How to manage gambling winnings - page 13.

Assface16678

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Quote from: the rise on January 14, 2024, 01:40:30 PM

Quote from: vs2014 on January 14, 2024, 12:19:37 PM

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

if I were in his position I would make a business to increase my income, there are many ways to manage winnings, investing in crypto is also good but in everyday life having a business will be more promising, different from the online world which is full of mystery, don't know what what will happen especially lately there are a lot of hackers, at least share 50% for real business 50% crypto investment

its easier than said, I would also consider to build or start a business from the winnings in gambling or some portion of the winnings will be dedicated for starting a business for long term income right? but is it easy to a business? No there's always a risk you see if a person will just open up a business without any knowledge on how to manage an actual business or any background about financial things and how to run a business efficiently then it will only raise the level of the risk.
I'm not saying that anyone who wants to build a business should have a degree in a business-related course. What I'm saying is that if we are suggesting building a business, we should also say that it will not be an easy thing. But yeah, it's a good alternative if a person can't handle the stress of investing in crypto.

blockman

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You have a good period of when you're doing your tally with your profits, so if you're tallying every 2 weeks on how much profit you've made and putting that directly on your savings with APY, that's good. I assume that you have emergency fund already and that's why you don't think of it and you're mostly going to repeat and rinse it until you make your bank a lot of money. And with all of the info you have said, you're supposed to be doing this as a full time, correct?

Quote from: Oilacris on January 14, 2024, 03:47:35 PM

You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.

Not just for the other day of gambling but every time they make some wins, it's important to keep even just a bit of it. Think of it as your remembrance for winning.

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Quote from: famososMuertos on January 14, 2024, 04:38:54 PM

Each country have its conditions and obligations, in my case, the profit from gaming is stipulated for an amount won on a year, these amounts are actually for companies that are dedicated to the betting industry, because as a player you already We would like to be within those limits, and in the case of lotteries they are tax-free.

Gambling is encouraged, and several countries in the region are managed similarly, which by the way is a way to pay less if you are a high-profit player, hence is good idea to look for a country that offers those advantages.

This is an interesting topic, but the truth is that the rules and applicable tax laws wildly vary across countries. It can also depend on whether or not someone is classified as a professional gambler or not, which means the whole financial picture comes into play. If someone earns the majority of income with gambling, then it could be considered the same way a job is considered and a player owes tax of course. It can be a pitfall if someone is unsure, doesn't save any of the money and then reports it believing that a low tax bracket applies (or no tax at all). So better find out in advance what the most likely tax burden would be.

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Each country have its conditions and obligations, in my case, the profit from gaming is stipulated for an amount won on a year, these amounts are actually for companies that are dedicated to the betting industry, because as a player you already We would like to be within those limits, and in the case of lotteries they are tax-free.

Gambling is encouraged, and several countries in the region are managed similarly, which by the way is a way to pay less if you are a high-profit player, hence is good idea to look for a country that offers those advantages.

livingfree

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I think regardless of how much you're making through gambling, what I see is on how you are managing it. Since the topic is managing the winnings, you're doing it properly and nicely.

While the other gamblers when they're able to make some, what they do is they're completely gambling again with the entire winnings that they have leaving the bankroll or the opposite.

That is the main thing why many are left with negative thoughts after winning because they don't have a plan on what's going to be their next move after winning.

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Quote from: Xxmodded on January 14, 2024, 03:34:18 PM

Interested earn sharing by OP but I don't sure keep consistency on the winning trend exactly in sport betting, I have much experienced with sport betting exactly in football match and I know have many unpredictable result and I doubt with story of OP how easily manage the winning in sport betting.
But you have good planning with manage gambling winning not greedy all in for betting, good ideas when winning amount spent few percent withdrawing to the bank and use fund left for betting but what happen if losses will you deposit from your saving or amount have withdraw to the Bank? Usually for gambler after winning will withdraw but another losses get back their withdrawal for depositing in gambling again before losses all their fund.

If I don't earn as much this year then I could withdrawal from the bank to represent my current tax labilities. Is not like I have lost the money by putting it there.

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Quote from: Docnaster on January 14, 2024, 02:37:34 PM

Quote from: ethereumhunter on January 14, 2024, 10:16:47 AM

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

Managing gambling winnings is not all about withdrawing all the money in the gambling account after winning because I've actually seen someone who after withdrawing all the money he won from his account, still ended up putting them all back, lost them and still added more to it. Managing our gambling winnings I think is to carefully and wisely put our winnings to good use.

So as a gambler when you win, the best thing to do is to bring out a certain amount of money from your gambling account and then leave a little amount for further gambling use. The ones that was withdrawn should be immediately put to good use or be invested in a platform that it won't be easily withdrawn again for gambling purposes

Withdrawing doesnt mean success on which its true and i have experienced this stuff on which on the time that you would really be able to withdraw and dont able to purchase up something or invested it up on buying some coins then you might be ending up on depositing back it again specially if you havent that filled your gambling leisure time and this is based up on real experience too.
It might that sounds easy to have those kind of pulling of funds but on the time that you are on such condition or situation then it would really be that too hard on doing such those actions.
Its never been that recommended though on having those all in type of betting all the time. You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.

Xxmodded

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Interested earn sharing by OP but I don't sure keep consistency on the winning trend exactly in sport betting, I have much experienced with sport betting exactly in football match and I know have many unpredictable result and I doubt with story of OP how easily manage the winning in sport betting.
But you have good planning with manage gambling winning not greedy all in for betting, good ideas when winning amount spent few percent withdrawing to the bank and use fund left for betting but what happen if losses will you deposit from your saving or amount have withdraw to the Bank? Usually for gambler after winning will withdraw but another losses get back their withdrawal for depositing in gambling again before losses all their fund.

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Quote from: TimtheYoutuber on January 13, 2024, 09:52:55 AM

If you're a profitable sports bettor or any casino player, you should make sure to save money for tax time.

Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.

I also will preload 15% of the prior years winnings into the account, so that I have a good baseline for expected tax. For example, If I made $100k the prior year, I would put $15k at the start of the next year, so that I am earning 4% APY with the money I expect to pay in taxes when I make another 100k. (I will also add 30% of the profit per 2 weeks like mentioned above)

This means you are a profitable gambler unlike many here that sees gambling just as a way of losing money. I have continually stated that many people are making decent money from gambling, at least a know a lot of them. Glad you put this out so others will know that there are HUMANS that actually win gambles.

Quote from: TimtheYoutuber on January 13, 2024, 09:52:55 AM

What are your strategies?

There is no tax for gamblers in my country. Unless you are gainfully employed or you own a registered business, you are not taxed, not in crypto or gambling or anything. It's actually a nonchalant attitude on the side of government which somehow makes the citizens relaxed.

Quote from: TimtheYoutuber on January 13, 2024, 09:52:55 AM

Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.

I don't think I agree with you on this because their are many reputable casinos that accept cryptocurrency. They are even dominating the gambling industry so if you are still stocked in the old ways, then that is your choice. Crypto has come to change a lot of things and gambling is just one of them.

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Quote from: ethereumhunter on January 14, 2024, 10:16:47 AM

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

Managing gambling winnings is not all about withdrawing all the money in the gambling account after winning because I've actually seen someone who after withdrawing all the money he won from his account, still ended up putting them all back, lost them and still added more to it. Managing our gambling winnings I think is to carefully and wisely put our winnings to good use.

So as a gambler when you win, the best thing to do is to bring out a certain amount of money from your gambling account and then leave a little amount for further gambling use. The ones that was withdrawn should be immediately put to good use or be invested in a platform that it won't be easily withdrawn again for gambling purposes

AYOBA

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Your suggestion seems great, but the problem with gambling is that it's difficult to take off a portion of what they winnings and keep some percentage, regardless of how much them earns when they wager. Because even if some people win before they get the money, they have a plan in mind for how they will spend it.

However, some people become so accustomed to gambling that, whatever they win, they will not withdraw it instead, they will use it to wager in other games in order to increase more profit.

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Quote from: vs2014 on January 14, 2024, 12:19:37 PM

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

The author of the starting post believes that a deposit in a bank will give him the opportunity to pay taxes on winnings, but he did not take into account the fact that inflation can be greater than profit, that’s the dilemma.
And another important point is that losses are also taken into account, so perhaps there will be no need to pay taxes .There is a very cunning system, if this is a physical establishment, then you can receive the prize immediately with taxes deducted, as far as I understand, but online you will need to fill out the declaration yourself.

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Quote from: Westinhome on January 14, 2024, 01:51:22 PM

Quote from: ethereumhunter on January 14, 2024, 10:16:47 AM

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

The gambler should withdraw their winning at the right time or else it leads to the loss in the gambling site.The gambler can make the huge win in the gambling site by the correct prediction in the gambling site.The casino will give the more winning dollars in the gambling site as like the Jackpot Lottery games in which many people earning huge dollars in the real world by the offline gambling.The gambler mostly loss the winning when they get the greedy to get more money from the winning maximum bet.After the winning the gambler get more confidence in their gambling betting.So they will try to solve all the problems in one betting leads to complete loss.

in my personal experience, if I don't withdraw my winnings, my hands will itch to reach the minimum withdrawal amount. I will be as quick as possible to reach the minimum withdrawal, my nature is like this which generally makes me suffer, that's why I register on a casino site that has low minimum withdrawal requirements, I would feel comfortable there

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Quote from: ethereumhunter on January 14, 2024, 10:16:47 AM

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

The gambler should withdraw their winning at the right time or else it leads to the loss in the gambling site.The gambler can make the huge win in the gambling site by the correct prediction in the gambling site.The casino will give the more winning dollars in the gambling site as like the Jackpot Lottery games in which many people earning huge dollars in the real world by the offline gambling.The gambler mostly loss the winning when they get the greedy to get more money from the winning maximum bet.After the winning the gambler get more confidence in their gambling betting.So they will try to solve all the problems in one betting leads to complete loss.

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With every win I got, I make sure to atleast secure 50% of it for that day and maintain my betting deposit for the next day or time that I would be playing. I put it in my discipline that not because I won today, it would already mean that I will be spending more the next day. Why? winning will never be certain and increasing your bankroll for that particular time you would be playing, won't increase in an assured manner, your winning tendency. In the long run, this is helpful especially to those who are hoping to be rich from gambling industry. This won't also work to all of us therefore as a gambler you are free to choose whether to copy it or not or to create your own; we have different tolerance and are living under different circumstances as well, therefore my strategy that time turned out to be beneficial to some so never hesitate to check things on which amount should be placed. On the other hand, they are not just for urgent work.

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Quote from: vs2014 on January 14, 2024, 12:19:37 PM

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

if I were in his position I would make a business to increase my income, there are many ways to manage winnings, investing in crypto is also good but in everyday life having a business will be more promising, different from the online world which is full of mystery, don't know what what will happen especially lately there are a lot of hackers, at least share 50% for real business 50% crypto investment

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Quote from: AmoreJaz on January 13, 2024, 04:22:32 PM

that is the statement that i don't agree with. using crypto sites especially the top reputable and legit ones, won't steal your money for nothing. just look at the top casinos and bookies found in the forum. do they have existing large withdrawal issues? nope. but if you are violating some of their terms, definitely, they will get a hold of your account and maybe freeze your bankroll for the moment. but once you clear things out, they would surely release your funds.

You don't know what you are talking about IMO, why they are based in offshore locations and don't try to register in legit regulated countries instead? If they were operating from countries with good consumer protections, they couldn't lock accounts from their customers without giving any evidence of real cheat like what they're mostly doing, otherwise they would be quickly sanctioned by authorities. In my country fiat regulated bookies, couldn't do one tenth from what I read here without being closed and their owners put in jail. Those so-called terms violations are BS 99% times, and it's the scheme massively used by 1xbit for stealing player's funds btw. It's not the same thing with crypto casino-only platforms though, except scammy ones, they are usually fair and honest since it's not possible for players to beat the house for long unlike bookies.

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After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

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Quote from: Rufsilf on January 14, 2024, 11:44:43 AM

Howdy! It's a smart decision to set aside a portion of your winnings to offset any tax issues if you win up to $100k in gambling annually. This indicates that you are a consistently lucrative gambler. I guess when tax season rolls around, this will help you stay out of financial surprises. Setting a budget, however, that accounts for both your regular income and spending and your gains from gambling is also quite crucial. Finally, why don't you think about allocating a certain percentage of your winnings to investments and savings? You may secure your financial well-being and create growth prospects by investing for the future and developing an emergency fund.

This thread was mainly to talk about the tax portion of it. I invest some of the winnings into other ventures and crypto

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Howdy! It's a smart decision to set aside a portion of your winnings to offset any tax issues if you win up to $100k in gambling annually. This indicates that you are a consistently lucrative gambler. I guess when tax season rolls around, this will help you stay out of financial surprises. Setting a budget, however, that accounts for both your regular income and spending and your gains from gambling is also quite crucial. Finally, why don't you think about allocating a certain percentage of your winnings to investments and savings? You may secure your financial well-being and create growth prospects by investing for the future and developing an emergency fund.

Topic: How to manage gambling winnings - page 13. (Read 2316 times)