Blackjack for income?

[0bjectiv3]

To start, I am new to Blackjack. I have been playing online for practice at InterCasino (let me know if theres anything i should know about them) and have been using the BS method. I never vary my bet (except in DD situations) and have been sucessful thus far. But the more I play the more I begin to wonder whether I can use this skill as a means of supplementing/increasing some income. Naturally, I had a few questions and began by researching this prospect at my local bookstores and online. I must say your site has been a valuable resource and will be among all of my recommendations when asked. A couple things that I haven't yet been completely clear on are troubling me.

First - Taxes. The IRS. Uncle Sam. You know, 'The Good Guys'. If I am to begin making an income by gambling there are certain procedures that I plan on following and am glad to as part of the 'work' that will be required. These include accurate tracking of bets, hours played, money management, etc. My concern stems from a desire not to get suprised at the end of the year when I discover that I've grossed 35K, and havent saved enough of that for tax purposes. I'm sure this topic alone could spawn thread upon thread of information and im not against exploring that in length in the future, but for right now I'm more interested to hear from the players with experience in this area as to what a good tax procedure I should consider maintaining in order to play for income 'by the book'.

whew....

Second - I understand that Card Counting would increase your odds but I am looking to start without that since I obviously want to aquire a deep understanding of the game, as I know that such an understanding is a great base for future improvement. I also don't relish the thought of the worry that comes with that particular territory just yet. My question here is, 1 - Isn't card counting considered 'illegal' in Vegas, but according to the court it is 'ok' in AC, or do I have that altogether wrong. Some clarification into the risks of playing using CC would be appreciated. I know InterCasino schuffles the deck after every hand making CC worthless, but that brings me to my next question.

Third - I would more enjoy the prospect of playing for income in an online environment rather than going to Vegas or AC because of the advantages offered by the lifestyle associated with it. (i.e. no travel, no smoking, closeness to other responsibilities) There doesn't seem to be any reasoning I can find that suggests that playing online vs casino play has any effect on playing with BS, which I intend to do unless otherwise convinced. Am I correct here?

Fourth - A basic issue, that I need clarification on. Using BS on the game I am playing (8-decks, re-schuffle after each hand, Dealer stands on all 17s, Doubling after Splitting allowed, No re-Splitting, No Surrender,

[0bjectiv3]

sorry about that. I accidently hit submit.

anyway, as I was saying....

Fourth - A basic issue, that I need clarification on. Using BS on the game I am playing (8-decks, re-schuffle after each hand, Dealer stands on all 17s, Doubling after Splitting allowed, No re-Splitting, No Surrender, and only one card allowed after Splitting Aces) I should expect a 0.47% house advantage.
Correct? So I am correct in my assumption that the more i play the more I expose myself to that advantage. My issue is how I should structure my bankroll, session limit, and when i should consider multiple losses as a protracted losing streak. Step away when you're up and never bet more than your limit is what i've heard. Ive also heard advice that says have a bankroll of 400x your standard bet and play in sessions of 50x your bet. But in the end does it really matter? i've heard of people using systems that make $15-$17 an hour and just playing using time as a measurement. I am confused by these seemingly condraticting circumstances. Maybe clarification is impossible and I know I am not yet prepared to play for real, but before I do I'd like to understand this better. I plan to break down my income based on $/hr won when I keep records, but what should my play focus on.

and finially... Fifth - So many books so little time.... I'd prefer not to buy every blackjack book in existence, but I will of thats what it takes to win much more than that investment. Can anyone point in the direction of 2 or 3 essential books on the BS system or Blackjack on a whole? I haven't yet spent a dime on Blackjack and would like to better my odds at all stages, even the literary component.

In summary, I am looking to make this a longterm profitable venture that will be worth the investment in time. Realizing thats a subjective statement, I would like to improve my skills to the point where I can make a meager/moderate income so I can exist without the daily grind of an office job. My feeling is that this isnt easy and therefore isn't widely done, but I am willing to exert the discipline and control, weather the ups and downs, and generally do what it takes.

Thanks for your patience and any advice you may have. Be brutally honest, its the only way I'll learn.

[hiimdoug]

well, the first thing you should realize is it is impossible to beat blackjack without card counting... no matter what anyone tells you, whether it be progression betting or stop-losses/winnings, unless you’re able to put odds into your favor you will lose over time. So, that means you must go to a brick and mortar casino and count there.

Secondly as for books, I would suggest Professional Blackjack by Stanford Wong for an overall and in depth look into card counting. Or if you’re looking for something more simple go with KO blackjack (although I personally haven’t read that myself).

If you have any more questions ask away I’m sure myself, and the others (KenSmith especially) will be more than happy to help out!

[KenSmith]

A few thoughts on your questions, in no particular order:

If you want to make money in conventional ways playing blackjack, you'll need to be playing at a land based casino, and at a table where they do not use CSMs (continuous shuffle machines).

You seem to understand that you're playing against a house edge at Intercasino, but you don't seem to grasp the importance of that fact. The longer you play, the more certain you'll be a net loser. On a side note, Intercasino actually does have a game where card counting can work.

In their multi-player game, they deal 2 decks out of 8 between shuffles. It's about as poor a condition for card-counting as you'll find anywhere, but it's still better than shuffling every hand. I don't recommend anyone approach that game for profit without understanding the EV and variance involved. It's a risky game, requiring very large bet spreads to get a very small edge. One hint: If there is noone else at the table, you can leave and cause a reshuffle.

Book recommendations: I'll agree with hiimdoug on both counts. Wong's Professional Blackjack is an excellent place to start. KO is a powerful and simple system, and is a good way to get into counting. I'll add a new title to the mix. Kevin Blackwood's new Play Blackjack Like the Pros is a new and outstanding addition to the literature. All three are available here.

Taxes: Paying taxes on gambling winnings is in many ways no different than any other self-employment situation. You need to have a good idea of what your potential profit for the year is, and plan throughout the year to set aside some of your earnings to pay Uncle Sam his part.

Gambling does present its own set of tax difficulties. Unless you file Schedule C as a professional gambler, your total wins must be reported on the front page of your taxes while the offsetting losses must be reported as a line item on your itemized deductions. If you do not itemize, this is a huge burden. Marissa Chien and Jean Scott have published a very useful guide to gambling and taxes: Tax Help for the Frugal Gambler. The link takes you to the store at Huntington Press, the publisher.

[seeC]

It might be just me, but from the way I've read your post your making it sound like it's easy to win. If I discovered i grossed 35K I think I'd be rather happy, not worrying about taxes.
Anyways as stated above it can be done but not without counting, which still doesnt make it easy.

[hiimdoug]

yeah, good point SeeC... if you plan on accumulating an extra $35,000 to supplement your income, and assuming you start with a $3,000 bankroll, you’re looking at about 1,000 hours of play assuming you spend none of the winnings, and you also put your winnings back into your bankroll allowing yourself to have a higher bet spread. This is also under optimum conditions.

guess i missed this part in his original post...

Be brutally honest, its the only way I'll learn.

[FredMSloniker]

Originally Posted by KenSmith

A few thoughts on your questions, in no particular order:

If you want to make money in conventional ways playing blackjack, you'll need to be playing at a land based casino, and at a table where they do not use CSMs (continuous shuffle machines).

You say 'in conventional ways', and I'm curious what you mean by that. What unconventional ways are there to make money playing blackjack? (And is single-deck blackjack not a way to make money, despite the player advantage? Or is this considered an unconventional way?)

[KenSmith]

Less conventional ways of making money at blackjack would include hole-carding where you catch a glimpse of the dealer's hole card, or exploiting the occasional rumored vulnerability in the shuffling machine. There are others, probably including some I'm unaware of.

As for single deck games, it is rare to find a game that has a player advantage for basic strategy. There's one online, but speed of the game and maximum monthly withdrawal limits keep it from being your personal ATM. Land-based, there was a single deck dealt at the Horseshoe casino in Shreveport, LA which gave the basic strategy player a small advantage. I haven't looked lately to see if it is still being dealt.

[Kingfish]

Originally Posted by KenSmith

Land-based, there was a single deck dealt at the Horseshoe casino in Shreveport, LA which gave the basic strategy player a small advantage. I haven't looked lately to see if it is still being dealt.

The Horseshoe still offers one single deck pitch table at $25 minimum and up depending on demand.

[Scorcho]

I imagine they're watched like a hawk, though, 25$ single deck? Sounds like a trap to me.