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Gambling losses are indeed tax deductible, but only to the extent of your winnings. This requires you to report all the money you win as taxable income on your return. However, the deduction for your losses is only available if you itemize your deductions. If you claim the standard deduction, then you can't reduce your tax by your gambling losses. You are betting on a 50-50 chance but only get paid less than double your money on each coin flip! Depending on how much less you are getting paid, your bankroll will withstand a certain amount of bets. So, if I’m offering you 1.90 (decimal odds) for each coin flip, your money will end up in my pockets after 200-300 coin flips. How do I get over this massive gambling loss? I started off gambling two months ago. If you get ANY thoughts about trying to get your money back, you will regret it. How do you get over it? DON'T TRY TO! Savor this horrible feeling so you NEVER make this mistake again. Either pay your bills late this month, or borrow some money from some. Sure, they want you to keep playing so that they win some of that money back but you have the right to leave with all your winnings. In a land based casino if you take most or all your prize money in check format then you cannot fritter it away. On the other hand, cashing a check from an online casino may be problematic. However, as a non-resident of the U.S., there is a way to get your casino winnings back from the U.S. By hiring Refund Management Services to go through the process of obtaining a casino winning tax refund from the IRS. RMS is the easiest way to get your money back.

I would return the money to the casino	16 votes (88.88%)
I would keep any wrongly-given payout	2 votes (11.11%)

18 members have voted

Jerm882000

I was playing money wheel and I bet $10 on the 2-1 payout. I won but instead of giving me $20, the dealer gave me $50. I was quite surprised and I pretended I didn't know what happened. (Yes, I'm not an angel).
So on the next round, I bet $10 each on the 2-1, 5-1, 10-1 and 20-1 payout. Again, I won on the 2-1 and again, the dealer gave me $50. As soon as the chips changed hands, the supervisor noticed the error and asked the dealer how much was the payout.
I immediately walked away from the table. I wanted to cash out and exit the casino but as the chips I was using were not chips with denominations on them (check), I had no choice but to change my colored chips back at the same table where I was playing. I was asked to give back the additional $30. After some arguing, I returned the money.
My question is if I had resisted, would it have been illegal for me to keep the money? Does the casino have a legal hold on me? Am I, in effect, stealing in the legal sense of the word? I'm thinking along the lines that it was the dealer's mistake and his error is my gain. Besides that, if it was at a cashier counter in a supermarket check-out line and a wrong change was given, I am not legally obliged to return the change.
Granted that in this case, I had to exchange the chips for checks. What if in the future I am playing with checks instead? Would security stop me when I exit the casino or if I insist on keeping the wrong payout? I'm asking more in the sense of legality rather than morality.
On a side note, my friend who used to work in the casino said that dealers/cashiers who pay out wrongly are not required to have the mistake deducted from their salary. Any truth on this or does this only apply in Malaysian casinos?

bigfoot66

You have to give the money back. People are allowed to make mistakes, that does not make the money yours. You could have tried to get something out of it though, maybe a coffee shop comp or something but even that is not likely. be glad you got one bonus payout. I too would not return the money on my own volition but I had been caught like that I would NOT walk away. Just act confused and give the money back. If you had walked away with real chips you could be considered a cheater or a thief and even if not prosecuted you might have trouble gambling in the future. Even if this is unlikely, is it worth it for a lousy $30? Plus if you fight it they could go back and see that you got paid $50 twice and demand $60 back.

Nareed

Nareed's Law: you're not responisble for correcting a dealer error in your favor. You may do so, and it may even be the right thign to do. But ultimately it's your choice.
That said, it's like getting the wrong change at the store, or not being charged for an item, or paying for one item and getting two, etc. If they catch the mistake before you leave, they should get their money or items back.

NicksGamingStuff

I know as a dealer if we make a mistake the casino usually lets the player keep it in their favor. But if it is a large transaction (large is defined differently depending on what casino) they may ask. I accidentally paid out a flush to a person on the deuces wild game when they only had 3 of a kind, but all the cards were hearts except for one and that was a diamond. Stuff can happen during forced overtime. I did not do it on purpose, but I was so tired and after being on the table for 80 minutes all the cards seemed to become a blur.

Ayecarumba

Is it wrong to keep the mistake? Yes.
Is it illegal? I don't know. Malaysian laws are quite different than American laws. The severity of punishment for law breaking varies widely between the two countries too (e.g., drug offenses). Best not to quibble about getting caught taking advantage of a mistake by the dealer.

Simplicity is the ultimate sophistication - Leonardo da Vinci

Paigowdan

Nareed's Law: you're not responisble for correcting a dealer error in your favor.

Right. But if the mistake is corrected by the floorman, the pit boss, or the dealer, you have to abide by it.
It's only if the error in your favor escapes unnoticed that you may cherish, delight, and celebrate in the wrongfully gotten gains. And it is such if not properly won by the cards or dice. Lord knows we will wail, cry outrage, and bang our chests if an innocent mistake is made the other way. People cannot help but to be people: in search of a free lunch by any means possible.
Again, corrected money is correct money, so abide by it.

Quote: Jerm88200

was playing money wheel and I bet $10 on the 2-1 payout. I won but instead of giving me $20, the dealer gave me $50. I was quite surprised and I pretended I didn't know what happened. (Yes, I'm not an angel).

Apparently.
You were just being human, which is not a compliment per se.
You would have been a rare angel if you had said 'Listen, I didn't rightfully win this, - so I am returning it.'

How To Get Your Money Back After Gambling Game

If you pretended to 'not know what happened,' - then you did indeed know exactly what happened, and chose to take cash that you knew you didn't win.
Says it all. That simple.

Beware of all enterprises that require new clothes - Henry David Thoreau. Like Dealers' uniforms - Dan.

Nareed

It's only if the error in your favor escapes unnoticed that you may cherish, delight, and celebrate in the wrongfully gotten gains.

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I sense you're one semantic disagreement from blocking me, so I'll try to clear this up ;)
I'm not saying players shouldn't correct errors in their favor, only that they're not responsible for doing so.
In fact I've never faced such a situation in my short gambling career. But I've discovered erros in change, in items charged and so on. I will almost always say or do something about it. Not always, because sometimes I discover the error much later, and it's too small to worry much about it.

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And it is such if not properly won by the cards or dice. Lord knows we will wai