Published: February 27, 2008 03:01 pm      

LANE: Cash out at casino while you can still cash in

Everyone has one of “those relatives” who just can’t seem to get enough of the casino.

You know the one — he/she refuses to walk away even when up big and (usually) ends up squandering hundreds in winnings. They’ll come at you with some reason like, “Well, I am still only down $50 for the night,” but part of you wants to kick them through the nearest window.

I — thanks in large part to a more restrained better half — generally walk away for the night after I doubled my money and/or reached a predetermined financial goal (or in simpler terms, “lost all my money”).

To be sure, playing on the house’s dime is a lot of fun. There’s little to no pressure to win when you’re up a couple hundred and you feel you can take all those silly chances you’re always tempted to take but refute.

Seeing as winning at the casino happens so infrequently, though, every player should take steps to make those rare profitable nights just that.

The easiest way is the aforementioned method. Sometimes impulses can be hard to control, so it’s good to take someone with you who possesses an ounce of restraint.

If my wife is not available to go with you, the easiest way to pick a partner is to watch “Deal or No Deal” with them. If they’re the one who keeps shouting, “Don’t take the deal, you idiot,” leave them home.

For those who don’t want to limit themselves before walking into the casino, you can pick a number to stop at once you’re ahead a certain amount. For example, if you reach a profit of $265, you can tell yourself to stop if you drop to $250 or $200. That way, you get to satisfy that little demon in your head telling you to keep playing, but you can still leave with some of the casino’s money.

On the other end of the spectrum, if you’re down, a good time to stop may be when you run out of money. No, I’m not stupid. What I mean is promise yourself no ATM runs or, if you don’t trust yourself, leave the bank cards at home. Take a certain amount of cash and leave it at that.

Also don’t be afraid to just leave if your night quickly turns south, regardless of any goals or targets. If the dealer gives himself five straight blackjacks, it’s just probably not your night. That’s not Monopoly money you’re playing with, after all.

The key to all of this is self-control. If you find yourself unable to put any limits on your gambling, you should consider “Guitar Hero,” mahjongg or some other hobby that won’t force you to choose between “mortgage” and “food” come the first of the month.

Even if it’s won money, it’s still yours once the jackpot comes. Remember to treat the cash that way.

•••

Federal requirements going into effect next week will require casinos and other poker tournament sponsors to report winnings of more than $5,000.

Effective Tuesday, the Treasury Department and Internal Revenue Service will require the reports in an effort to clear up confusion about tax reporting rules in poker tournaments, the IRS said in a release.

Under the requirement, winners will have to give tournament sponsors their Social Security number for reporting purposes or else face having 28 percent of their winnings withheld for federal income tax. Sponsors who comply will not have to withhold money, but those sponsors that do not file a report will have to pay any tax that should have been withheld.

By law, the IRS said, all winnings need be reported on income tax returns regardless of amount and of if any forms have been submitted by sponsors. Visit irs.gov for more information.

•••

The World Poker Tour recently announced its lineup for its first season on the cable network GSN.

The sixth season begins at 9 p.m. March 24 with the Mirage Poker Showdown from Las Vegas. The North American Poker Classic, filmed this past fall for a second straight season from Niagara Fallsview Casino in Niagara Falls, Ontario, debuts April 21. New episodes will debut every Monday night through Aug. 25.

WPT tournaments switched to the former Game Show Network this year after five seasons on the Travel Channel.

Contact editor Paul Laneat 693-1000, ext. 116,or lanep@gnnewspaper.com.