Asian Gambling Basics

Gambling became popular in China in the last phase of the imperial dynasty i.e. from 1644 to 1912. Canton, Macao, Shanghai and Hong Kong became the famous for their liquor and gambling. These areas inhabited foreigners, usually Americans, who were known to be rough. Moreover, majority of these inhabitants were males. Chinese natives indulged in gambling along with the foreigners.

Famous gambling games in China include Mah Jongg and Pai Gow.

Pia Gow consists of a bank having one woodpile. The banking duties are entrusted to one of the players. Other players are given four tiles of the woodpile, which they have to group in pairs of two such that the player’s pair should have a greater value than the bank. If the player succeeds then he wins the bet. A lot of money can exchange hands over this game.

Mah Jongg, meaning ‘sparrow’ is an ancient game which was developed primarily for the rich class of China. The game is said to have been invented by a fisherman to prevent sea sickness. It is said that the fisherman invented this game to distract the other fishermen from the surroundings, so that they do not feel sea sick in the middle of the sea. Later, a Chinese general heard of the game and engaged his soldiers in it at night to prevent them from falling asleep. The game underwent a lot of variations and every region called it with a different name. Finally, the game was standardized in early 1990s. the game consists of 136 to 144 tiles depending on the whether the players choose to play with flowers or seasons. The play resembles rummy except for the fact that the game is played with tiles. The game also uses a pair of dice and chips to keep the score. It requires four players, the aim of each being to obtain a set of tiles. The set types that are permitted are “kong”, “pung” and “chow”. A complete hand contains four sets and a pair of similar tiles. The fist one to have this combination of fourteen tiles wins.

Another game is Sci Bo, meaning ‘two dice’. This game is a betting game with players betting on the total of their dice. It is played with three dice. The bets include small bets that is the total may fall; between the range of four to ten, or big bets i.e. the total may fall between eleven to seventeen. The players shake the dice in a cup and keep the cup upside down with the dice hidden in the cup. Wagers are then made on the outcome. The player guessing the total can earn hugs sums. It is rumored that skilful players can predict the total by hearing the clanking of dice in the cup. In casinos the entire game is mechanized. Bets are placed on the number marked on the table. The dice are then shaken using a vibrating platform. The results are displayed on a screen. Other famous gambling games include Keno and Pachinko.

Despite the popularity of these gambling games, not all Chinese states are ready to legalize it. While Macao has legalized gambling, Shanghai carries it on illegally. In Hong Kong, only horse raising is legalized and The Hong Kong Jockey Club earns huge revenue.

The Effectual Strategies to Win Online Casino Games

The online casinos are the gambling games which are played online. It is just a way to incur money with the help of the gambling. There are so many games in which you have the bonus together with the real amount. If you are interested in making money in a short span of time then casino online will prove to be very beneficial for you. To win casino is not easy as there are so many strategies involved to win the game. Whether it is the new comer or the experience people all have a chance to win the game. But to win casinos can be accomplished only with the valuable tips.

To win online casinos one need to be focused on the game they are playing. The only thing that you have to do is to create ways by which you are able to reach in a condition of winning. But there are other services too provided to the people who become a part of online casinos. Thus if you are fascinated in winning the game then you should learn a few tips to win casino online game. There are bonus attached with each game so once you win you can ask for the bonus which will add to the money that you have gained.

Most of the people who play just wish to win casino games. For them it is a source of income rather than entertainment. For every game that you play you have a set pattern and if you guess it then you are sure to win. On the other hand there are some tactics involved with each game in a different manner. Hence you must be attentive and seek advice if necessary. Try to find out some tips which will prove helpful to win online casinos games. Though there are lots of games but still some are preferred by the people.

With the help of the internet you search for the games as well as the strategies to casinos win. Though there is no strict rule which can be followed but you need to keep an eye on the game and then only you can reach to a stage where you can see the chances to win casino games. Some of the people use the online means to avail the useful tips which are necessary while playing the games. Hope you are able to discover a format which is followed during the game.

The House Edge – A Guaranteed Win for the Casinos

Here’s why it’s important to know the house edge, which is the amount of money the casino expects to win from you over time when you play the games. The bigger the edge, the more they win. The smaller the casino advantage the longer your money may last. You are at risk for a quicker loss on any type of bet within a game that has a house edge of more than 2%.

Here is the house edge, AKA casino advantage, for some of the most popular gambling games in casinos today:

Roulette

There are 38 numbered positions that players can wager on in a number of ways. Betting a single number and winning will net you a payoff of 35 to 1. Therefore the casino makes a 2 unit profit for each win. 2/38 = 5.26% advantage for the house. Your expected loss over time is $5.26 for every $100 wagered. on a single number.

Craps

Type of bet Edge

Pass Line 1.4%

Place 6, 8 1.5%

Any Seven (one roll wager) 14.36%

Baccarat

Bet Bank. 1.06%

Bet Player 1.24%

Bet Tie 14.38%

Basic Blackjack

By far the best table game as long as the player uses correct basic strategy and the house offers favorable rules such as:

Blackjack pays 3 to 2

Dealer stands on soft seventeen

Double after splitting pairs

Double on any 2 cards

Re-split pairs

Surrender allowed

Look for these rules and you’ll enjoy a house edge of about 0.5%.

It’s worth noting that many casinos have switched to hitting soft 17. This increases the edge to 0.7% but it’s still a good game. Be aware of games that pay only 6 to 5 for a player blackjack instead of the customary 3 to 2. Simply put, a 3/2 game nets a player $15 for a $10 bet, whereas a 6/5 game only pays $12. That’s a -$3 loss for every blackjack! Not good. Unfortunately, the Vegas strip is converting to 6/5 games.

Blackjack Variants

Two low edge blackjack variants are:

Spanish 21. 0.7%

Blackjack Switch 0.6%

Carnival Games

Remember the infamous words of the carnival showman P.T. Barnum? ” There’s a sucker born every minute”. A number of games are dubbed carnival games because of a higher house edge than the traditional offerings of blackjack and baccarat. They are:

Texas Holdem Bonus 2.0%

Three Card Poker 2.3%

Ultimate Texas Holdem 2.5%

Four Card Poker 2.8%

Casino War 2.9%

Crazy 4 Poker 3.4%

Let it Ride 3.5%

Mississippi Stud Poker 4.9%

Caribbean Stud Poker 5.2%

Also, be mindful of the optional bonus or side bets at the tables. Most games have them, including those with a low edge.The winning payout amounts look very attractive and players can win even if the original wager is lost to the house. However the house edge jumps to double digits on most of these wagers.

Sports Gambling

When betting on sports games, the house takes a “vig”, slang for vigorish, when bettors make an even money wager. For example, a $10 bet on the Buffalo Bills, vs. the Miami Dolphins will cost $11. Player wins $10, the house keeps $1.

Slot Machines

It seems the everybody loves the penny slots these days. Multi-coin, multi-line with striking themes, graphics and bonus features. Players can wager as little as fifteen cents up to three or four dollars per spin. the edge on the pennies ranges between 10 & 15%! The hold on dollar and higher machines is much lower, ranging from 2 to 5%. If you’re going to bet max on the pennies, you’re better off playing the bucks.

If you like machines study up on video poker. Learn how to read the pay tables that are posted on each machine. There is a skill element to video poker. Choosing the right game can drop the house edge to less than 1%. Good Luck!

Taxes on Your Gambling Winnings – You Owe Uncle Sam a Piece No Matter How Much You Won

When you’re gambling at a casino, you may win a few bucks here and there and leave with more dollars than you brought with you. It may be as little as $20, or as much as $1,000. When cashing out you were never presented you with a form to declare your winnings to the IRS. If you think you’re home free, think again. As a U.S. citizen, you owe Uncle Sam a piece of the action regardless of the amount. Many players think that just because they were not given a tax form there’re home free. Not so.

So, what does get reported to the IRS? Larger amounts that are won at gambling establishments such as casinos, lottery retailers, horse race tracks and off-track betting parlors. They will issue a form W-2G, one copy to you and one to the IRS. Here are some details:

Machine Games

$1,200 or more won at a slot machine, video poker, video keno, video blackjack, etc. This only applies to a single jackpot payout amount. Accumulated credits are credit meter wins and do not count.

$1,200 or more won at a live bingo game will also trigger a W-2G, and $1,500 or more at a live keno game (minus your wager amounts).

The casino will not withhold any gambling taxes from awards in the $1,200 to $1,500 range provided you present a valid photo ID and social security number. If you do not provide this information, 28% will be withheld.

Live Table Games

Winnings from live table games are not reportable on a W-2G, except if there is a very large prize amount offered for a small wager, such as a dollar bet for a shot at a progressive table jackpot, where the winning odds are over 300/1 and the win is more than $600. For example, Caribbean Stud offers a huge progressive jackpot for wagering only $1, if you’re lucky enough to hit a Royal Flush.

If you win $600 or more in any other wagering game, such as horse, dog racing or sports betting, and the amount is at least 300 times your bet minus your wager amount, the establishment will gift you with a W-2G. If your winnings exceed $5,000 and the amount is more than 300 times your bet, 25% will be withheld. The same withholding percentage also applies to any cash prize of $5,000 or more in poker or other card tournaments minus the buy-in amount.

Winnings on state lottery games such as lotto, numbers, scratch-offs, etc. can be collected at your local retailer up to $600. Any more and you’ll have to visit the main lottery office in your community, where a W-2G also awaits you. This information is from the New York lottery. Other states may have different rules.

Winnings on Daily Fantasy Sports (DFS) contests at this time are considered games of skill. DFS sites will issue a 1099-MISC, not a W-2G for winnings of $600 or more.

Video Lottery Terminals (VLT)

$600 or more in winnings from any class II ​Video Lottery Terminal game will also invite a W-2G. This includes any winnings on machines at jurisdictions that are operated by a state lottery. For example, New York State has nine race tracks with VLT’s that are pseudo slot and video poker machines.

Deductions

The good news in all of this is that gambling losses are tax deductible but only up to the amount of your winnings, and only if you itemize deductions on your tax return.

The IRS wants to make sure that you indeed lost what you claim you lost, so a record of all your losses is required. Win- loss statements are available from most major casinos at the end of the year, provided you used your player’s club card when playing machines. Save those losing scratch-off tickets, Lotto, Powerball, and Mega-Millions tickets, daily numbers, Quick Draw, OTB, etc.

For losses on Daily Fantasy Sports contests, the IRS position at this time is unclear. Because of the skill factor, your winnings are in the hobby category. Therefore, any losses would not be deductible, although this situation could change at any time.

You don’t have to record the tickets on your tax statement, but they may be necessary if you are audited. All the IRS wants to know is the type of wager, the amount of the bet and the date of the transaction.

Always play it safe and check with your tax preparer for your personal needs.