Topic: How to manage gambling winnings - page 15. (Read 2315 times)

It’s good to separate your profit in gambling and also your capital before you proceed in your next activity, we should always have this kind of plan because this is our guide in knowing when to stop. You can’t always have profit in gambling so better when you have the chance save some of it where you can use later on.

Honestly that's really smart in my opinion. I myself am just content with getting my wins, cause the way I manage my money for gambling is that I separate it entirely from my savings and expenses.

I gamble on a separate bankroll, and every win I get goes back to that particular bankroll, over time it's gonna lose money, so I top it up but for the most part I made a system where most of the wins that I am able to bag goes back towards the bankroll effectively topping itself up so I don't really have to waste money for gambling anymore. I think for people who can't help but blow their gambling money or couldn't help but spend their shit back to the casino where it came from this would be a very smart trick to implement in your gambling behavior. You integrate a win-loss mechanic that forces you to stop gambling after getting specific amounts of win or losses, and you're sure to either avoid losing more money for that particular run, or have your wins be saved.

There are instances where my bankroll goes over the initial amount and when that happens, I only ever take the extra off to treat myself to some food or when I feel like balling, something a little more expensive that I'd be able to use for a long time. Nothing too extravagant as I don't want to instill notions of "gambling for profit" subconsciously to my brain.

I've been addicted to gambling in the past and systems like these has helped me a ton in getting back up on my feet and actually still enjoy gambling while keeping things real and responsible. I feel like yours (OP) is better honestly, but this is what worked for me and I'm keeping it

The knowledge sharing was charged with the money now a days,specially the financial advice.Because the money was the return to the user for the financial advice,the gambling site was legally approved by the government.In such places the gamblers who earn the money need to pay the money as the taxes,if the gambler had earned the money.The taxes won’t be the biggest one for the gamblers,the gambling winnings will give the money to the gamblers.But the gamblers who don’t have enough funds because of their financial problems due to the gambling losses don’t have the money to pay the taxes to their government taxes for the gambling involvement.

I assume if I am a crypto gambler. I gamble using crypto such as bitcoin, stablecoins, or altcoins. And from each profit, I will save the profits into bitcoin and save it. I don't want to withdraw the money to the bank account immediately, but I will only withdraw enough money to fill my daily needs, remembering that I don't want to make my bank suspicious of where I got the money. I prefer to save the profits in the form of bitcoin as my investment, and if I gamble using stablecoins, I will buy bitcoin when I make a profit. Regarding taxes, I think there is some money I have to pay but not for the gambling I did, and it was immediately deducted from my bank account.

Each person will definitely know where their profits should be used. But some use the profits to celebrate with those closest to them. But some save their profits for the future, and it depends on their respective goals.

i believe some people will go to the bank where the interest is very low for convenience purposes. as they don't need to do anything but deposit their funds, it is very easy route for most. but yes, think of the percentage return after a year, and for me, it is also not profitable at all. if you have other path to take, better opt for another one. like investing in a growing business.


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.

What if not in the US can the strategy be applied in crypto casinos?
Gambling is never with fiat, my way is just easier crypto casinos.

If you are not using a crypto site then your strategy cannot be followed by others.
The majority here are crypto site users and they mostly avoid traditional casinos including myself.

So I myself don't have a concrete winning percentage because I know it's not easy, I'm not a professional in betting, I just like it when there is more money when I win, I will withdraw and enjoy it.
If we continue to look at the benefits of gambling for me it is difficult and cannot do it, often more lose than win.

How much profit can you earn from this account? 5%? I assume it's going to be something close to this, because even if they're offering you 10, you have to adjust for inflation and in many countries pay tax.
That's counterproductive, even if you want to keep the money safe. Getting bitcoin or even investing in bonds via ETF which many banks allow you to do would easily get you more than 10% a year.
It's funny when on one hand you're a gambler risking it all with every bet, on the other you choose a savings account, which is the most boring way of "investing"
if you can even call it that because these accounts will always put you at a loss since what they offer is always lower than inflation rates.

If you don't use crypto sites, why do you post this on a crypto forum?

You are maybe not risking your funds on such regulated sportsbooks but I doubt they will let you eternally make 100k a year from them. Your account will get restricted/limited soon if it's not already the case, unless you have an efficient tip against that. Could you explain us how do you avoid that please?

I'm not a successful sports bettor so these bets will remain as fun because honestly not being able to record good wins over a period of time let alone years, there's no bookkeeping whatsoever.

It's like you win consistently so being able to put aside 30% for two weeks is a good strategy in your betting because you can win and calculate the profit.

I don't have any strategy in gambling this will still be considered fun nothing more than that but if someone is able to do this then I say good move especially can save to the bank to get 4% APY return per year.

If I am like you then I will not put the winnings in a bank account because it is useless with an annual return while inflation is still high, I will choose another option where it is invested in Bitcoin as the best way to save money there.

If you are able to profit from gambling in a year's time period, why not invest the earned money into something more profitable than depositing it at a bank account to make only 4% APY, which will stay below the inflation rates of your country? You aren't making a great deal for yourself, rather it's only going to be benefical fof the government. You are saving money for the government without making any profits ftom your earned prize for you to enjoy. There must be better alternatives such as assets around, isn't there?

Depending how much profit you make from gambling, you could even invest in properties, so after one year, once you have to pay your taxes, it will have valued much more than the 4% paid by the bank.

Same here, im living on a country on which they arent that strict when it comes to your tax with your gambling winnings, the only thing that they would be concerned about is on the time that you would really be that making money and made out some huge deposit into your bank account then this is where those bells would be ringing and would be asking on where those funds came from
specially if it doesnt get that in line with the job or business you do have. Verifications would really be there and this isnt something shocking i should say.
If you do live on a place on where taxation in gambling earnings then having that 4% APR on which banks given would cover at least a portion of that but in overall
its not really that much if we do speak about yearly gains.

If I only get a small win, then what I do, I will immediately withdraw the initial capital that I previously deposited into gambling. And continued gambling and placing bets, from the small profits I had previously made. However, when I get a win that is quite large, I will immediately make a withdrawal and decide to temporarily stop gambling activities. I do this, so that the winnings can be utilized as well as possible and used for more meaningful things. Like, increasing the amount of savings, investment and buying things I want. And I did this, because if I continued playing the game and hoped for a bigger win than what I had previously, then there was a possibility that the winnings would be in vain. because I use it to pursue greater profits from gambling. And in the end a bigger win is not achieved, while the previous win is not utilized.

I'm talking about putting your profits into a US bank savings getting 4%APY instead of keeping it in a non interest bearing account which a lot of people do. Not sure you understand.




I don't place 1 sided bets which helps limit risky. I arbitrage sports bet and only used regulated sites in the US. So dont have to worry about sites stealing money.



I arbitrage sportsbet. Which you can have some negative return bets as the odds are always changing. But yes, I make money consistently every month because I take both sides of the bet.  I also only bet on US regulated sites so don't have to worry about the sites stealing money.


I think often times on this site since its crypto related, people talk about the scams. I only use regulated sportsbooks, so I am not worried about sites scamming. If you use crypto sites, this is not a good method. Only good if you live in the United States and are able to bet in your state. I don't use VPNs or anything like that.

I'm living in a country that does not define how to tax online casino players and I'm not making a profit from gambling so when I'm filing my taxes, I never include my gambling activity since there is no profit to declare, it's hard to save money for tax because there's no guaranty of profit from gambling.
There is popular gambling here in our country it's a lottery and our government will automatically deduct 20% of your winnings so I guess when you hit a jackpot there's no need to declare your tax, I don't know how many gamblers are so successful that they can allocate and declare it on their tax filing.
 

This seems like a good strategy and over time your savings will continue to increase year to year. The thing is, I'm not a great gambler so maybe I lose more than I win so it's quite difficult to calculate my income from gambling because there probably isn't any.

So far, all I can do to maintain my winnings is to withdraw my balance if I win, sometimes in whole or sometimes in part so that my winnings are not taken back by the casino. When it comes to managing winnings, I haven't gotten that far because my gambling journey, if calculated in total, is still a loss. Are you always profitable so you can save money every week? It sounds good. Can you share how you win consistently?

If what you claim is true, I will advice you to buy bitcoin with the money instead of putting it in a bank for little interest. However, you make gambling seems very easy to win and make profit form it which make it not real to me. If you gamble because of profit what if you don't make any profit, and run at loss. It is good that you use your wins wisely by investing into a business or buy something valuable for yourself. The fact remains, how often can we win the amount that we can use to start up a business or use to buy bitcoin. I only win very small amount of money because I gamble with little amount. I have seen people who claim to be gambling expertsthat ends up giving fake results to their friends and make them run at great loss. Gambling is a game that luck dominates more than skill.

So, this is the only reason you have created this thread? Why someone should trust you? You are just a random forum member without any positive feedback from the DT network. We are talking about gambling which is a financial-related thing and no one should trust a stranger with their money. It's an internet forum where do not know each other. How someone would trust you? Do you charge a fee for the service you are going to provide? If yes, create a service thread and offer how much you are going to charge and people will take care of it. But, if no, then you should write a tutorial about it so we all can be benefited from your resource. 

Seeing the title, I felt this thread was going to take a different direction but, am surprised at the turn it took but still, it’s a good move for sure. Especially as it is a problem in a society where taxe works so well but, it’s hardly the issue for most nations in Africa. You wouldn’t find most persons giving much attention to adopting this means with regards to taxe payment.
The turn on this part would be about, how to manage money especially in events that you’ve got a won bet.
Having to win a bet tends to motivate you to place more bets and that’s where the bad move usually is as, you tend to lose all your winnings eventually.

You mean the accumulation bets when you say not one sided bets or something else? Don’t exist within that territory though. Neither am I confident in other gambler’s prediction.

If you dont want to give it all back OP’s idea is a good one
Saving part of the profits every week or every month so you don’t deliver it all back to the market/house/casino
Reinvesting it all is probably not the best idea

Let's start with how you can make money in gambling continuously (I'm not even mention the amount).

For the last three years, US inflation rate exceeds 4%, it means the 4% APY in banks is useless. Even you use the current rate which is 3.25%, it means you only gain 0.75% before tax, saving your money in banks will resulting in lose instead of profit.

The conclusion is you're talk non sense, let's see if there was a stupid person want to use your service.