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set a limit on his games/winnings such that he left the
casino once he made a twenty (20%) percent return on
his money.
Petitioner also argues that he bought a slot machine, spent a
significant amount of time studying how the “chips” and cycles of
slot machines worked, subscribed to a gambling magazine, and read
“probably about 20” books on playing the slot machines.
Petitioner’s efforts and strategy are consistent with the
desire to win money playing the slot machines. However, we find
petitioner’s desire to win money and his strategy for doing so is
also consistent with gambling purely for its entertainment or
recreational aspects. The time petitioner spent and the strategy
he developed, by themselves, do not establish petitioner was
engaged in the trade or business of gambling.
Petitioner testified he maintained daily records of his
gambling activity and argues on brief his record keeping is
indicative of a trade or business. Petitioner did not provide
respondent with these records, nor did he introduce the records
into evidence. Given the lack of evidence, we do not find that
petitioner maintained daily records of his gambling activity.
Petitioner argues that he spent “approximately 2,206.5
hours” gambling at various casinos, “where he focused primarily
on slot machines such as the ‘Double Diamond’”, and that the
amount of time devoted to his gambling activity is indicative of
a trade or business. Petitioner relies on a schedule of gambling
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