CactusBoyScout t1_j33s5de wrote on January 5, 2023 at 9:17 PM

Reply to comment by SachaCuy in NY officially solicits bids for casino with license fee set at $500M by geoxol

Right so both should be legal to take money away from organized crime?

You’re never going to find a perfect solution to these societal problems but I think the Prohibition example shows that handing over an entire industry to organized crime is the worse option.

SachaCuy t1_j33vlhh wrote on January 5, 2023 at 9:37 PM

I am ok with organized crime making money from gambling.

We all got to make a living.

Alcohol no. That became too disorganized. Weed we will see how this new experiment goes.

Don't forget the state taxes you on your winnings and you can't write off your losers. Not only is it negative expected value (which is fine) but the winnings are taxed.

ctindel t1_j35m0xi wrote on January 6, 2023 at 4:45 AM

You can write off losses up to the value of your winnings.

Letting organized crime make money on anything is fucking stupid for society. Regulate and tax, make sure the gambling is fair and properly run and money isn’t laundered.

SachaCuy t1_j397gdd wrote on January 6, 2023 at 10:18 PM

I think you should be able to write off losses vs other risk assets (i.e. stocks) but that's just me.

ctindel t1_j398a8p wrote on January 6, 2023 at 10:24 PM

Absolutely. But the tax code isn't written to help normal people, just businesses.