Casino Gambling and The Tao

It may seem strange to equate casino gambling with Taoist philosophy, but it may be because gambling is so much a part of and widely accepted in Chinese culture.

The very first recorded history of playing cards date back to 9th century China which makes sense being that they were the inventors of writing paper. The first book written with reference to playing cards dates to the Tang Dynasty (618-907) called Yezi Gexi. By the 11th century playing cards could be found throughout Asia featuring many of the 108 heroes of Lan Shun found in the Chinese classic the “Water Margin.”

In the 16th century playing cards had made their way to France and it is there that they began using the suits of picture cards that we are familiar with today based on figures of French nobility.

Taoist philosophy is said to be nearly 6,000 years old and came to prominence with the teachings of The Yellow Emperor, Huang Ti, the first emperor of China. With many of their scientific discoveries such as mathematics and astronomy, there was also a deep connection to astrology, symbology (a science of symbols and their effects), numerology and many forms of mysticism.

In the 7th Pillar of Taoism, “The Tao of Mastery,” The symbol for water is K’AN and states, “to be successful and fortunate, risk must be taken.” Luck to the ancient Taoists was a form of control and timing.

Clearly in all gambling, timing is an important factor. Regardless of the type of gambling, all of it’s forms tend to run in cycles, both winning and losing ones. It is the skill which one navigates through these cycles that the player conveys their level of control over the outcome.

The first serious studies of gambling in the 20th century were done by economists who expressed their confusion that gambling is a losing proposition and in effect, irrational behavior. In 1945 William Vickery, a noted economist, concluded that gambling should be measured not in expected gains but by the money a gambler doesn’t have that appears to be more valuable to them than what he does have.

The typical view is that gambling is self-destructive, undermines the work ethic and removes money that could be put to better uses in the economy. The notion that most people tend to gamble beyond their means remains unproven and was disputed in research conducted in 1966 in the “Economics of Gambling” published in London, England. In this study it was found to be an affective outlet for frustration, a relief from loneliness and a leveler of inequality among the economic classes.

Many psychologists view gambling as a normal form of recreation and destructive only to the addicted. They stated that the solution lies in treating the gambler, not in the condemnation of gambling as a whole.

The casino patron is courted with opulent surroundings, swimming pools, shops, shows, night life and “comped” amenities. The attraction is undeniable as an escape from tedious and purposeless occupations. Being confronted with the myth of success, when faced with insurmountable economic and social obstacles, makes the whole casino experience much easier to understand.

My own opinion is that people who gamble solely for the thrills and excitement, with no care of the economic results, would do better to find a more fulfilling and less expensive hobby. Gambling is an isolated activity. It will not take the place of a meaningful relationship nor will it counteract feelings of alienation or loneliness. These are not reasons to gamble.

Using any type of gambling to fill a void in ones personal life, something which it cannot do, is the type of gambling that can lead to devastating consequences.

If you’ve ever been in a casino, there is one thing you’ve probably noticed more than anything else… that one thing is seeing people lose money. This happens because the amateur gambler enters into this competition without a basic knowledge of the odds of the games, a playing strategy or even a thought to proper money management. It’s a careless way to handle ones money and does little to change the inevitable outcome.

Casinos love this type of gambler and spend a fortune attracting their business. With the odds squarely in their favor, the casino operators know that even though there are highly effective methods of playing that can shift those odds to the player, very few of them will invest the time or effort to use them.

Common sense tells us that if everyone that gambles in casinos lost, they would cease to exist. In order to attract losers you must have winners and it is just as easy to win at many casino games as it is to lose.

I do not write for the weekend gamblers who are looking desperately to have a good time at any cost. Winning is not even in their vocabulary. They consider the possibility of winning to be remote as if being left completely to chance.

It is the individual who is determined to win at any cost that I feel are most like myself. It is to these individuals that I offer the following. There does exist many ways to achieve your goal. Resolve that you will learn everything you have to in order to win consistently when risking your hard earned money gambling in casinos. To me, nothing else makes sense.

In the words of the ancient Taoist, Lao Tse

“Fortune favors the prepared.”

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.

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.

Gambling With The Best

Gambling today is one of the most popular leisure activities worldwide. Who does not want to make a few quick bucks at a risk? The adrenaline rush indeed makes it an addiction for many. Talking of casinos reminds me of one popular online casino which also happens to be one of my personal favorites.

William Hill plc is among the largest bookmakers in the UK. It was founded by William Hill when gambling was regarded illegal in Britain. The company operates worldwide and employs thousands of people and has offices in UK, Ireland and Gibraltar.

Online casinos today besides offering phone and internet betting on a variety of sports including football and cricket, William Hill offers casino games, skill games, bingo and poker online. Although it is engaged in betting, it prohibits any gambling by any underage person by training its workforce in that direction.

One can play at any of the reliable casinos and end up with a memorable time. William Hill Casino and many other casinos today have a storehouse of several games and is eminent for its fair play. It is dedicated to providing quality gaming service to people who wish to play casino games online with the same experience as that of a real casino. Whatever game you choose, be it table games or card games, casinos today are designed to meet every player’s gaming needs.

Apart from high class casino games, players are rewarded a welcome new player bonus and it goes on increasing with more and more playing and betting. Referring the site to your friend will also earn you some reward. Not only this, the mode of payment you choose will also bring in deposits in your account. There are promotions and bonuses on offer all the time so that all players derive maximum benefit out of these.

The degree of loyalty and participation players show to the site also makes them eligible to certain special rewards and earn them points based on which they can play further. As one progresses to higher levels, chances of hitting the bigger jackpot also increase.

For those interested in online betting in sports, William Hill lets you bet on many games like football, baseball, basketball, boxing, golf, handball, ice hockey, motor racing, horse racing, rugby, volleyball, snooker and many more. It contains updated information regarding the various games that are scheduled to take place and the progress of the game. Through its own broadcast system, it telecasts live matches and betting sessions at all its authorized betting centers.

There are many competitors today but William Hill Poker is rated at a high level when it comes to online poker playing in the gaming industry. The combination of superior software and excellent customer service makes this online poker playing one of the best in the industry. Players can earn millions of dollars and enjoy the benefits of numerous bonus offers and jackpots.

Whether it is for gambling in sports, casino games or poker games, casinos like that of William Hill makes the experience a truly fascinating and lucrative one, with people wanting to come back for more and more.