Bonuses You Can Get From Gambling at Online Casinos

If there is one thing that you should know about gambling at online casinos, it is the fact that they give players a lot of bonuses. These perks are some of the things that make playing in cyberspace casinos more exciting and fun. Besides, if you are just curious about how online casinos work, availing yourself of the bonus upon sign up or other freebies that such online gaming websites provide can be a worthwhile reward. However, there are some people that view such bonuses with so much suspicion. They seem to think that Internet-based casinos are giving away bonuses to trick and defraud people. To set things straight, here is an overview of the top three bonuses you can encounter on Internet-based gaming sites.

Signing Bonus

Signing bonus is one of the most common types of freebies that online gaming sites provide or offer their members. This is actually a marketing move on the part of the operator to lure people into online gambling. Since many people would not want to lose their money trying games on the Internet, casino websites have decided to provide bonus money that new users can use to get the hang of playing the game. If new players begin to like the system or play, they will surely continue playing and casino companies will end up recovering their investment. In some cases, however, you can only get the free money if you make an initial deposit. Usually online casinos match the amount of the player’s initial deposit.

No Deposit Bonus

There are some online gambling websites that literally give their customers a chance to try the system or games without spending or depositing a single dime. This type of perk is called no deposit bonus because a newbie is not required to make a deposit just so he can open a player account and start playing. In this type of bonus, the online casino provides for free a certain amount as initial playing money.

Cash-Back Bonus

It is worth noting that not only new players are given bonuses by online gambling sites. Since Net users can be very fickle minded, Internet-based casinos need to think of ways to encourage their customers to continue playing on their site. One of the things that online gaming sites provide is a cash-back or deposit bonus. Existing members can enjoy such perks weekly or monthly to keep them coming back for more action.

500 Paulson National Poker Series Poker Chips Review

Have you ever been playing poker at home and just don’t feel the adrenaline like when you’re watching the final table of the WSOP on television? A group of us were playing recently and you could just tell there wasn’t that mystic feel in the air. It was basically just another night of getting together. Unfortunately, the atmosphere was like we were all cramming for a final exam instead of playing a little Texas Holdem.

So after collecting the usual ante fees for hosting our get together three nights a week, it was time to make a change. Something that would bring the interest back and get others to come play as well. To start out there was a lot of searching on the Internet for anything that would catch a player’s attention. That’s when the 500 Paulson National Poker Series Chips came across the Google search engine results.

Needless to say, the name was catchy, but when the page came up and that fantastic looking Casino Poker Chips mahogany case was right in front of us we were definitely intrigued. See, the only nice looking thing we had for our friends and family that come over were these cold frosty mugs we picked up in Texas. Other than that, our basement is unfinished, we have an old couch, enough chairs, and kitchen table that does the job.

Let’s just say the week after the 500 Paulson National Poker Series Poker Chips got to the house, we ended up playing for 12 hours straight. Six at night until six in the morning and to be honest, no one really wanted to quit. We all just had to work in a couple hours. While this was true and everyone was weary, the compliments kept rolling in one by one about these Custom Poker Chips as people left. There were so many, we’re not sure where to begin.

The one we got the most was about the denominations. The whole of the compliment was that everyone enjoyed playing with real chips that had $1, $5, $25, $100 denominations on them. Heck, there is even one for $1000 that many of us have never seen (by the way, it’s yellow). They’re conveniently placed on the Clay Poker Chips as well. When you open up your mahogany chip case, there’s a nice tray layout of the 500 Paulson National Poker Series Poker Chips.

Hey, these Wholesale Poker Chips chips were great. It’s just the case has this mysterious appeal to it that everyone talked about all night. You actually get a key and can keep it locked or tucked away somewhere. However, since everyone knows everyone in our group, we kind of displayed it like a piece of art. It even has two brass handles, one on each side that you can use to carry it like in big tournaments instead of tucked under your arm like a football.

No matter who reads this, you will find the 500 Paulson National Poker Series Poker Chips being one of the best poker investments you ever made. In our case, it looked extremely nice compared to the furniture in the basement, so we decided to start saving all the time. This way we can invest in new poker tables, chairs, and anything else we all need to feel comfortable and keep that “fun” feeling alive and well. Looks like we’re headed in the right direction.

The Evolution of Slot Machines

Throughout the years, slot machines have become increasingly popular, allowing players to enjoy hours of fun whilst having the chance to win cash prizes at the same time. From the historical ‘One-Armed Bandit’ to the video slots that occupy a large section of many online casinos today, these games have witnessed a surge in popularity across the world.

This article will discuss the history of these machines and their progression from land-based games to internet gaming sensations.

When Was The Slot Machine Invented?

The first slot machine as we might know it today can be traced back to around 1891. Known as the ‘One-Armed Bandit’, this slot was invented in New York by Sittman and Pitt. With five drums acting as reels and a lever on the side to set them off, it had 50 card symbols to land. As is the case with modern fruit machine slots, they were commonly used in bars across the country.

The First Automatic Slot

Not long after the invention of the ‘One-Armed Bandit’, the first automatic slot was invented by a man called Charles Fey in California, in 1895. With just three reels, this slot was widely regarded as running on a much simpler mechanism and only had five reel symbols.

Named the Liberty Bell, this first automatic slot could be seen as an influencer for some modern video slots today that still use three reels and a minimal amount of symbols.

Reel Symbols

Fruit symbols have long been associated with slots and this perhaps stems from 1907 and the invention of Herbert Mills’s slot machine. Called the Operator Bell, Herbert Mills created it to rival that of Charles Fey.

Despite the evolution of slot machines and reel symbols being comprised of just about anything, many video slots still choose to use classic fruit symbols. The likes of Double Bubble, one of the most popular video slots around, draws on classic features and symbols while still providing players with a modern spinning experience.

Slot Machines As We Know Them

In 1963, Bally Manufacturing managed to produce a slot without a side-mounted lever. As the first electromechanical slot machine, it could reward coins automatically without an attendant to help. Called Money Honey, this slot machine paved the way for electronic games of the future.

The Introduction Of Video Slots

Although Bally Manufacturing managed to bring electronic functionality to the slots scene around 13 years earlier, the first real video slots were invented in the mid-70s in California. Fortune Coin Co developed video slot technology in 1976, mounting a display on a slot machine cabinet and gaining approval from the Nevada State Gaming Commission.

Video Slots Today

The video slots we know today and their place in gaming can be traced back to the 1990s and the launch of the first online casinos. In 1994, the first online casino launched featuring a range of video slots to play.

There are currently hundreds of online casinos at which to play thousands of video slots. They’re provided by a number of software suppliers and seem to span across all types of categories and genres.

The chances to win huge cash sums are ever-present, more so with the introduction of progressive slots. With these games, some are linked up to wider networks, allowing prize funds to grow at a rapid rate and regularly reaching the millions.

Gambler Loses Twice – Thanks To Tax Court

Jimmie Clemons, retired, received a Form W-2G reporting $44,800.00 in winnings from a casino. As his gambling losses for the year were more than $44,800.00, he did not report any winnings or losses on his 1040.

The Tax Court, in Jimmie L Clemons T.C. Summary Opinion 2005-109, upheld the IRS position that gross gambling winnings must be reported as income on Page 1 of the tax return, with losses, to the extent of winnings, allowed as a “miscellaneous” Itemized Deduction. The losses can be deducted in full on Schedule A, and are not subject to the 2% of AGI exclusion.

While Jimmie was able to deduct $44,800.00 in losses to wipe out his $44,800.00 of income, the fact that the winnings were included in his Adjusted Gross Income caused 85% of his Social Security benefits to be taxed!

As a tax professional with a practice in New Jersey, and my share of regular lottery players and senior citizens who frequent the casinos of Atlantic City as clients, I have seen many examples where a taxpayer with net gambling losses for the year is royally screwed by “Uncle Sam”.

* Because of the way Social Security and Railroad Retirement benefits are taxed, there often exists a situation where you would be taxed on $1.85 for every additional $1.00 of income. If you have $3,000.00 in gambling winnings and $4,000.00 in substantiated gambling losses you could end up increasing your AGI by $5,550.00 ($3,000.00 x 185%). Even if you can take full advantage of an itemized deduction of $3,000.00 in losses, you still could end up paying $383.00 in federal income tax in the 15% bracket, or $638.00 in the 25% bracket, on a net loss for the year of $1,000.00.

* Even if you can deduct enough losses to wipe out your gambling income, an increased AGI could reduce your allowable medical and miscellaneous job and investment related deductions, reduce or even wipe out a multitude of deductions and credits that are affected by AGI, and even cause you to fall victim to the dreaded Alternative Minimum Tax (AMT).

* You can only receive the full tax benefit from deducting gambling losses if the total of your other Itemized Deductions equals or exceeds the allowable Standard Deduction. What if a single taxpayer with $5,000.00 in winnings and $6,000.00 in losses has only $2,000.00 in other deductions (i.e. state and local taxes and charitable contributions). While he can deduct $5,000.00 in gambling losses, he only gets a tax benefit for $2,000.00 of the losses: $5,000.00 losses + $2,000.00 other deductions = $7,000.00 Schedule A – $5,000.00 Standard Deduction = $2,000.00 tax benefit. If he is in the 25% bracket he still ends up paying $750.00 in federal income tax on $1,000.00 in losses.

I should point out that losses from any type of wagering transaction can be deducted against your gambling winnings. If you win in the slots your deduction is not limited to losses from slot machines. You can deduct losses from the lottery, 50-50s, bingo, table games such as poker and blackjack, charity raffles, horse racing, keno, etc., up to the amount of your total winnings. It is a good idea to keep your losing lottery, raffle and racetrack tickets for the year, and keep track of slot activity by using a player’s card, in case you make a big score. If you are unlucky enough to be chosen for an audit of your losses here is a word of advice – make sure your losing racetrack tickets to not have footprints on them.

You should also know that winnings from a “no purchase necessary” marketing sweepstakes or contest are not considered to be gambling winnings for the purpose of calculating deductible gambling losses. The IRS defines gambling winnings as winnings from a “wagering transaction”. A recent IRS “Technical Advice Memorandum” (TAM 200417004) states that such winings are not gains from a “wagering transaction” because the winner did not furnish “consideration” for the chance to win the prize. If you win the Publisher’s Clearing House sweepstakes, or a trip to Club Med by being the 10th caller to a radio station, you must report the winnings, or the market value of the trip, as income on your Form 1040, but you cannot deduct any losing lottery tickets, slot machine losses, or any other kind of gambling losses against this income.

The unfair way gambling winnings and losses are treated on the 1040 is similar to the unfair way most taxable legal awards and settlements and the related legal fees are treated. Let us hope that the President’s Advisory Panel on Federal Tax Reform will address these inequities in the tax code in its report.

Online Casinos – Know More to Play Better

If your interest in online casinos is new, chances are that you have already visited the relevant forums, read the site reviews and related articles and so on. The truth of the matter is that the business of online gambling has evolved a lot since the time of inception and today, it can boast of water-tight security and safety for the users. It is no wonder that online casinos are so popular with game-loving people. They trust the online casinos blindly.

It is a fact that whether you lose or win money, you would like to have a safe and pleasurable experience while you are playing online. The good news is that there are ways to achieve this goal. There have been several major technological advances which have increased the safety and security of the online gaming sites manifold. These advancements have added to various types of user-friendly features. For example, live betting is now possible. This means that no matter which part of the world you are playing from, you can start betting on a game while it is in progress. Then you also have the option of playing live roulette which is equipped with a live dealer who allows you to bet while the roulette is operating in real time.

However, the important issue here is that if you are a new and inexperienced player, there are a few tips and tricks that you need to be aware of. Firstly, you should be familiar with this business after dong the necessary research. Bet only with reputed casinos and well-known brands. In case you did not know, there are several reputed online casinos that are listed with major stock exchanges! Obviously these casinos abide by the governmental rules and obligations. These casinos also allow the regulatory authorities to check their financial transactions regularly. What does this mean for the user? It means that you are not going to be cheated of your winning money, if you choose one such casino.

There are also many online casinos that are monitored regularly by the relevant gambling authorities of the local country where they belong. Such information is available in the concerned website of the online casino where at the bottom the name of the regulatory authority is always clearly mentioned.

To play safe and ensure the security of your money, always do a background check on the casinos who might have advertised heavily on the internet and you feel like betting here. There are several independent and unbiased site reviews on the net which you need to be familiar with. Site ranking by Google could help you focus more on the reputed sites. To be educated further on online gambling make it a point to read through the innumerable site reviews and player experiences appearing in the relevant forums. Once you are armed with such knowledge, your experience with online casinos is bound to be worth your time and money.