In the past, when I’ve discussed wins and losses around taxes, one thing I note is it’s important to keep records. This question gives me an opportunity to discuss that further!
How does Raymond or another employee, keep up with monies “in” and monies “out” to be posted after the videos? Is there a special system used to do so? I say I am going to try and keep up with my play to see how much I come out! LOL
Tamara C.
Well, to be fair, I could cheat and say I have a video record of my casino play! haha
But actually, I don’t rely on the videos for the primary record keeping, in part because that actually can be quite time consuming. Instead, Raymond records how much money is put into every slot machine, and how much is cashed out (including jackpots), on an internal spreadsheet.
Each day’s play, whether for a long form daily video or a short, is logged in its own spot. For videos where I play multiple games, we also have formulas that add all the play up, so our editor can quickly grab the numbers and place them on the screen.
Every year or two the sheet gets revised, based on what information is important for us to track. Over time we’ve added tracking of titles and thumbnail suggestions, for instance, so we can ensure all the pieces that we need to schedule and launch a video is centrally organized.
This sheet also helps us when it comes to tax time, as we can more easily review the wins and losses through the year. The IRS recommends keeping a gambling log as part of your proof of wins and losses, and this is the easiest way for me to do it. Of course, I can then point back to the videos in question, so it helps that all of it works together.
(This is also a great time to remind everyone I’m not an accountant, and what I’m sharing here shouldn’t be substituted to advice from a tax professional. Always consult an accountant with any questions you have about gambling and taxes!)
If you’re simply looking to track how you do on a particular day, writing down the money in and out of each machine is probably an easy enough step to take, similar to what I do.
We hear from players with all sorts of systems (feel free to share your ideas in the comments!). Here are a few examples of ideas we’ve heard that may work for you or others:
- Put the same amount in each machine you start with. Cash out and save each ticket when you’re done – add it up to see how you did. This often means avoiding the Lucky Chance spin since you want a ticket out of each machine. This system won’t work if you’re trying my Lucky Chance mission.
- Use one ticket for the entirety of the visit, and it’s easy to see where you start and where you end. I don’t recommend this method as it often leads to playing more than what you’re willing to lose into a machine because you feel ‘rich’.
- Keep a separate gambling wallet and only bring that to the casino. The cash you arrive with is what you start with and you can compare to what you leave with.
These are just a few ideas, but hopefully can help you manage your bankroll while having fun at the casino!
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