor1989x]

Monmouth will have -110 for football spreads, with an occasional -115 or -105.

They have had college and pro week one odds out for a long time.

The money line bets are where the different companies seem to take the extra juice.

 

[WhiteBus]

Monmouth will have -110 for football spreads, with an occasional -115 or -105.

They have had college and pro week one odds out for a long time.

The money line bets are where the different companies seem to take the extra juice.

NJ is taking the extra cut not William Hill. Nevada tax on revenue is 6.5% that the casino pays. NJ is 8.5% when a sports wager is bet in person and 13.5% if you bet online. Vegas is the cheapest around for all gambling. Pennsylvania brings in more revenue from gambling then Nevada does!