GAMBLING? KNOW WHEN TO FOLD ‘EM

Call it gambling, gaming, or wagering.

What it is is putting money down on a horse to win, place, or show.

It’s feeding twenties into a slot machine and pushing a button.

In some regions it’s picking the right chicken.

One rule that covers them all:

Know when to quit for God’s sake.

If your losses include your car, your house, your family, and your dog, you’ve gone too far.

But whoever goes that far?

Every idiot gambler on a burner.

Take a seat, son.

 

Winning, Losing, And Wait Where’s My Ass

You’re in good company if you’ve got a handle on gambling.

How can you tell?

You can drive by a casino without stopping to drop a twenty in the slots just in case you’re on a hot streak and don’t know it.

The only lottery tickets you buy are those with historically high numbers, just in case.

You watch sporting events for fun.

Or . . . ?

You broke the rule one time, stopped at Seven Feathers in Canyonville because it’s ‘Oregon’s premier gaming destination’, and pumped that twenty dollar bill into a slot machine.

The electronic read-out went up to $560 from the good luck twenty and you kept rolling until you either won a ton or lost it all like planned.

If you decide to continue, cash out first to feel the money in your hand, to see the money in your hand.

It’s different than the numbers on the machine, also a different story.

 

Wife: Did you stop by the casino?

You: Yes, and here’s $500 for the ‘what the hell’ envelope.

Wife: My good luck charm.

 

Or,

 

Wife: Did you stop by the casino on the way home?

You: Yep, lost $20. Again. But you never know, right? You can’t win if you don’t play.

Wife: I’m so glad you’re responsible like that.

You: I do try my best, honey.

 

Feeling Lucky? Pull Up A Chair

There’s a new player in the game, in every casino, every racetrack, every bingo parlor:

The Tax Man.

 

The new law gives the phrase “cutting losses” a whole new meaning.

Gamblers currently deduct 100% of their losses from their winnings off their income taxes.

But starting Jan. 1, 2026, under the new law, the deduction for losses goes down to 90%.

 

The story uses big numbers to explain that a $10 loss coupled with $10 in winnings used to offset each other with the 100% deduction.

With the 90% deduction the high roller will owe taxes on the dollar he won.

It sounds more impressive using a million dollars, or a hundred thousand, to amplify the importance of a ten percent deduction difference on income taxes, but I’m not that blogger.

Or that gambler.

Will there be consequences from the gambling community on this new gambling law?

Historically we can pin a date on events that lead up to change, but it’s hard to forecast what those changes could lead to.

For example:

 

 

The provision was apparently added at the last minute by Idaho Senator Mike Crapo, chairman of the Senate Finance Committee.

 

I’m a fan of a good gambling story that pays off, but this one feels like it’s aimed at a small percentage of gamblers on the high end.

Professional gamblers will either take their game to places that don’t report winnings, or stay here and crap out.

 

Every gambler knows
That the secret to surviving
Is knowing what to throw away
And knowing what to keep
‘Cause every hand’s a winner
And every hand’s a loser
And the best that you can hope for
Is to die in your sleep.

You got to know when to hold ’em
Know when to fold ’em
Know when to walk away
And know when to run
You never count your money
When you’re sitting at the table
There’ll be time enough for counting
When the dealing’s done