well I have done it

Im very excited and wish to share that I have just past the 50K profit barrier. I have taken out my initial investment and am now playing with my 50K. I have been told now is the time it gets very exciting. Anybody who has been to this point wish to share any stories with me?

I guess I hit the 50k profit mark somewhere late in my 4th year of play, but my bankroll was still probably only 10-12 grand at the time, as I was using profits to scrape out a living, so it wasn't a particularly significant or exciting time for me. Because I needed to take profits from day 1 to live on, it took me a while longer and some extreme good luck to finally hit some positive flux that allowed my BR to take a growth spurt, which in turn allowed me to start making some decent money.

But you are right that there is a point that comes along at some point in the process, whether it is at 50K as it was for you or a little later for me, where you say, "hey this really does work" and you have some significant financial gain to show for your efforts and that IS a very exciting period, so congrats to you on that, Yosh.

Hi Yosh,

Congratulation!!! How much was your average bet and how long it took you to get there? I'm just stating out and it kind of sucks. I played a 7.5 hours DD with 65% marathon last night at $5 unit bet, spreading 1-20, and lost another $850. My faith in math is tattering.

To be honest there is 2 answers, It has been 2 years of playing weekends since I started using counting methods. I started with very small amount of cash about 1,000 playing a 1-16 spread and after 1 year I was up about 3 grand. this was my practice period.

I got serious about getting to a point where I could go pro in november of last year and started playing with a 10,000 bankroll. I do not use any of my winnings for personal use at this point.

Im currently spreading 25-1000 or wonging in with 3 bets of 200 at TC+2 at $200 limit tables. This is giving me a 13% ROR. If I will have a losing session in the near future I will have to recalc my spread as it would become dangerous.

My goal is 100,000 before I quit my day job and I'm hoping to make it there in the next 4-5 months. At that point my current spread will have under 2.5% ROR and I will feel alot more comfortable.

Glad you could get away with such a big spread. Making $40,000 tax free money in three months time is awesome!

That $850 is only 8.5 of your big bets. Its not a big loss. Stick with it and dont let your emotions play the game and you will be fine.

Why would you think it is tax free?

A 1-40 spread on $200 max tables? I don't know this poster, but I have to assume that with those numbers he's overseas.

All gambling winnings are tax free where im from.

First of all you should NOT feel comfortable with a 2.5% ROR. Most professional counters play to a much smaller ROR. I currently have a BR just about double what you are talking about and play a max bet of just about half of what you do. For reference, I had a 5 week period last summer where I lost 33K playing this max bet half your size, so extrapolating that to your larger max bets, such a period would have wiped out your BR. There are large swings both ways in long-term blackjack play and you better be prepared for that financially and mentally, (which is the tougher part) before any thoughts of playing professional. It sounds as though you have been fortunate enough to have only experience the pleasant ride up the incline so far.

Secondly, you made no mention of where you are located. Some have speculated overseas. I have little knowledge of overseas, but if you are located here in the US, that max bet level of $1000 brings a whole different level of considerations along the lines of longevity for a solo counter. Again, maybe you don't have that issue.

I had a 2 week down swing of 20K playing 10-400 I understand the risks invloved

At 100k playing 25-1000 my ror is 2.5%
at 125k it is less than 1.25%
at 150K it is less than .5%

at my current 1-40 spread I expect $100 per hour average, I don't get heat and they are not legally allowed to back me off. I would also adjust my bet spread to always have at most 2.5% ROR. At this point I do not believe I would have to worry about ruin and if my BR were to fall under 50K I would get a job again, no problem, there is always work for tax accountants.

Unless there is CTR involve, how would the IRS know of your winning if you don't report? Or, does each casino reports all your winning and losing directly to the IRS automatically?

Such a blackjack heaven!!! Why don't all the APS move to your country for the time being? Whatever spread and no heat...wow...

Where did you get that house and car from, you haven't had a job or paid taxes this year or the last couple. Tax audit, you go to jail for tax evasion. If its worth it to you then just become a drug trafficer, there is more money in it, you dont have to pay tax and you go to jail.

We are advantage players, not tax criminals.

Many gamblers and likely some AP's do not claim their winnings. I would also be surprised if a working girl, drug dealer, bookie, or numerous other cash businesses claim income. The Fair Tax would answer this issue.

Hit the nail on the head. To hell with GE that didn't even paid a single penny in tax, where we APs report every cent!

with current law. I have not seen any evidence that GE broke any tax laws.

...when they still had vagrancy laws, every AP I knew had a "business" which (a) kept him immune from "no visible means of support (i.e., vagrancy);" and (b) a plausable alternative source of income for tax purposes.

Typically, he'd pay some small businessman, often a used car lot, a small premium to get a regular "paycheck." The businessman would pocket, say $250, tax free and cut the AP a paycheck for $200, less withholding. The $200 plus payroll taxes were deductable for the business, thus lowering his tax bill. IOW, the businessman profited on both incoming and outgoing money -- pretty sweet deal for him.

Yes, the AP would pay taxes on the $200/week -- but that was the whole point, if you think about it -- NOT paying taxes on his real gambling income. Everybody wins, except the IRS.