The Mega Moolah Progressive Jackpot was struck on April 18, 2008 by a lucky Finnish lad by the name of Klaus E. The total prize amount was $5,556,753.68. I am a little bit jealous. Klaus has been invited to Sydney so that a check can be presented to him personally given that this is the biggest progressive jackpot ever awarded by Blackjack Ballroom (one of our favorite casinos).

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by Mark Pilarski

Dear Mark: Do you have any blackjack money management tips on how to discipline myself on holding on to winnings? It seems all the money I win ends up back in the dealer’s tray. Hardy K.

Teaching people to walk away with some vestige of their winnings can be an exercise in futility. Excuse me while I sigh and roll my eyes. A writer for the Journal of Experimental Psychology I am not. But I can offer you a money management tip that, if you make – no, if you KEEP -- the pledge to stick with it, will work wonders in your ability to leave with a profit.

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by Mark Pilarski

Video poker is based on the classic game Five Card Stud, which challenges players to compose the best possible five-card hand. The player is dealt five cards with the option of discarding any or all of them for replacement with newly dealt cards. Although video poker and Five Card Stud are kissing cousins, good video poker players don’t necessarily make for good poker players, and vice versa.

There are many important differences, Gary, between video poker and its table game relative. For starters, video poker payoffs are based on a scale, paying players for hands as low as a pair of tens or Jacks all the way up to a Royal Flush.

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by Mark Pilarski

Don’t try to go blotto on me and forget to attach those W2-G’s along with your occupation’s W-2 form(s) because any single-win amount in gambling over $1,200, is required to be reported to the IRS by the casino. Luckily, you can offset the taxes on your win(s) by reporting your losses if you keep flawless records.

Gambling losses, so long as you itemize rather than take the standard deduction on your tax return, can be used only to counterbalance gambling wins during that same tax period. So even though your overall losses for the year are $4,700, to date, you can deduct only $2,700 of your total losses in the Other Miscellaneous Deductions section on your Schedule A.

Dear Mark: I very much enjoyed column last week, The Taxman Cometh. It was very informative, especially for us lucky souls who have in the past hit a decent sized jackpot. I do though have one tax related question you didn’t address. I recently hit a jackpot of $10,000 at an Indian casino. I was issued a W2-G. Do I have to include this as money won, even though I hit the jackpot on an Indian reservation, which is technically sovereign land? Kenny J.

Tribal sovereignty refers to the inherent authority of Native American Nations to govern themselves and exercise limited jurisdiction within and sometimes beyond reservation boundaries. However, because most Indian land is held in trust by the United States, Federal laws generally still apply, including Uncle Sam’s taking a chunk of your winnings.

If you received a copy of form W2-G or a 1099, so did the IRS, and you’re on the hook for it. Besides, it really doesn't matter where you won the money. Unless specifically exempt by treaty or law, your tax liability is based on total worldwide income, which, yep, Kenny, includes Indian reservations. 

Dear Mark: I have a question regarding winnings from a slot tournament.  The casino reported the tournament winnings on a 1099 MISC ($15,000).  Can an equal amount of gambling losses be shown to offset the winnings from gross income on Federal 1040; like it can when you receive a W2G form? Sandra D.

The casino's decision, Sandra, to issue a Form W2-G, Certain Gambling Winnings, or a Form 1099-Misc., Miscellaneous Income, does not affect the nature of the winnings or the deductibility of losses for tax purposes.

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Dear Mark: Why is it that I always lose in the casino? Am I simply playing the wrong games? Rachael M.

Hey, Rachael, I'm just guessin' here, but are you playing any of the games I recommend? Are you employing a solid strategy on those games? If not, then you have just answered your own questions. 

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Dear Mark,
Over the past 20 years I have found great pleasure in making my monthly trip to Atlantic City. My bankroll is limited to $200 and I generally stick with most of the low house percentage bets that you recommend in your column. Sometimes I break even, win every third or fourth time, or lose it all. My question is, will I ever become a "consistent winner" before I join the Angels in a crap game? I'm looking for divine intervention. Sandy G.

There is no real easy way to break this to you so I'll get right to the point: NO!

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Dear Mark,
I very much enjoy your helpful hints on casino gambling in your columns, but I'm curious, what's the best advice you've ever heard preached? Ned C.

In the casino business, the best admonition to get ahead is "Never make suggestions." As for a gambling nugget, the following voice of reason caught my attention while I was walking down the Strip in Las Vegas.

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Dear Mark,
Do you think that kids who play arcade video games are being pre-programmed to gamble since the slot machines of today are video based? Ronnie M.

Forget video games, Ronnie, I can prove to you that two-year-olds gamble. Strong statement, yes, but no whiff of bologna.

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