John Daly Slots
John Daly has his own reality TV show, fans, endorsements. He drove to Las Vegas and lost $1.65 million in five hours, mostly at $5,000 slot machines, Daly said in the book. Says John Daly as he mindlessly feeds another pair of $100 coins into a slot machine at the Horseshoe Hotel and Casino in Tunica, Miss. Daly's feeling lucky. That morning he had shot a six-under 65 in the second round of the FedEx St. Jude Classic at the TPC at Southwind in nearby Memphis, lifting him into a tie for eighth. But John Daly's Murder Rock Golf and Country Club was not the only thing he'd show off to the local TV crew that caught up with him on a warm April day. His game of choice? Switch to Playing in Moderation: John Daly ($55 million) Between 1991 and 2007, professional golfer John Daly would go on multi-million dollar gambling sprees to Las Vegas. But he kept careful. The slot supervisor, Derrek, told us that there are no $5,000 machines at Ballys and to check Wynn, Bellagio and Venetian. We clarified to him that we were looking for the $5,000 slot machine that John Daly mentioned in his book - at Ballys Las Vegas. Derrek replied that, yes, John Daly does play here, but there are no $5,000 slot machines.
Who is the worlds most famous gambling addict? Probably John Daly. A sporting legend with a personality bigger than his gambling debts. There has been a hell of a lot written about him over the years so we have grabbed one of the most interesting perspectives into his gambling addiction that we could find. We hope you enjoy the read too!
John Daly Relied On Tax Records To Figure $90 Million Gambling Losses
You don’t think tax returns are handy?
Tell that to John Daly. Daly recently revealed that he ran the numbers and determined that his actual gambling losses were $90 million compared to $35 million in gambling wins. The numbers are so staggering that it shocked even him: he had only estimated the figures in prior conversation before deciding to review his tax records.
Daly’s net gambling losses over the period 1991-2007 totaled about $55 million. The famous golfer thought it was about half that, saying:
“We went through all my tax records to find out, because I really didn’t know, and it just came to that. I was shocked. I thought it might have been $20-25 (million), but I had no idea that it was $55-57 million. It’s crazy.”
Daly burst onto the scene in a big way in 1991 when the then relatively unknown 25 year old golfer managed a “zero to hero” win at the 1991 PGA Championship. He wasn’t even supposed to be at the tournament: he was the ninth alternate in the tournament, replacing Nick Price whose wife was having a baby.
As a college golfer, Daly had never won a tournament. As a kid, he taught himself to play, using golf balls he fished out of a pond in his native Dardanelle, Arkansas. And yet, he dominated the course, startling his competition – and perhaps himself.
His paycheck for that performance was $230,000 – nearly 40% more than he earned in total the year before. He didn’t keep his good fortune to himself, donating $30,000 of his winnings to the surviving children of a tourney spectator who had been struck by lightning and killed.
Daly’s generosity was perhaps only matched by his appetite for obsessive behaviors – like gambling and drinking – that would add to Daly’s colorful legacy. His drinking interfered with his play and his endorsements over the next several years. In 1995, he won the British Open, keeping him on the golf leaderboards. He became the only American golfer to win two major golf championships and numerous PGA championships but never participate in the invitation only Ryder Cup, prompting Daly to remark to a Canadian radio station, “I feel like I’m the Babe Ruth of golf… He always wanted to be a manager and he never got that chance. But it’s not something that breaks my heart or anything. As long as we hopefully win, that’s all that matters.”
Daly might have liked winning on the course but off the course, he just wanted the rush, win or lose. He said about gambling, “It was more about the adrenaline than the money … I loved the action.”
Sometimes, he lost more than a million dollars at a time. In 2006, he admitted that after losing a playoff to Tiger Woods, he drove to Las Vegas and gambled away $1.65 million in five hours. Over a nearly 15 year period, he threw away $90 million in losses on just $10,116,306 million in PGA tour winnings (and $35 million in gambling winnings).
Daly recognized, however, that those losses weren’t completely useless: he says that he kept detailed records of all of his big gambling sprees. That came in useful on those tax returns: while gambling winnings are fully taxable, you can also claim your losses.
John Daly Slow Motion
Winnings are reported on your federal form 1040 as “Other Income” on line 21, including winnings that are not subject to withholding. Federal income tax generally is withheld at a flat 25% rate on gambling winnings of more than $5,000 from any sweepstakes, betting pool (including payments made to winners of poker tournaments) or lottery, or if the proceeds are at least 300 times the amount of the bet. However, gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding: slot machines were one of Daly’s favorite targets. He admitted playing the $5,000 slots at the Wynn Casinos in Vegas quite often but says, “Now if I gamble, I play the $25 slots. If I hit something, I might move up to $100. But I don’t do what I used to do anymore.”
If you aren’t subject to withholding, you may need to pay estimated tax. If you don’t pay enough in taxes on your winnings through a combination of withholding or estimated tax, you may be subject to a penalty. That likely wasn’t an issue for Daly, who lost more than he won.
You may deduct gambling losses only if you itemize deductions on a schedule A. You claim gambling losses as “Other Miscellaneous Deductions” on line 28: they are not subject to the 2% limit. Unfortunately for Daly, you can’t report more in losses than you claim in winnings. You can’t use the net loss to offset other income or carry the loss forward or backwards to offset winnings in other years.
These are the rules for casual gamblers. You might think that Daly would qualify as a not-so-casual gambler but the burden to prove that you’re a professional gambler for tax purposes is pretty steep. Daly’s activities are less likely “pursued full time, in good faith, and with regularity, to the production of income for a livelihood” as outlined in Commissioner v. Groetzinger, 480 U.S. 23 (1987), and more believably, as a hobby. Just ask Daly. Despite tens of millions of dollars in gambling losses, Daly doesn’t seem to regret his behavior, saying, “I had a lot of fun doing it.”
Perhaps the most debated topic I’ve seen in ages is how much money is John Daly worth? This seems to be something that is highly debated, and if you follow golf like I do, you know the always entertaining daily has had his fair share of ups and downs over the years. Today I’ll address the topic of how much money John Daly has made, and of course, only he knows how much of it he has kept.
John Daly Clothing
What is Golfer John Daly’s Net Worth?
A man who has amassed a huge amount of career earnings on the PGA Tour and from endorsements has had a difficult shake of keeping it. Divorce is a crippling financial hit, just ask Tiger Woods or anyone else who has gone through it. Daly has gone through it many times, and while I won’t spend too much time on the exacts of each divorce, know that the process itself is mentally dehabilitating and will affect earnings as it’s a tough time in life.
Born in 1966, John Daly has made over $10 million on the PGA Tour, and much more through endorsements. However, according to an article on the Golf Channel, Daly estimates he has lost over $50 million of the money by gambling it away. This costly feat is an estimate that Daly thought was much less, but after he went through tax records he figured out that the sum surprised even himself, who played $5,000 slot machines at times, and even went as far as playing seven hands of blackjack at $15,000 per hand.
John Daly Endorsements
Daly has no shortage of people who want to throw money at the man who enjoys eating at Hooters and McDonald’s while he sips on Diet Coke. Count the Dallas Cowboys, Arkansas Razorbacks, Rock Bottom Golf, xBox 360, and many others as people who have helped him earn a ton of money off the course.
John Daly Divorces
John Daly Slot Machine
As I mentioned above, Daly has been divorced many times. At the age of 21, he wed Dale Crafton. After that, he wed Bettye Fulford. Reports state that he left her when he found out she not only lied about her age and was indeed ten years older than he thought, but she was also hiding the fact that she had a child! I don’t know how that slips through the cracks like that, but somehow, it did.
After that, Daly wed a model named Paulette Dean. Just four years later, they divorced.
Finally, Daly wed Sherrie Miller in 2001, only to have a much publicized dispute in a steakhouse which was detrimental to the marriage. It’s unknown when they split, but Miller reportedly has a huge rap sheet and got into a lot of trouble to the point where Daly earned custody of their child.
Obviously, divorce is expensive, and while I don’t care to know about the finances of his splits, lets just agree it didn’t help his portfolio.
Current rumors have him dating model Anna Cladakis, and she may be his fifth wife some day.
Reports have John Daly showing a net worth anywhere between $2 million and $20 million, but only he really knows! In any case, it’s not as high as Phil’s earnings.