Do you know how to >> play craps<<
I’ll write about craps game

Sitting down at any table or slot machine that has an empty chair is acceptable, but remember these caveats when joining a game:
* Ask at a crowded table if a position is open. (For example, someone may have merely run to the restroom.) Craps doesn’t have chairs or stools, so sometimes you can’t obviously determine whether the table has room for you. If in doubt, ask the dealer closest to you or the stickman if the table has room for one more. Some blackjack tables have a sign saying No midshoe entry. At these tables, you need to wait until the shuffle before you can play.
* Some games are played in natural cycles. If the table you want to join has any big bettors, you should politely ask before jumping in mid-shoe or in the midst of a hot roll. Many players are superstitious, and if they have great runs going, they often prefer you wait. In blackjack, you hold off until the shuffle so you don’t break up the sacred order of cards. In craps, you wait until the next come-out roll.
* When you do sit down, you need to buy in (convert money to chips), unless you bring chips with you from another table. To do so, place your money on the table (but outside any betting areas) for the dealer to exchange into chips.

It’s a known fact that casinos typically report some activity to the IRS - but not all. In craps, for example, the house alerts the IRS with a Currency Transaction Report (CTR) when a player buys in or cashes out for $10,000 or more in one day. And in slots, the casino must complete a W-2G form, which includes the winner’s name and Social Security number, for wins of $1,200 or more. Casinos file the same form for keno wins of $1,500 or more.

Don’t waste your time begging casino employees not to fill out tax forms on you (either a CTR or a W-2G). U.S. laws require these forms, and trying to avoid them can land you in hot water. Casinos send the W-2G to Uncle Sam, and you get a copy at the end of the year. Make sure you include a copy when you file your return.

Hopeful gamblers may believe they only have to pay taxes on winnings that the casino reports to the IRS. Not true. All gambling winnings are subject to taxation, whether they come from a foreign country, the Internet, your neighbor’s poker game, a church bingo night, or a casino. Many players ignore this law, however, figuring Big Brother won’t find out about their small wins.

The IRS can conceivably obtain records from your favorite casino to determine your yearly win or loss, although I’m not aware of any such cases. But remember this principle: Underpaying your taxes is a crime. So even if your chance of getting caught is small, it’s not worth the gamble.

If video poker is your game of choice, you’ll love the Internet. Almost every site has a good variety of video poker games available and the interface is nearly identical to playing the real McCoy in a regular casino. Check out Chapter 13 for more on video poker.

Most forms of casino gambling, such as slots or craps, are considered fixed odds wagers, which means the payoffs can be calculated in advance, depend¬ing on the type and amount of the bet. Knowing their edge in advance assures casinos of the profits they need to keep serving you those free whiskey sours all day long.
Betting on horses is another story: The payoff for a winning wager in a horse race depends on how other bettors wagered on the same race. All the money wagered is pooled together and then split up among the winning bettors (after the casino takes its cut). So the greater the number of bettors who picked the winning horse, the smaller their individual payout, because the money has to be shared by more people. That system is the essence of parimutuel wagering, and it’s why the odds on each horse are constantly changing before the race.
The pari-mutuel environment can be confusing to beginners. Good handicap-pers not only judge horses but also constantly evaluate betting odds, attempting to get good betting value for their horse. In other words, they look for horses whose payout odds are higher than their chances of winning the race. (For more on handicapping, check out “Getting a Hand on Horse Racing: Handicapping Basics,” later in this chapter.)