Welcome Guest
Log In | Register )
You last visited December 8, 2016, 3:03 pm
All times shown are
Eastern Time (GMT-5:00)

The Biggest Mistake that Lottery Players Make (I SEE this!)

Topic closed. 23 replies. Last post 1 year ago by PrisonerSix.

Page 2 of 2
PrintE-mailLink
mikeintexas's avatar - tx avatar-1.gif
Texas Panhandle
United States
Member #136843
December 20, 2012
1280 Posts
Online
Posted: September 16, 2015, 6:22 pm - IP Logged

I think I'll suggest that to my wife. "Hey Babe, I got a decorating idea".

If you don't see me on LP anymore, you'll know why.

You can always come live with me.

Mi hovel es su hovel.

    Coin Toss's avatar - shape barbed.jpg
    Zeta Reticuli Star System
    United States
    Member #30470
    January 17, 2006
    10351 Posts
    Offline
    Posted: September 16, 2015, 7:35 pm - IP Logged

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

    Having been a book (years ago before Internet), this is a very truthful statement.  It's amazing when you have 15-20 players, and almost all of them would be on the same team (NFL or College) - it seemed to always lose.  I used to lay-off some to a friend, but soon realized that the BEST way is just put all the action in one hat and sit back.  A 100% accurate statement (from experience).

    CC

    CashCrown,

    Thanes for the comment.

    Yup, heart bets are the worst bets players can make a lot of times. I worked in Vegas and one of the guys I worked with was the only one who was winner at the end of the season (besides the sports books of course). He'd say 'let them pick their own losers, that's what the house is doing'.

    And as you're aware everybody can't wait for football.....well that guy's girlfriend was a sports book auditor for the Fremont and ones baseball season, opening day until the last day of the regular season, the Fremont book made $50 on baseball.

    Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

    Lep

    There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

      rcbbuckeye's avatar - Lottery-043.jpg
      Texas
      United States
      Member #55889
      October 23, 2007
      5604 Posts
      Offline
      Posted: September 16, 2015, 11:34 pm - IP Logged

      You can always come live with me.

      Mi hovel es su hovel.

      LOL.

      I'll keep that in mind.

      CAN'T WIN IF YOU'RE NOT IN

      A DOLLAR AND A DREAM (OR $2)

        MaximumMillions's avatar - Lottery-013.jpg

        Germany
        Member #164603
        March 8, 2015
        613 Posts
        Offline
        Posted: September 16, 2015, 11:55 pm - IP Logged

        Passing off strangers' losing tickets as yours is a fun way to get audited.

          JAMORA's avatar - ladyclover
          NC
          United States
          Member #164399
          February 28, 2015
          1938 Posts
          Offline
          Posted: September 17, 2015, 12:19 am - IP Logged

          You can say they were yours but that's not good enough.

          Just the losing tickets isn't enough, you need a journal too, game played, $ amount, date, and the tickets.

          That's why you can't make a score on Dec. 29th, go to a racetrack on the 30th and scap up thousand of dollars of losing tickets all dated the same day.

          I think you can...the win doesn't have to come after the loss, just occur in the same tax year....

          "Don't waste time, it's the stuff life's made of..."

            JAMORA's avatar - ladyclover
            NC
            United States
            Member #164399
            February 28, 2015
            1938 Posts
            Offline
            Posted: September 17, 2015, 12:20 am - IP Logged

            Passing off strangers' losing tickets as yours is a fun way to get audited.

            At that point you're already in an audit....til then they take your word for it....

            "Don't waste time, it's the stuff life's made of..."

              Avatar
              Kentucky
              United States
              Member #32652
              February 14, 2006
              7314 Posts
              Offline
              Posted: September 17, 2015, 8:22 pm - IP Logged

              Just a guess, but not many LP members use Schedule A, especially those with more than 2 dependants. Those who now use it will benefit more because they already gave up their standard deduction. It doesn't make any sense for a Single filer to use it after a $5000 win regardless how many losing tickets they have.

              Even a $25,000 win could be a wash depending on the number of deductions.

                Avatar
                Kentucky
                United States
                Member #32652
                February 14, 2006
                7314 Posts
                Offline
                Posted: September 17, 2015, 8:36 pm - IP Logged

                I think you can...the win doesn't have to come after the loss, just occur in the same tax year....

                They were probably talking about those who have the "professional gambler status" and certainly not an average lottery player with one nice win.

                  Avatar
                  Baton Rouge, LA
                  United States
                  Member #4602
                  May 7, 2004
                  699 Posts
                  Offline
                  Posted: September 20, 2015, 10:45 pm - IP Logged

                  Passing off strangers' losing tickets as yours is a fun way to get audited.

                  I saw an article about that once. Basically, people were buying old tickets for a fraction of their retail value and trying to use them to reduce their taxes, but it sent up red flags with the IRS.

                  I've thought about keeping old lottery tickets and tracking them in a spreadsheet in case I ever win enough to have to pay taxes, but that hasn't happened yet. I wonder if I'd have to include lower tier prizes if I were to try to do this.

                  Prisoner Six

                  "I am not a number, I am a free man!"