Topic: How to manage gambling winnings - page 10. (Read 2315 times)

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

Good advice for those who likes evading taxes, but this part is where I don't quit follow, or I reject to follow because it doesn't sit well with me.

Sportbetting without any risks is like becoming the owner of the two sport teams that plan to go head to head with each other, where you only need to tell one team to lose for the other, can you pull this stunt? If NO, you should learn to put your money where your mouth fits.

There is no such thing as risk free gambling, it's impossible, if I am wrong you can show me some proof of all the games you bet on since 2023 and let's see the result, there is no way you wouldn't have lost few times already, maybe your games do turn out well, but it can't always go your way.

As much as I don't like that taxation thing, this is the truth, there's no way that we can ignore them but for me, I don't think I need to worry too much about the tax on my gambling wins because there's so few wins that it's really not that difficult for me to not worry about it and the online gambling in my country isn't taxed I think, I've been playing on this slots and a lot of unemployed people in my place are playing them and so far, no one is getting taxed for their winning although it can be debated that they're not really winning a lot, most of them are winning at most 5 digits in the local currency which isn't a lot when converted to dollar.

I am not from your country so I won't understand all about this. But I do think I understand where you are going at this. So save money in banks after you win it and see to it that the APY could cover the tax.
But then, you will need a new capital for your next gambling grind. So using your example, what if you lose $100 again in the same year while the other $100 is already sitting in the bank trying to make interest?
I know arbitrage gambling has a high chance of making a profit although it's low income but again, there will be possibilities of losses if a mistake is made.
Also, if the year-end is coming, is it time to stop because it won't yield the same way as the first ones did?

Yeah, it's true that taxes are confusing and those in position are the only ones who know how to calculate this. Perhaps a financial advisor would be a great help in this kind of matter. Up until now, I cannot even understand the taxes on my mortgage and property tax. I do like the idea though that you are trying to make more to almost equal the taxation rate by using the banking industry interest rates. But still, I don't think that would be enough to cover it all.

In my case, the amounts I bet are low. In some years when I won a lot I had money set aside in a savings account to pay the tax authorities, but it's not usually a big deal. Apart from that I have some deductions, which reduce the tax bill or even generate a refund despite having made a profit in gambling. And last year, for example, I closed the year with a slight loss, so I won't have to pay tax on gambling profits.

If they do not cash out and instead choose to continue gambling, it will pose a risk for them because they could lose all their winnings. After all, there will be a desire to increase the amount of winnings by continuing to gamble. It's not good for them that if they can cash out, they can enjoy their winnings and choose to rest for a while. They can continue gambling again after taking a break and it is worth doing because they can reduce their tension after gambling and win. Gamblers who win can find their greed increases and that can make them continue gambling again.

Gamblers will be tempted to continue gambling because they want a bigger win than what they have already gotten. If they do continue gambling, they should be aware that it will have consequences for them and they could lose the winnings they could have withdrawn previously. But because their greed tells them to continue gambling, in the end, they will only lose all their money, including their winnings. This is the temptation of gambling that will come to every gambler who can win, so we need to have good self-control so we are not tempted.

With their self-control, they will not be easily tempted to continue gambling, especially if they can win a large amount of money. They should be able to choose to stop gambling rather than continue gambling. Continuing to gamble does not guarantee they will win again, but they have a big chance of losing.

The house always wins- this is based on statistics alone that the more the person gambles, the more he risks his resources more due to the presence of house edge.

I like this comprehensive discussion about managing winnings- it also discusses the pros and cons of cashing out and cashing in at the same time while taking into account taxes, fees, etc. I feel like we should have more discussions with technical descriptions of each techniques for everyone's guide throughout their gambling journey.



This is what I call the cycle of gambling- our initial reaction whenever we lose is to recover those losses by gambling again. This creates a perception on the gambler that the only way to recover their losses is by gambling again, thereby creating an endless cycle of deposit/losing or winning at the same time.

The only way in order to prevent this cycle is to re-evaluate the situation and to STOP. That's it! Stop and accept the fact that you lost your money from gabling.

Not tax advice. But what I have heard is that if you're in my state. You can deduct loses up to the winnings but you can carry over losses. So if you bet $100 and win 100, and then lose $100 you're break even and wont owe any money. If you were to pay 30% of qauertly taxes on the $100 in profit prior, then you would get the tax paid at the end of the year when you have deductions. If you bet $100 and win $100, and then on Jan 1st 2025 you lose $100. You have to pay taxes on the prior years $100 and now you have a $0-100 for 2025 and if you don't bet again in the year, you don't have a refund because you can only deduct as an offset of winnings.

Does this make sense? Taxes are confusing and I am not a professional so I recommend talking to a tax advisor.

Keeping track of your taxes when you win at sports betting or casinos is an important part of playing responsibly. You're proactive and disciplined by planning to regularly set aside a portion of your income and buy more based on what you won the previous year. Sharing plans and ideas can help form a community that values smart money management and making smart decisions.

wait wait wait is winning on a gamble is also a taxable thing? I just heard it from you. What happened if you loss lets say 2000$ after winning 2000$ and you already tell the fed.

How to manage gambling winnings?

Simply after I win 2x amount of my initial deposit I usually just withdraw it to exchange or wallet half of it. So lets say I deposited 100$ and win 200$ Im gonna withdraw the 100$ and play with the winning money and If I keep win Im gonna withdraw sometimes half of it sometimes 25% and keep playing with my winning money

If you are playing with gambling with your funds which is directly into your bank account that's the time the banks have your track record with your gambling activity, and of course you cant avoid the taxes. Seems still good in my country they are not giving taxes to the people who uses cryptocurrency at this time.


Playing gambling is playing with risk so expect to win a large amount or lose most of your capital, if you lose you burn your total asset but if you win still have a small portion of your money you can take home if your country has a tax regulated. So still I guess ideal than nothing.

It takes strategy, ability, and a good knowledge of risk and reward, not just luck. Considering gambling a 'free' way to gain money is a myth. Many underestimate the discipline and awareness needed.

I admire your prudent gambling gain management. I consider gambling gains legitimate income. Its about respecting the work and ideas. You demonstrate financial savvy by carefully accumulating and using your gains. This is strategic financial management, not gambling.

Your insights illuminate career gamblers' lives. Like any job, it requires special abilities and discipline. This is often misinterpreted. Your perspective, treating gaming as a real business, deserves more acknowledgment. Society should honor professional gambling's ability and effort.

A matter of good decision making and a balance to how you will accept the outcome, just like what you said it's more on how you will choose the possible outcome, either you will stop and take the sure earnings or will push for much bigger profits, it's tough since we all know that inside gambling there's no assurance to whatever will be the possible outcome, more on luck and if it's not your time expect the worse and learn how to move forward and forget about what happen.

Easy as it is but when it comes to a huge amount of money, things is really different especially if you already have that chance to quit but to pick that option and follow your greediness, once you lose there's a big regret that will keep haunt you.

It's a two way results, because there is the tendency that if you don't cash out and continue gambling you might end up losing your whole profit and also if you don't cash out and continue you can still have luck and win a major but the risk involved is quite big but that's what makes you a gambler I guess. Many times where I been faced with the situation of cash out my little earning or continue gambling for the big profits but results have all ended sideways. So saving up those little cash-out is not a bad option too.

Exorbitant amount to be won or not, money is money, the means by which you got it doesn't matter once it is legal, we should not because we got money through gambling and started wasting the money. It is our money, it is our sweat and risk, so why treat it differently by people? Gambling is often viewed as a free means to make money, that is the same mentality that causes people to lose bitterly, and this same mentality is making them waste the money they gained from gambling which is supposed not to be so. For me, I do not withdraw money so fast in my gambling account, I accumulate my gains, and the gains could still be the money to save the day when I need to either fund another gambling account or I have exhausted the money in my "service account" for the month.

This doesn't often happen, but it does happen, maybe in about 3 months in a whole year. So, this money is still useful as I treat it seriously since it is my money and the initial capital that birthed that income was never stolen, I worked for it, so I see no reason why I should be wasting my gains in gambling. I wonder what people would say of career gamblers, if that is what they ever depend on as I know that many of them will be responsible family persons, they will never be wasting it anyhow. They will view gambling as a serious business and will be able to manage their finances through it conveniently.

In my opinion, we shouldn't record our gambling wins or losses, because it feels like it's not necessary and not important either, but if there are people who record their wins or losses from gambling, maybe they have a clear reason. And it's true what you said, I didn't note it myself, but if I were to remember then I could remember how often I lost during my week of gambling. because gambling must be done and enjoyed.

That's right, I think more people lose than win when they gamble and the final result is losing. I think it's natural for the OP to make a topic like this, because we have to manage our wins well because we rarely win, so we should be able to manage our wins well. As you said, winning consistently is just a myth, so when we win, we have to manage that win as best as possible. don't waste it in ways you shouldn't.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

If you find it quite difficult to win again, you can choose to stop gambling and leave the casino so that you don't lose the money you have won. And it's true that if you want to make money, you have to look for additional work that can also provide you with income. That would be more feasible to do than just relying on gambling because in gambling, we can lose money and it definitely won't be the same if we work to make money.

I never keep track of my gambling activities, but I usually remember if I lost or won last week, maybe I can estimate how much I lost or won in the last month, I just keep it in my head. I just enjoy my gambling, and I lose more often than I win.


Perhaps what is more important is discussing how to manage losses in gambling, because I also believe that more people experience losses than wins in gambling. Because winning consistently is just a myth, but losing consistently is very possible. Lol 

This might be good for those who want to know the results of their gambling every time they experienced a lot of losses or winning because to be able to overcome the problem that occur with what we playing all the time, it is important to always know the limits so as not to overdo it so that we don't experience big losses. I myself don't makes a complete calculation about managing my winnings in gambling because I don't use it every day and only use money that I can afford to lose so I don't care too much about how to manage my winnings.

Maybe if I use it every day I can manage my winnings but I don't want to take the risks of gambling every day so if I win if I lose then I myself will loss and it's not like I can manage my winning but how to manage my losses because of course I will think about money the missing one.
And I rarely win, even though I have experience it, but the win is not too big and I immediately withdraw it and don't think too much about managing it the win is not that much

It becomes more specific, about how to manage finances when you get a big win on gambling.
All must be thought about until tax payments arrive at investments outside of gambling that will provide positive value as assets for the future.

All of that really has to be thought about, no matter how small, it needs to be taken into account.
And if all is done, the final journey will end in savings for future needs.

I have experienced this, but the funds I get are not from gambling.
But from the increase in crypto assets, I earned to tens of thousands of dollars.

Everything is well managed so that no money ends up in vain.
Moreover, what is prohibited in my opinion is the profit that is put on gambling back, it will not provide profits in the end.