Replies

I read in todays USA Today that he was playing $2500 per hand at Caesar's Palace in Vegas.

Also, from LewRockwell.com:

"Each casino must give a W-2G tax form on all wins over $1,199. In playing more than $8 million through the high-limit machines he played, Bennett would have received a very large number of W-2G tax forms to offset some, all, or more than he lost. And he would have been paid all wins under $1,199 without the tax record being given to him.

Newsweek stated that Bennett enjoys Video Poker. Playing Video Poker perfectly on fair-returning machines nets 99.5% to 102% over time. That means that, over the decade Bennett played, his $8 million wagered would have returned him anywhere from $7.95 million to $8.16 million dollars for the effort. In ten years time, therefore, he falls in the expected range of losing a maximum of $50,000 to winning $160,000. For a man who makes millions each year, these expected dollar returns certainly does seem to support his claim that it was a relaxing hobby he enjoyed 2 or 3 times per year.

Bennett’s own words, quoted by Newsweek, were, "Over 10 years, I’d say I’ve come out pretty close to even." The expected return from Video Poker would suggest that he was telling the truth."