Topic: How to manage gambling winnings - page 14. (Read 2222 times)

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

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.

I don't trust banks and I don't save money in them but I guess I do understand where you are getting at this strategy. It's not like you have other options to save money from. That 4 percent APY though seems high. I mean, I have banked my money before, for 10 years if I remember correctly and I never find myself feeling any profits from it. The only ones who are making money are those who are using it to be invested in different forms while we get just the dust of those who used our money.

Anyway, gambling arbitrage. This is difficult unless you have good knowledge of sports betting, and strategies because this could go wrong if you pick the wrong pair. Anyway, I read this is legal although the profits could be long-term, but let's take into account that we are also being monitored when we are using local betting sites. For you, it's the US gambling sites. i.e. DraftKings? There will be a time when they may restrict your account because of the high withdrawal amount. This is for those who can bet regularly too and must have deep pockets to feel the profits. For low-budget sports bettors like me, I don't think I will be satisfied with small amounts using this kind of strategy. I'd rather just pick 1 and cross my fingers that it will win or try the parlays.

I gamble for fun, not profit, so I've never split my winnings. However, your attitude is respected. Setting away 30% biweekly and preloading 15% of last year's profits is careful and forward-thinking. Financial discipline and strategic planning are involved. How did you calculate these percentages? Does it just involve taxes, or are there additional factors? Choosing a high-yield savings account makes your money work for you even as it sits.

In my infrequent betting experiences, I've always considered victories a bonus, reinvesting in hobbies or splurges. But your plan makes me think a more systematic approach to any revenue, even casual gaming, may be wise. About foresight, right? Planning for future commitments and enjoying current advantages. How do you alter your plan in a good or bad year? Have you planned for emergencies?

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 article you shared lists Blockfi which is already bankrupt and Nexo which was ordered not to offer their earn products to US.

Choosing savings is all good specially after weighing in all your options.

You could buy US treasury bonds with low holding periods for a little more than this currently. I think holding in a savings account is a little better for me, then I don't need to think about anything.

Well I do understand what you're talking about.

I've explained holding fiat and only earn 4%APY won't give any benefit, it's better than keeping it without earn anything, but I did not saying we should hold fiat. If you keep insist to hold fiat, then this method gives better APY https://www.bitcoinmarketjournal.com/usdc-interest-rates/

But since trusting fiat, stable coin and centralized exchange aren't safe, better to hold Bitcoin and sell it when the price is high.

I probably wouldn't do something like that. It's good if you can send all $100K to a high yield account but we can all use the spendable $85K differently.

They are missing the whole point that it's already an earmarked money and you don't want to put it in any investment with higher risk. Have you thought of converting your USD to USDC and staking it on Coinbase? I can see from their homepage that they are giving 5.10% annual yield. I think the offer doesn't have any lock in period so you can withdraw it anytime you're about to pay your taxes.

It's true, in a casino what you should have is that, I sometimes play and it is difficult for me to have control of my coins at certain moments of the game because when I win, I feel very good, but when I am losing it is difficult Because I want to recover, not feel like I'm losing, that's a general feeling. I admit to the players who have a lot to do and those who play and can win and don't feel anything. I don't know how they can manage to have that great quality of game management. setimeintos and emcoines, and I even jump when I win.

Each person expresses their emotions and sometimes that is not bad, or maybe because of the emotions we compromise the money and even worse, we lose it, that is what we should not allow ourselves to lose by getting excited, what we have to look for is getting excited when we get excited. win, it's safer this way and you don't take risks, I know that when you lose you want to recover completely, but sometimes you have to accept that you lose in a casino, it's better before spending everything.

You shouldn't invest the money you pay the government. 4% APY is very nice and "risk free" since we have FDIC insurance in the US.



You can't really avoid it. I expect this to last for 3 years, and then I will only be able to bet small amounts for fun. Unless my state gets new books.




Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this.




 I have crypto and invest in crypto, but don't play on crypto sites because they often time scam, and betting with a currency that is fluctuating as much as crypto is not a good move for someone taking sports betting professionally. You can like crypto and understand that crypto casinos are not the way to go. (Assuming you can use regulated fiat sites)

Ok, so if I may ask..... What are you doing posting on a Crypto site, if you do not want anything to do with Crypto gambling? This is a "Bitcoin" (Crypto currency) discussion site.  

You also need to take into consideration the taxes that you have to pay on the interest that you receive from the Bank. In my country that is automatically added on the tax return, but you have to make provision for that in your strategy.  

I myself manage the winnings as best as possible, that's what I think, when I get a win, of course I will cash it in straight away without thinking, because in my opinion the best choice is to cash it out. If I still want to gamble, I cash out part of it equal to the capital I bet at the beginning, because by doing that, even if the gambling I continue results in losses, at least my personal money is still safe, and sometimes I will feel bored if I gamble. too long, then I will leave the gambling.

and in my opinion, many gamblers waste the winnings they have obtained. where when they have won in gambling they continue gambling without cashing out some of the winnings they have obtained. and on the other hand, they do this by increasing the bet amount because they think they can still win, therefore they increase the bet amount so they can get a bigger win. even though that is not a guarantee, because most likely you will only lose. So in my opinion, after winning, the best option is to cash it out, there is no other best option, because by cashing it out we can enjoy the winnings realistically.

Your tax planning and APY knowledge are outstanding. My take: Every two weeks, I put 25% of my gains in a high-yield savings account and some in low-risk investments.

In addition, I consult a tax specialist. This maximizes tax benefits and savings. A little expert counsel can maximize returns, in my experience.

I value community. Sharing strategies as we are here is vital. Im continually learning and adapting. I agree with you on regulated sports betting sites. Safe and responsible moneymaking is important. Maintain the conversation and encourage fun, sensible gambling!

Your advice is for allocation for paying taxes for winning in casinos, I don't think I can allocate any amount for taxes I'm on zero balance when it comes to this, only whales and VIPs can do this tax thing all gambling winnings are allocated for my next bankroll so I don't have to make a cut in my salary so far in my 4 years of playing I have not paid my taxes for gambling, my country is not strict to this so I would I care.

In all my years of playing I have never filed or included my gambling in my income tax, because if I compute it for a year of playing I will be in deficit, I'm not good in gambling luck based or sports betting.
This applies to profitable sports bettor or any casino player and we don't know if they will include this in their income tax, I will only include if I win a big jackpot that I think will cover all my losses for one year.
Here in our country our Tax bureau is not strict to gamblers they are more strict to big companies and wealthy individuals so even if I file or not, it will not matter to our tax bureau.

Earning interest probably beats many other investments lately. 5-5.5% annual interest is pretty dope already and Binance gives you way more for your USDT. (real time apr + bonus is rate 12% right now) Why would anybody invest to expand their business when they can expand their money by 10%-15% doing nothing nothing? If the OP puts his $100k on Binance, he will make ~$10k+ in a year which covers the most of his tax payments. All of that will change when the FED starts dropping the rates. Then the asset prices will go boom again and the inflation will be much much higher than what it used to be.

        -   Before gambling in a casino, you must have self-control and self-discipline. Because these two, if managed correctly, will surely win, he will find a way to stop and come back later.

Second, the amount of money that you gamble in any casinos that we enter should also be limited. In this way, we can show that this is a characteristic of responsible casino gamblers. And we can also help ourselves become a habit that is good for us too.

Managing gambling winning is another thing that gamblers should look to. Most people lavish their winning because they see the money won as a bonus. They mostly have forgotten how much they have lose to gambling before they won.

Nice hustle on pulling in up to $100k from gambling! Saving some for taxes and having a stash for the rainy days is a solid move. We all know gambling has its highs and lows, so having a financial cushion keeps things smooth even when luck takes a break.