Should You Shoot for the Fire Bet?

[sharkbyte]

I'm just wondering if a DI making/shooting for the Fire Bet might actually be a negative for DI'ing in whatever casino it is happening in?

I suppose, to some extent, it would depend on how fast you made the outside points, but I'm thinking that a DI hitting 4, 5, 6 numbers could conceivably raise flags with the pit, who might take it up the chain where a decision is made to increase heat on DIs.

Agree/disagree?

From a different perspective - If you play the bet, to avoid any tax implications would you look to seven-out after 4 or 5, rather than hitting all 6? Usually winning at better than 600:1 triggers an IRS form, if I remember correctly.

[amish dude]

I'm just wondering if a DI making/shooting for the Fire Bet might actually be a negative for DI'ing in whatever casino it is happening in?

I suppose, to some extent, it would depend on how fast you made the outside points, but I'm thinking that a DI hitting 4, 5, 6 numbers could conceivably raise flags with the pit, who might take it up the chain where a decision is made to increase heat on DIs.

Agree/disagree?

From a different perspective - If you play the bet, to avoid any tax implications would you look to seven-out after 4 or 5, rather than hitting all 6? Usually winning at better than 600:1 triggers an IRS form, if I remember correctly.

ask goliquid he hit it last week

[sharkbyte]

ask goliquid he hit it last week

His winning is what prompted the question, but by the same token his hitting it doesn't actually address the question...

[Buy The Four]

Yes a DI should bet the FireBet and the ATS if they feel they have an advantage. Based on the wording of your question, I don't think any DI has to worry about being 86ed. If you do get 86ed, find greener pastures.

[Iceman95]

Does the IRS thing center around a certain dollar amount won? Does the pit critters warn a DI or just 86ed them or depends on the casino?

[heavy]

I bet it but I do not adjust my set for specific numbers unless I've already made three points. Then I'll try to set up the numbers I need to complete the bet.

[pappyvanwinkle]

The way I understand it, you pay taxes when it reaches 'exotic' status, 300 to 1 or better. That is why the sharpshooter bet tops out at 299 to 1.

SweetRoll is correct. If I recall correctly, when the payoff is 300 to 1 or more, that will trigger a W-2G for IRS reporting in the US. If you win more than $5,000 they will withhold 25% of your winning for the IRS on your behalf.

[goliquid]

I shoot 3V set. But when I reached 4 numbers. I set 2-2 to get 10. I needed 9 and 10. I got 10. after I made my number. For last point 9 i again tried 2v setting. I got 8. after I made 8 again 2V and got 9 as a point. at that time i put $1200 as no 9 as an insurance. I got 9 lost 1200 but gained 5000.


After point was set I was throwing with 3v Set.

And I did not have to fill any IRS form as I go to ceasers quite often. And they have my details.

[goliquid]

This Friday I plaed 4 hours and managed one 4 fire.

And about Tax if you win giving 25% to IRS I do not mind. My life time dream is to pay 1 million tax in one year.

[Golfer]

Nice to hear that a lot of players are using the lay for the 5th or 6th point. Smart management.

Golfer

[Lkwd]

This Friday I plaed 4 hours and managed one 4 fire.

And about Tax if you win giving 25% to IRS I do not mind. My life time dream is to pay 1 million tax in one year.

Goliquid


Just a note. You are not giving up 25% to the IRS forever. Its strickly an amount withheld from the win that is placed into your tax account, so that when you file your 1040 at the end of the year that amount is added to all taxes withheld or paid into your account.

As you probably know, you are able to deduct all gambling losses ( only up to or equal to the amounts of total wins ) on IRS form Schedule A, but only if you Itemise your deductions on the 1040.

Quite often we are able to get some of that 25% back when filing our taxes.

So its already November, start saving those lottery tickets.

[oldjoe]

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