How to manage gambling winnings - page 2.

wiss19

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Quote from: Shishir99 on February 17, 2024, 03:01:48 AM

I guess we all had a moment when we lost our entire balance and then regretted it because we were in a good position. We regret that we could have stopped when I had a $20 profit. But, I wanted to make another $10 or so, but later we busted the entire balance. I guess every gambler had such a moment. It happened to me at least 10 times or more. We understand it only after we lose the entire balance.

This is why it's important to have a goal when we gamble. We should have a stop-loss limit in gambling as we have stop-loss in trading. But, your gambling stop loss should be yourself. No casinos would implement such a feature because they want us to loss.

What's funny is that goals and plans don't work at that exact moment when you have the balance in your hands and your greed keeps tickling you in your mind to keep pushing and you can increase the balance, lol Grin

. The realization hits you hard when you are halfway through your balance and only have a half remaining but at that point, you tell yourself that there is no returning from here, either win more than how much you had or lose it all, and you lose it all eventually Grin

.

It's all about self-control, I do manage to control my emotions sometimes when I'm at such a situation, but I have to admit that I can't do it all the time and sometimes I give up against the urge to gamble a little bit more and that little bit causes me the entire balance, profits and the initial bankroll.

hedgeh0g

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Quote from: EarnOnVictor on February 19, 2024, 01:18:07 PM

This looks like a good plan and I must confess that I love it as well. But in my case, I prefer to do it a bit differently from yours, though it doesn't matter as we are still not wasteful but creative about our gambling winnings, which is what matters most. To be honest, I've not been so serious about my gambling winning, but this year, I think I will be. Initially, I often stored the money in my gambling account for as long as I could, and I could use the one with good funds to fund the one with no funds or a new one I was trying out. I also use it for some travelling and tours, but nothing has been kin toward investment.

Now, on reading your post, I believe that it's time that I take my gambling winning seriously. I don't have issues with winning with my sports betting, so I can do this. I will only try to accumulate as much as possible funds to be able to make good investments with it. I will not immediately withdraw my money like many advised on this thread, but set a goal, and when the accumulation hits the goal, I can shift it to crypto investment, and buying land and properties.

I can always see this and ever be happy about what gambling has done for me in spite of how some people talk badly about it.

Apparently luck comes to you more often than others, I can only be happy for you. Of course, it is worth managing the money you win wisely and slowly, because this determines how comfortable and good our life will be in the future, as well as our children. I would definitely invest some of the money in real estate, and the older the player, the greater the percentage of the total winnings, but approximately it would be about 50% at the moment. I would invest the remaining 50% in cryptocurrencies, with 25% specifically for holding BTS and ETFs. And the remaining 25% I would try my hand at trading, and I well understand that this is very high risk, but I would still do it.

EarnOnVictor

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Quote from: Pierre 2 on February 19, 2024, 12:46:01 AM

I think its best to leave some winnings behind to generate money for your future. In my case I would at least deposit %25 of profits to stock market based funds, in our country funds have %10 tax at Maximum. Hell %0 if you invest in national stock markets which is awesome. I would spend like another %25 and final %50 would return back to online casinos or betting websites. I just like turn my money into more and more gains.

This looks like a good plan and I must confess that I love it as well. But in my case, I prefer to do it a bit differently from yours, though it doesn't matter as we are still not wasteful but creative about our gambling winnings, which is what matters most. To be honest, I've not been so serious about my gambling winning, but this year, I think I will be. Initially, I often stored the money in my gambling account for as long as I could, and I could use the one with good funds to fund the one with no funds or a new one I was trying out. I also use it for some travelling and tours, but nothing has been kin toward investment.

Now, on reading your post, I believe that it's time that I take my gambling winning seriously. I don't have issues with winning with my sports betting, so I can do this. I will only try to accumulate as much as possible funds to be able to make good investments with it. I will not immediately withdraw my money like many advised on this thread, but set a goal, and when the accumulation hits the goal, I can shift it to crypto investment, and buying land and properties.

I can always see this and ever be happy about what gambling has done for me in spite of how some people talk badly about it.

mammusu

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Quote from: boty on February 19, 2024, 03:51:23 AM

Quote from: Poker Player on February 19, 2024, 12:49:21 AM

In my case I don't worry too much because the profits I have from playing poker are not excessively high, and I also have tax deductions that compensate me for those profits. I also have a good emergency fund and sinking funds to draw from if I suddenly have a high bill.

If you already have funds for emergency needs then you will be able to use your gambling winnings for things you want and don't need to think about anything because you already have the funds you really need when you have emergency needs, but for those who don't have funds for emergency needs Of course they have to use the winnings they get well so that they can manage it well and if they can manage it well of course this will make them have funds whenever they have the desire to gamble.

Having funds for emergency needs is undoubtedly crucial for financial stability, but there are potential risks and drawbacks associated with relying on gambling winnings, regardless of whether emergency funds are in place. Gambling winnings can be inconsistent and unpredictable. Even if someone has a streak of luck, there's no guarantee that it will continue in the future. Relying on gambling winnings for discretionary spending could lead to financial strain if those winnings dry up or decrease significantly over time.

Gambling inherently carries a degree of risk. Even skilled players like yourself in poker can experience losses. Dependence on gambling winnings for non-essential expenses can lead to financial insecurity and even addiction if not managed carefully. While having emergency funds provides a safety net, Relying solely on gambling winnings for discretionary spending may expose people to unnecessary financial risks and instability in the long run.

Shishir99

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Quote from: klidex on February 18, 2024, 11:02:08 PM

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We all could suggest what to do and what not to do. But, How many of us follow these suggestions? I usually suggest to others not to deposit any big amount not to place big bets and not continue when they are losing. But, you would laugh after hearing that I do these things myself and then again, I suggest others not to do these mistakes Cheesy

This is one of the reasons I have been trying to exit gambling and I would say I am kind of successful. I did not gambled any big amount of money for a while. I will gamble only for entertain purposes from now on.

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Quote from: Pierre 2 on February 19, 2024, 12:46:01 AM

I think its best to leave some winnings behind to generate money for your future. In my case I would at least deposit %25 of profits to stock market based funds, in our country funds have %10 tax at Maximum. Hell %0 if you invest in national stock markets which is awesome. I would spend like another %25 and final %50 would return back to online casinos or betting websites. I just like turn my money into more and more gains.

If you have that confidence and you fully trust your skills taking that shot might work, I do understand that trying back your luck and duplicate the previous outcome can be done though no assurance at all, it's more on how you really understand the game and how you see your potential, the good catch is you still placing portions of your winnings to investment.

Which will generate additional growth while you are still trying to make more money out from your gambling activities, just make sure that you won't withdraw those investment if you lose which most of the time a gamler wrong decision when they start losing, they transfer back the money and lose it back to the house.

Oilacris

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Quote from: boty on February 19, 2024, 03:51:23 AM

Quote from: Poker Player on February 19, 2024, 12:49:21 AM

In my case I don't worry too much because the profits I have from playing poker are not excessively high, and I also have tax deductions that compensate me for those profits. I also have a good emergency fund and sinking funds to draw from if I suddenly have a high bill.

If you already have funds for emergency needs then you will be able to use your gambling winnings for things you want and don't need to think about anything because you already have the funds you really need when you have emergency needs, but for those who don't have funds for emergency needs Of course they have to use the winnings they get well so that they can manage it well and if they can manage it well of course this will make them have funds whenever they have the desire to gamble.

There's no such thing about enough fund when we do speak about emergency fund, as much as possible it would be best that you should save and save.

boty

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Quote from: Poker Player on February 19, 2024, 12:49:21 AM

In my case I don't worry too much because the profits I have from playing poker are not excessively high, and I also have tax deductions that compensate me for those profits. I also have a good emergency fund and sinking funds to draw from if I suddenly have a high bill.

If you already have funds for emergency needs then you will be able to use your gambling winnings for things you want and don't need to think about anything because you already have the funds you really need when you have emergency needs, but for those who don't have funds for emergency needs Of course they have to use the winnings they get well so that they can manage it well and if they can manage it well of course this will make them have funds whenever they have the desire to gamble.

Poker Player

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In my case I don't worry too much because the profits I have from playing poker are not excessively high, and I also have tax deductions that compensate me for those profits. I also have a good emergency fund and sinking funds to draw from if I suddenly have a high bill.

Pierre 2

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I think its best to leave some winnings behind to generate money for your future. In my case I would at least deposit %25 of profits to stock market based funds, in our country funds have %10 tax at Maximum. Hell %0 if you invest in national stock markets which is awesome. I would spend like another %25 and final %50 would return back to online casinos or betting websites. I just like turn my money into more and more gains.

klidex

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Quote from: Shishir99 on February 17, 2024, 03:01:48 AM

Quote from: Dewi Aries on February 16, 2024, 06:20:48 PM

Simply put gambling addicts will never be satisfied with whatever amount they manage to win, because this is a typical gambler where when they win they will be greedy and when they lose they will be even more curious, so there is absolutely no good situation for them, and I think they are just waiting for the time to finally run out of all the treasures they have and only then can they usually realize when they really feel deep trauma.

I guess we all had a moment when we lost our entire balance and then regretted it because we were in a good position. We regret that we could have stopped when I had a $20 profit. But, I wanted to make another $10 or so, but later we busted the entire balance. I guess every gambler had such a moment. It happened to me at least 10 times or more. We understand it only after we lose the entire balance.

This is why it's important to have a goal when we gamble. We should have a stop-loss limit in gambling as we have stop-loss in trading. But, your gambling stop loss should be yourself. No casinos would implement such a feature because they want us to loss.

Only a few, of the facts are that there are some gamblers who do not go beyond the limits so as not to cause a loss of economic balance caused by gambling, people like that are just people who think too greedily and believe they can win more money from their gambling so without realizing it they actually lose all the money that they had until they finally regretted it. If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

The goal of gamblers is to win and make a profit after that they can make a decision whether to continues gambling to get more but instead lose it all or it is better to cash it out so that they can manage the winnings well and use it to supplement your needs or keep it in your wallet to gamble again anytime and don't spend it just 1 time on a gambling site.

slapper

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Quote from: southerngentuk on February 18, 2024, 12:21:55 PM

Starting a business requires planning, hard work, and calculated risks. Gambling, on the other hand, relies heavily on luck and chance. Waiting for a big win to fund your business is like building a house on sand – it might hold for a while, but a single storm can bring it all down. Even with the best intentions, the allure of gambling can be strong. A big win could easily be used for another round of bets, leaving your business dreams in the dust. Remember, self-control is crucial, and gambling can be a slippery slope.

The longer you wait, the more opportunities you lose. Someone else could snatch your business idea, valuable time slips away, and your momentum dwindles. Starting small and gradually building your business gives you valuable experience and allows you to adapt as you learn. Building a successful business is a marathon, not a sprint. Relying on a one-time windfall for funding creates an unsustainable model. Start small, reinvest profits, and focus on building a solid foundation for long-term growth.

You mention self-control correctly. Proactive vision goes beyond rejecting temptation. Rolling the dice with your future? That's dangerous and risky

Your idea may be stolen. However, implementation is equally as important as idea. The real game is there. Persistence, adaptation, and willpower are needed on the battlefield. Starting small is war strategy, not counsel. Profit reinvestment, solid foundations? Empires are built that way. Our goal is to climb the mountain of purposeful, hard-won success, not just avoid gambling

southerngentuk

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Starting a business requires planning, hard work, and calculated risks. Gambling, on the other hand, relies heavily on luck and chance. Waiting for a big win to fund your business is like building a house on sand – it might hold for a while, but a single storm can bring it all down. Even with the best intentions, the allure of gambling can be strong. A big win could easily be used for another round of bets, leaving your business dreams in the dust. Remember, self-control is crucial, and gambling can be a slippery slope.

The longer you wait, the more opportunities you lose. Someone else could snatch your business idea, valuable time slips away, and your momentum dwindles. Starting small and gradually building your business gives you valuable experience and allows you to adapt as you learn. Building a successful business is a marathon, not a sprint. Relying on a one-time windfall for funding creates an unsustainable model. Start small, reinvest profits, and focus on building a solid foundation for long-term growth.

Dewi Aries

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Quote from: Blitzboy on February 18, 2024, 10:57:08 AM

Quote from: Dewi Aries on February 17, 2024, 04:12:48 PM

Quote from: carlfebz2 on February 16, 2024, 06:33:10 PM

Humans are naturally greedy and this is why we do really missed out on those basic stuffs even just as simple as on stopping gambling when we are on profits but instead people would really be that playing further more on which this is resulting on losing up big time and this is why it would really be that best that you should really be mindful about on the actions that you are making. Just like been said by others that people would really be just that planning to make those changes on the time that they would really be that experiencing those hardship and not really tending to do it earlier so that they would
really be able to avoid those hard situations in life specially in talking about money or finances. If you are really just that wise then you would definitely do those basic stuffs.

Yes, all humans have greed in them and the difference may be that there are some who are able to control it and there are also some who are completely unable to control their greed, and gambling is one of the activities that can trigger human greed because of the "opportunity to win" in gambling. This means that someone who cannot control their greed in gambling then maybe we can call them an addicted gambler, as I said earlier that this is what will happen when you come as a result of being too interested in winning opportunities then one day and over time then you will become a greedy gambler.

I understand that it is not easy to ignore greed especially when you are in a winning situation, logically the object of victory in gambling is money and everyone needs and wants money and when you do not put any caution or do not apply any risk management then obviously you will always chase victory with the aim of getting more. But on the other hand
It is a fact that gambling is a risk-taking activity which means that the possibility of losing will not be avoided at any time and this is the reason why gambling cannot be used as a place to earn.

Even the most diligent can be swayed by "just one more win" in this internal war. Time and time again, this attraction turns the cautious into the compulsive, a subtle but hazardous change. Gambling is a surefire way to lose, like the tides. Ironically, many get nothing while pursuing more. The gambler's paradox is that the mechanism designed to win is ideally designed to trap.

Gamblers depend on risk management, a term often used informally. Not only a tactic, but a necessity. Without it, greed is inevitable. True wisdom in this high-stakes game of chance is the ability to walk away from losses.

That's right, and what you've said is proof positive that "change" does happen over time and that hardly any gamblers realize this especially if they were cautious gamblers to begin with, which is why in other discussions I've said that every gambler really needs to be assertive, It doesn't matter if you've made a commitment to yourself to be a responsible gambler because human nature, interests and behaviors are likely to change over time, especially when it comes to gambling where there are so many tempting things that can tempt you subconsciously and as I said above, awareness is an aspect that must be applied in all situations when you gamble.

I think it's a fact that greed always ends up as a vehicle that will drive you to a dead end. This means that instead of getting a pleasant atmosphere from the scenery that can spoil the eyes but instead what happens is that you get lost and this is the fact of greed. On the other hand yes, risk management is a very important thing that should not be forgotten because this is what will be your savior during the trip.

Agbe

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If that works for you, it might not work for others because families and expenses are differs. Probably that works for you because you are a single and it other is a married man then he would need more money to settle some bills so saving is not recorded from gamble. And you said, "You calculate your winning every week", is it that you wins every week? If is yes then gambling is your career and job now since you make money from it every week. When some people people win only once a month. And if I will advise people to manage their gambling wins, I will tell them to create a budget and with the budget. You gave to spend you money on the major things, either your debt or others. A gambler's savings would end up in gambling again. Unless the person is not an addict but if it is an addict then it will end up in gambling again.

Blitzboy

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Quote from: Dewi Aries on February 17, 2024, 04:12:48 PM

Quote from: carlfebz2 on February 16, 2024, 06:33:10 PM

Quote from: Dewi Aries on February 16, 2024, 06:20:48 PM

Quote from: Shishir99 on February 16, 2024, 10:23:52 AM

Unfortunately, most of us do not set any plan when we start our gambling session. We gamble blindly and we expect another big win after we hit something big. That is what we call greed. If we set a plan when we start the session like, I will take $100 profit and end the session, it could have been more organized and we would have been able to control ourself.

Unfortunately, we blindly start the session and when we win a hundred bucks, we expect to win another hundred bucks. We must have a goal that if my balance reaches that amount, I will cash it out and stop for today. Unfortunately, most of us do not do that.

Yes and they are the ones who are so focused on winning that all they think about is "how can I win" without thinking about anything that leads to preventive measures to minimize the possibility of losing more. On the other hand I am not saying that by practicing greed you will always lose, no matter if you are lucky enough then you can win the amount you want but the fact and the unfortunate thing is that overall greed more often makes gamblers end up with regret or stress due to not being able to accept the fact that what they expected did not happen.

Simply put gambling addicts will never be satisfied with whatever amount they manage to win, because this is a typical gambler where when they win they will be greedy and when they lose they will be even more curious, so there is absolutely no good situation for them, and I think they are just waiting for the time to finally run out of all the treasures they have and only then can they usually realize when they really feel deep trauma.

Humans are naturally greedy and this is why we do really missed out on those basic stuffs even just as simple as on stopping gambling when we are on profits but instead people would really be that playing further more on which this is resulting on losing up big time and this is why it would really be that best that you should really be mindful about on the actions that you are making. Just like been said by others that people would really be just that planning to make those changes on the time that they would really be that experiencing those hardship and not really tending to do it earlier so that they would
really be able to avoid those hard situations in life specially in talking about money or finances. If you are really just that wise then you would definitely do those basic stuffs.

Yes, all humans have greed in them and the difference may be that there are some who are able to control it and there are also some who are completely unable to control their greed, and gambling is one of the activities that can trigger human greed because of the "opportunity to win" in gambling. This means that someone who cannot control their greed in gambling then maybe we can call them an addicted gambler, as I said earlier that this is what will happen when you come as a result of being too interested in winning opportunities then one day and over time then you will become a greedy gambler.

I understand that it is not easy to ignore greed especially when you are in a winning situation, logically the object of victory in gambling is money and everyone needs and wants money and when you do not put any caution or do not apply any risk management then obviously you will always chase victory with the aim of getting more. But on the other hand
It is a fact that gambling is a risk-taking activity which means that the possibility of losing will not be avoided at any time and this is the reason why gambling cannot be used as a place to earn.

Even the most diligent can be swayed by "just one more win" in this internal war. Time and time again, this attraction turns the cautious into the compulsive, a subtle but hazardous change. Gambling is a surefire way to lose, like the tides. Ironically, many get nothing while pursuing more. The gambler's paradox is that the mechanism designed to win is ideally designed to trap.

Gamblers depend on risk management, a term often used informally. Not only a tactic, but a necessity. Without it, greed is inevitable. True wisdom in this high-stakes game of chance is the ability to walk away from losses.

YOSHIE

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Quote from: TimtheYoutuber on January 13, 2024, 10:52:55 AM

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

We live on the continent where gambling is not taxed, that is our advantage in the name I can take all the winnings and profits to the bank, there are no details and details for us in managing gambling winnings, I win, take it and the bank accepts it happily.

I understand that different countries have different gambling rules that apply, in my country gambling is illegal, but legal, you must be familiar with such rules, so we only pay a small transfer fee to complete, that's crypto or fiat online gambling in my area, The point is: we are not too burdened in managing the winnings we achieve in gambling, we are still safe in every way.

Shishir99

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Quote from: Westinhome on February 17, 2024, 07:29:07 PM

The immediate withdrawal of the winning was the important one in the gambling site,because of the gamblers keep on playing the game it will leads to the loss of the initial capital in the gambling site.But if the gamblers believe in the entire process can understand the game,So they won’t fear about the loss of money in the gambling site.If the gamblers had made 20$ as you said from the 10$.He should get satisfied with the 10$,if they didn’t accept the winning money.Consider now the luck of the gamblers was reduced because of their continuous game.Now the gamblers will play the random betting in the gambling site leads to loss.

That is what money management is. As I said in another post, we should have a plan before we start a session. If a gambler starts a gambling session without setting up a goal about his possible winnings or loss, they won't stop until they loss their entire balance. We should have a stop point. No matter if we win or we loss. We must set a limit like I will stop gambling if I win $50 in this session.

Or it could be, I will stop gambling if I loss $30 in this session and I will try tomorrow to recover what I lose. If we try immediatly to recover, most of the times we place high risk bets and we loss the entire balance. So yeah, money management is important.

Westinhome

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Quote from: Shishir99 on February 17, 2024, 03:01:48 AM

I guess we all had a moment when we lost our entire balance and then regretted it because we were in a good position. We regret that we could have stopped when I had a $20 profit. But, I wanted to make another $10 or so, but later we busted the entire balance. I guess every gambler had such a moment. It happened to me at least 10 times or more. We understand it only after we lose the entire balance.

This is why it's important to have a goal when we gamble. We should have a stop-loss limit in gambling as we have stop-loss in trading. But, your gambling stop loss should be yourself. No casinos would implement such a feature because they want us to loss.

The immediate withdrawal of the winning was the important one in the gambling site,because of the gamblers keep on playing the game it will leads to the loss of the initial capital in the gambling site.But if the gamblers believe in the entire process can understand the game,So they won’t fear about the loss of money in the gambling site.If the gamblers had made 20$ as you said from the 10$.He should get satisfied with the 10$,if they didn’t accept the winning money.Consider now the luck of the gamblers was reduced because of their continuous game.Now the gamblers will play the random betting in the gambling site leads to loss.

Dewi Aries

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Quote from: carlfebz2 on February 16, 2024, 06:33:10 PM

Quote from: Dewi Aries on February 16, 2024, 06:20:48 PM

Quote from: Shishir99 on February 16, 2024, 10:23:52 AM

Unfortunately, most of us do not set any plan when we start our gambling session. We gamble blindly and we expect another big win after we hit something big. That is what we call greed. If we set a plan when we start the session like, I will take $100 profit and end the session, it could have been more organized and we would have been able to control ourself.

Unfortunately, we blindly start the session and when we win a hundred bucks, we expect to win another hundred bucks. We must have a goal that if my balance reaches that amount, I will cash it out and stop for today. Unfortunately, most of us do not do that.

Yes and they are the ones who are so focused on winning that all they think about is "how can I win" without thinking about anything that leads to preventive measures to minimize the possibility of losing more. On the other hand I am not saying that by practicing greed you will always lose, no matter if you are lucky enough then you can win the amount you want but the fact and the unfortunate thing is that overall greed more often makes gamblers end up with regret or stress due to not being able to accept the fact that what they expected did not happen.

Simply put gambling addicts will never be satisfied with whatever amount they manage to win, because this is a typical gambler where when they win they will be greedy and when they lose they will be even more curious, so there is absolutely no good situation for them, and I think they are just waiting for the time to finally run out of all the treasures they have and only then can they usually realize when they really feel deep trauma.

Humans are naturally greedy and this is why we do really missed out on those basic stuffs even just as simple as on stopping gambling when we are on profits but instead people would really be that playing further more on which this is resulting on losing up big time and this is why it would really be that best that you should really be mindful about on the actions that you are making. Just like been said by others that people would really be just that planning to make those changes on the time that they would really be that experiencing those hardship and not really tending to do it earlier so that they would
really be able to avoid those hard situations in life specially in talking about money or finances. If you are really just that wise then you would definitely do those basic stuffs.

Yes, all humans have greed in them and the difference may be that there are some who are able to control it and there are also some who are completely unable to control their greed, and gambling is one of the activities that can trigger human greed because of the "opportunity to win" in gambling. This means that someone who cannot control their greed in gambling then maybe we can call them an addicted gambler, as I said earlier that this is what will happen when you come as a result of being too interested in winning opportunities then one day and over time then you will become a greedy gambler.

I understand that it is not easy to ignore greed especially when you are in a winning situation, logically the object of victory in gambling is money and everyone needs and wants money and when you do not put any caution or do not apply any risk management then obviously you will always chase victory with the aim of getting more. But on the other hand
It is a fact that gambling is a risk-taking activity which means that the possibility of losing will not be avoided at any time and this is the reason why gambling cannot be used as a place to earn.

Topic: How to manage gambling winnings - page 2. (Read 2222 times)