Gambling With an Edge
Gambling With an Edge
Bob Dancer & Richard Munchkin
Learn to Gamble With an Edge from authors, and professional gamblers Bob Dancer and Richard Munchkin. We aim to make you a better gambler tomorrow than you were yesterday.
Gambling With an Edge - guest Russell Fox
Our guest this week is tax expert Russell Fox on to talk about what gamblers can do before the end of the year to help with their taxes. We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00] Introduction of tax advisor, Russell Fox [00:41] Recent changes to tax law [03:31] Self-employment tax for professional gamblers [07:42] Deductions for gambler vloggers [09:09] Underpayment penalties for recreational gamblers [12:10] Deducting bad debts [14:16] Foreigner gamblers and U.S. tax [16:33] Declaring winning from a chip bank [21:10] Taxation of points [24:31] Common tax mistakes [30:58] Contributions and IRA contributions [31:44] South Point Casino November Promotions - Half-priced Amazon and Walmart gift cards [32:45] Predictit.org/promo/edge - place small wagers on various political events, $20 deposit match for GWAE listeners [33:29] VideoPoker.com/gwae - Gold Membership offers correction on most games [34:48] Off-setting a hand pay with losses [38:40] Listing W2Gs as a professional gambler [40:48] Self-dealing and IRAs [42:13] 529 plans [45:29] Depositing large amounts of cash [48:05] Setting up an off-shore corporation [51:03] Recommended - Sal Piacente on Youtube, Nittaya's Secret Kitchen Sponsored Links: SouthPointCasino.com Predictit.org/promo/edge VideoPoker.com/gwae Recommended: Nittayassecretkitchen.com Sal Piacente https://www.youtube.com/results?search_query=sal+piacente . Russel Fox's Previous Episodes: Lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-russell-fox Lasvegasadvisor.com/gambling-with-an-edge/podcast-tax-adviser-russell-fox Many more episodes with Russell are available on GamblingWithAnEdge.com  
Nov 26
Gambling With an Edge - guest  Logan Fields
We talk to Logan Fields, author of "2020 Sports Betting: Think Like a Pro," a new book from Huntington Press. Fields takes a makes lots of high-EV, low denomination, bets and it works for him His main sports are football, baseball, and golf. We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00] Introduction of Logan Fields, author of 20/20 Sports Betting: Think Like a Pro [00:56] Logan's sports betting history [06:26] Leaving a day job to become a full time sports bettor [07:09] The golden period of online betting [07:36] Who is the audience for 20/20 Sports Betting? [11:20] UIGEA and losing outs [12:37] NFL props and data analysis [15:40] Is watching games necessary? [18:28] Opportunities in smaller markets [20:12] How is betting baseball different from betting football? [25:09] Database information and prices [27:32] How much older data can be used? [30:15] South Point Casino November Promotions - Half-priced Walmart and Amazon gift cards, Thanksgiving Day Hot Seat [31:07] Predictit.org/promo/edge - place small wagers on various political events, $20 deposit match for GWAE listeners[31:42] VideoPoker.com/gwae - Gold Membership offers correction on most games, Pro Membership includes Ultimate X and Quick Quads[32:46] Sharp golf bets [37:07] Betting live markets [39:09] Betting in Vegas while living in Socal [41:15] The Masters [44:10] Betting final Jeopardy [48:55] Logan's contact info [50:52] Recommended - Borgen on Netflix, Razor's Edge by William Somerset Maugham Sponsored Links: SouthPointCasino.com Predictit.org/promo/edge VideoPoker.com/gwae Books Referenced: 20/20 Sports Betting: Think Like a Pro by Logan Fields https://amzn.to/2KdvR0T Sites Referenced: KOStats.com ArmchairAnalysis.com Tour-Tips.com Previous Episodes Referenced: LasVegasAdvisor.com/gambling-with-an-edge/podcast-rufus-peabody/ Recommended: Netflix.com/title/70302482 Razor's Edge by William Somerset Maugham https://amzn.to/38ZhAPF Moon and Sixpence by William Somerset Maugham https://amzn.to/35IBjkS
Nov 19
Gambling With an Edge - guest Matthew Dicks
Our guest this week is Matthew Dicks. Matt is the author of, "Storyworthy: Engage, Teach, Persuade, and Change Your Life through the Power of Storytelling," as well as several novels. He recently wrote an article for Pokerstars  on how to tell better "bad beat" stories. We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of storyteller, Matthew Dicks[01:14]  A gambling related story about arm wrestling [13:36]  What makes that arm wrestling story interesting?[17:25]  Matthew’s poker experience[22:39]  Matt’s writing on PokerStars[24:06]  Why are bad beat stories rarely entertaining?[28:30]  Why is Sweeney an important character in Matthew’s bad beat story?[32:01]  Time management [35:41]  South Point Casino November Promotions - Half-priced Amazon and Walmart gift cards, Thanksgiving Day Hot Seat[36:50]  Predictit.org/promo/edge - place small bets on various political events, $20 deposit match for GWAE listeners[37:37]  BlackjackApprenticeship.com - card counting training site and community[38:03]  VideoPoker.com/gwae - Gold Membership offers correction on most games [39:19]  More on Sweeney’s hand declaration [41:21]  Is there any place for fiction in a well told bad beat story?[43:25]  Could storytelling help APs maintain cover?[45:31]  Moth events[49:26]  Matthew’s next storytelling book[53:19]  Matthew’s contact info [54:06]  Recommended - The Queen’s Gambit, Best Hand I Ever Played by Steve Rosenbloom Sponsored Links:SouthPointCasino.comPredictit.org/promo/edgeBlackjackApprenticeship.comVideoPoker.com/gwae Guest Links:"Storyworthy: Engage, Teach, Persuade, and Change Your Life through the Power of Storytelling," https://amzn.to/3kcM9DBMatthewDicks.comYoutube.com/c/matthewjohndicksPokerstarsblog.com/en/news/how-to-tell-a-good-bad-beat-story-by-a-master-story-teller/67209/ Recommended:Netflix.com/title/80234304The Queen’s Gambit by Walter Tevis https://amzn.to/3eUztQOBest Hand I Ever Played by Steve Rosenbloom https://amzn.to/35qkR8C.
Nov 12
Gambling With an Edge - guest slot AP Prax part 2
Our guest this week is a return visit from Prax. We talk about life on the road, living in his van, and how covid has affected the AP life. We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00] Introduction of machine AP, Prax [00:33] FaceBook Marketplace arbitrage [08:24] Van life and nutrition [11:00] Civil forfeiture [13:47] Sleeping in a van [16:25] Coronavirus effects on AP [24:06] Reacting to the first big loss [35:58] South Point Casino November Promotions - Half-priced Amazon and Walmart gift cards [36:38] Predictit.org - place small bets on various political events, $20 deposit match for GWAE listeners [37:30] VideoPoker.com/gwae - Gold Membership offers correction on most games, Pro Membership includes Quick Quads and Ultimate X[38:28] Advice to new APs [43:31] A costly mistake [44:12] Back-offs [44:50] More on quality networking [51:07] Finding a network [52:49] Talking about slot on Twitter [55:23] Recommended - People I Mostly Admire podcast Sponsored Links SouthPointCasino.com Predictit.org/promo/edge BlackjackApprenticeship.com VideoPoker.com/gwae Prax's Previous Appearance: Lasvegasadvisor.com/gambling-with-an-edge/podcast-slot-ap-prax Recommended: Freakonomics.com/pima .
Nov 5
Gambling With an Edge - guest slot AP Prax
Our guest this week is a professional slot AP called Prax. We talk about how he started 8 months ago, and went to making 6-figures his first year. We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00] Introduction of AP slot player, Prax [00:33] How did Prax started in AP? [05:32] RxGamble's hole carding class [13:43] Learning machine plays [18:18] Building and maintaining a crew [21:38] Discussion of gambling philosophy [25:01] Mixing advanced plays with machine plays [28:09] "Higher level machine plays" [20:26] Forming a partnership [31:04] Weekly miles and hours [33:20] Attributes of a good apprentice [36:38] South Point Casino November Promotions - Half-priced Amazon and Walmart gift cards [37:42] Predictit.org/promo/edge - places small bets on various political outcomes, $20 deposit match for GWAE listeners[38:24] BlackjackApprenticeship.com - card counting training site and community [38:49] VideoPoker.com/gwae - Gold Membership offers correction on most games[39:55] Slot hustling in Las Vegas [42:56] Training in Europe [48:37] Prax's parents' opinion of his AP lifestyle [53:58] Van life [55:57] Recommended - Post Modern Jukebox, Google My Maps Sponsored Links SouthPointCasino.com Predictit.org/promo/edge BlackjackApprenticeship.com VideoPoker.com/gwae Relevant Links: RXGamble.com Twitter.com/rxgamble Books Referenced: Professional Blackjack by Stanford Wong https://amzn.to/2HJ3FlL Gambling Wizards by Richard. W. Munchkin https://amzn.to/31O9qp2 Recommended: Postmodernjukebox.com Google.com/maps/d  
Oct 29
Gambling With an Edge - guest Bob Nersesian
Our guest this week is attorney Bob Nersesian. We talk about the recent Nevada Supreme Court case where casinos have to cash your chips if you're a patron, whether or not you can prove you came by those chips in the course of gaming at their establishment. We also discuss a new policy by the Las Vegas Metro about obtaining ID in gambling disputes, a discussion on the practical penalties of being trespassed, and the dangers, if any, of playing a machine that you believe is paying off too much We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of gaming attorney and Blackjack Hall of Famer, Bob Nersesian [00:46]  Would using high powered glasses to study card imperfections be considered cheating? [02:26]  Streamers using cameras to stream casino games [05:41]  What's the worst penalty for returning to a casino a year after being trespassed? [08:32]  Young vs Nevada Gaming Control Board and its implications [23:37]  ID requests by police during a formal trespass [31:18]  South Point Casino October Promotions - Free Play with a Kicker [31:56]  Predictit.org/promo/edge - place small bets on various political events, $20 deposit match for GWAE listeners [32:40]  VideoPoker.com/gwae - Gold Membership offers correction on most games, Pro Membership trial for GWAE listeners [33:53]  Signaling in a one-player carnival game [37:06]  Using marijuana smell as cover [39:24]  Do European players have the same rights in the U.S. as American players? [40:20]  Video poker tables and progressive errors [45:45]  Covering name on ID during an age check [48:33]  Using a fake Taiwanese passport [52:11]  Recommended - Fargo on FX Sponsored Links: SouthPointCasino.com Predictit.org/promo/edge VideoPoker.com/gwae Books Referenced; The Law for Gamblers  https://amzn.to/3lKF8eC Some of Bob's recent appearances on GWAE: lasvegasadvisor.com/gambling-with-an-edge/podcast-guest-attorney-bob-nersesian/ lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-bob-nersesian-18/ lasvegasadvisor.com/gambling-with-an-edge/gambling-edge-guest-bob-nersesian-17/ many more available at gamblingwithanedge.com Recommended: FXnetworks.com/shows/fargo
Oct 22
Gambling With an Edge - guest Matt of PlusEVanalytics part 2
Our guest this week is a return visit from Matt of http://www.plusevanalytics.com. Some of the topics discussed include pointsbet, which is a newcomer to American sports books. We also talk about correlated parlays, why you should never use a tout, and the difference in US and Canadian sports betting.  We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of Matt, a Canadian actuary, from PlusEVanalytics.com [00:35]  What is a points better? [02:25]  Skewness and asymmetric distributions [03:23]  Caps in a points bet [04:51]  Player prop distributions [06:11]  Required collateral [07:26]  Market efficiency  [09:11]  Canadian sports betting markets [14:06]  U.S. tax issues for foreign gamblers [16:27]  FiveThirtyEight.com [19:00]  Positive EV situations on Predictit.org  [24:14]  South Point Casino October Promotions - Free Play with a Kicker [25:00]  Predictit.org/promo/edge [25:32]   BlackJackApprenticeship.com - card counting website and community [26:21]  VideoPoker.com/gwae - Gold Membership offers correction on most games [27:21]  Pricing counterparty risk [29:11]  Promotion stories  [32:54]  Tesla Model S [34:54]  Correlated parlays  [40:31]  Domestic versus offshore sports betting [42:18]  Touts [48:50]  How can listeners contact Matt? [49:38]  Recommended - 99 Second Story Telling Contest, My Octopus Teacher, RX Gamble  Guest links: PlusEVAnalytics.com Twitter.com/PlusEVAnalytics Sponsored Links: SouthPountCasino.com Predictit.org/promo/edge BlackJackApprenticeship.com VideoPoker.com/gwae Recommended: 99 Second Story Grand Slam https://fb.me/e/3IPJBlqsF My Octopus Teacher Netflix.com/title/81045007 RXGamble.com
Oct 15
Gambling With an Edge - guest author Peter Alson
Our guest this week is  author Peter Alson. Peter returns to our show to discuss his book, "The Vig: Confessions of an Ivy League Bookie." The book concerns working in a New York bookmaking operation in the early 1990s. Both Bob and I enjoyed and recommend you read the book We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of Peter Alston, author of The Vig (originally published as Confessions of an Ivy League Bookie)[00:32]  Republishing The Vig[04:02]  How did Peter become a bookmaker?[06:44]  Prologue of The Vig[09:36]  Spanky[12:41]  Degenerates working in the bookie's office[15:57]  The era of bookmaking without computers[20:01]  Paying customers and collecting debts[21:00]  Mob involvement in bookmaking[23:04]  Billie Walters and other sharp players[26:04]  Office dynamics with a female employee[28:25]  Calculating commission on recruited players[33:14]  South Point Casino October Promotions - Free Play with a Kicker[33:51]  Predictit.org/promo/edge - place small bets on various political events, $20 deposit match for GWAE listeners[34:19]  VideoPoker.com/gwae - Gold Membership offers correction on most games, free Pro Membership trial for GWAE listeners[35:27]  The original of the title The Vig[37:36]  Life lessons from being a bookmaker[41:14]  The aftermath of writing a book about former co-workers[43:58]  Writing about dysfunctional relationships[49:21]  How can listeners contact Peter?[50:40]  Recommended:  Amore Taste of Chicago restaurant, All American on Netflix, remembering Mike Sexton Peter Alson's links:PeterAlson.comFacebook.com/peter.alsonThe Only Way to Play It by Peter Alson https://amzn.to/2GLfOWrThe Vig by Peter Alson https://amzn.to/3jbCAFrThe Novice Twins: A Novel  by Eden AlsonOne of a Kind:  The Rise and Fall of Stuey Ungar by Nolan Dalla and Peter Alson https://amzn.to/3iHSKFoPeter's previous appearance on GWAE - LasVegasAdvisor.com/gambling-with-an-edge/podcast-guest-peter-alson Sponsored Links:SouthPointCasino.comPredictit.org/promo/edgeBlackjackApprenticeship.comVideoPoker.com/gwae Recommended:AmoreTasteofChicago.comAll-American - Netflix.com/title/81012998.
Oct 8
Gambling With an Edge - guest Matt of PlusEVanalytics.
Our guest this week is Matt from http://www.plusevanalytics.com. He is a Canadian actuary who also dabbles in advantage play. We discuss Taleb's concept of anti-fragility and how that is very useful in sports betting. We also discuss how the Kelly Criterion comes up with different answers sometimes and how are we to know which is which? We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of Matt from PlusEVAnalytics.com [00:50]  Show notes information and availability [02:36]  The best forum for site comments and feedback is at GamblingWithAnEdge.com [03:21]  Actuarial science as a profession [05:40]  Nassim Nicholas Taleb, Twitter.com/nntaleb [11:14]  NFL season totals and antifragility [15:45]  Dow Jones and antifragility [17:36]  PointsBet.com and distributional mathematics [24:46]  Super Bowl prop bets, Michael Shackleford, and market efficiency [30:35]  Sportsbook hold versus roulette hold, epistemic uncertainty and adverse selection [39:19]  South Point Casino October Promotions - 'Free Play with a Kicker' [39:59]  Predictit.org/promo/edge - place small bets on various political outcomes, $20 deposit match for GWAE listeners [40:40]  BlackjackApprenticeship.com - card counting training site and community [41;02]  VideoPoker.com/gwae - Gold Membership offers correction on most games [41:57]  Kelly Criterion [45:49]  Being both an actuary and a gambler [53:10]  How can listeners contact Matt? [56:03]  Recommended - Schitt's Creek on Netflix, Captain Jack Andrews on Youtube and Twitter Sponsored Links: SouthPointCasino.com Predictit.org/promo/edge BlackjackApprenticeship.com VideoPoker.com/gwae Guest Links: PlusEVAnalytics.com   Twitter.com/PlusEVAnalytics PlusEVAnalytics.wordpress.com/publications Recommended: Schitt's Creek, Netflix.com/title/80036165 Captain Jack Andrews, Youtube.com/CaptainJackAndrews/videos, Twitter.com/capjack2000
Oct 1
Gambling With an Edge - guest Jason Pipkin
Our guest this week is  Jason Pipkin. Jason is a neuroscientist who gambles semi-professionally on elections at predictit.org.   We welcome your questions - send them to us at gamblingwithanedge@gmail.com, or you can find me at @RWM21 on Twitter or https://www.facebook.com/GamblingWithAnEdge. podcast Click to listen - Alt click to download Show Notes [00:00]  Introduction of Jason Pipkin, frequent bettor at Predictit.org[00:58]  How did Jason get started on Predictit.org?[02:48]  Jason's background and predictingpolitics.com[04:30]  Commissions and contract limits[10:26]  Biden and Trump double max contract example[12:35]  Liquidity and market efficiency[14:35]  Can personal political biases affect profitability?[16:04]  Arbitrage[17:38]  Trading frequency[18:45]  Volatility[20:16]  Holding periods and exit strategy[21:28]  Black swan betting[23:08]  2016 Presidential election market strategies[24:42]  FiveThirtyEight.com[25:48]  Computer analysis and modeling[26:59]  Predictit.org market forums[28:40]  What percentage of bettors in political markets are profitable?[31:24]  Straddles[32:47]  Determinants of volatility[36:12]  Foreign elections[38:30]  South Point Casino September Promotions - $500,000 Guaranteed Money Madness[39:22]  Predictit.org/promo/edge -  place small bets on various political events[39:55]  BlackjackApprenticeship.com - card counting training site and community[40:25]  VideoPoker.com/gwae - Gold Membership offers corrections on most games[41:47]  Market suggestions[43:20]  Similarities to options trading[45:24]  Holding contracts until expiry[48:39]  How can listeners contact Jason?[49:10]  Discussing gambling in personal relationships[50:28]  Recommended - MyNoise.net Sponsored Links:SouthPointCasino.comPredictit.org/promo/edgeBlackjackApprenticeship.comVideoPoker.com/gwae Jason's Links:PredictingPolitics.comTwitter.com/jipkin Recommended:MyNoise.net .
Sep 24
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