Topic: How to manage gambling winnings - page 3. (Read 2315 times)

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.

That's right, gambling again after winning can trigger emotions which in my opinion can trigger them to lose control. with the big possibility that they will be emotional about the gambling they do after winning, it will also make them even more brave to take action, including increasing the amount of their bet, because by winning, of course it is an opportunity for them to bet bigger, the aim of which is to win. an even bigger one.

However, even so, the risk of losing money or losing is still there and this is also a possibility that could happen and with this, it is possible that they could become emotional about the gambling they do. It's true what you said, manage your winnings wisely, don't take stupid actions that could trigger the loss of the winnings you have obtained. and in my opinion those who still continue gambling when they have won means they are chasing defeat, not victory. Of course, financial and mental health must be considered, and with those who gamble excessively, perhaps they don't think about this, therefore they take excessive actions or actions that are outside normal limits.

We must try to get used to controlling ourselves and not carelessly using the winning money. It won't be worth it because we won't be able to enjoy the winnings we could use for other things. And there's no harm in telling the truth about what we're facing to our parents or other family members because that can make them understand our situation. And even though there will be a desire to continue gambling, we must be able to suppress it so that we can use the winnings well rather than gamble again. By doing things like that, we can think of something that can benefit us in the future. Having an investment is the right thing to do, so we can try to find it and start investing some money to make future profits.

Yeah, if you have all those factors to prevent you from any kind of greed will help you to maximize the use of those winning money, unlike if you don't have those preventions, you'll ends up pushing forward and aim for more. I like the idea of limiting yourself and consider all the factors that may allow you to lessen the chance of adding more attempts which is outside from your set target goals.

Maximizing the win and minimizing the losses, it's more on self-control and having wise and practical decision making.

True, understanding gambling is the same as you focus on the possible risks involved in gambling, however, this is what should be paid more attention to and not be ignored, the reason is because your victory always depends on how lucky you are at the time of running the session, while on the other hand you will never know when that luck will come, so focusing on the possible risks along with applying a lot of caution and vigilance is the recommended approach, this will be able to make you achieve balance in the sense that you will not experience too serious problems in terms of losing.

We have to go back and study what we mean by "odds" because this is an element that has no certainty and means nothing more than a "possibility", it could happen and it could not. Honestly, I'm not going to blame the casinos for the fraudulent notion of odds, but it's the gamblers who neglect to understand what they mean by odds, so they basically take the "odds" as something that "just happens" and this is the kind of negligence that gets you into a myriad of real-life financial trouble. On the other hand, your point is also true in this regard, but perhaps let's relate that the opportunities provided by casinos make most gamblers have aspirations that are motivated by various temptations that look tempting so that this is the impetus that makes them even more excessive.

This is a common pattern. Greed can indeed be a powerful motivator that drives people to seek out opportunities to multiply their money quickly. In the context of gambling, this tendency often leads to risky behavior, such as placing large bets in the hopes of achieving significant returns in a short period. Similarly, in trading and investing, some people may allocate all their funds to a single asset, hoping for substantial gains.

The allure of multiplying the initial investment can cloud judgment and lead to poor decision-making. While there may be instances where such strategies pay off, they are often the exception rather than the rule. Chasing after opportunities for high multiples without careful consideration of the associated risks can result in significant losses. Diversification, risk management, and disciplined decision-making are key principles that can help mitigate the negative effects of greed and improve the chances of long-term success.

Greedy in the gambling was undivided one,because the things which deal with the money the people get greedy to multiple it.The same phenomenon will be applied to the trading of stocks and the cryptocurrency.Some traders will use to trade a particular coin will all his money.So like that the gamblers after seeing their maximum multiple of certain betting.The gamblers will choose the same betting again and repeatedly.So he thought the multiple of the betting will increase in the short period.But the betting which gives more multiple is very rare.But the gamblers with greedy will try that option again to multiple their initial.

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 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.

A fairly good response, where you express an understanding of the risks and challenges of gambling. Having an understanding that gambling is not always reliable, and that continuing to gamble after winning can trigger dangerous and uncontrollable emotions, is an important first step in managing gambling behavior well.
Managing wins wisely and not acting stupidly in chasing losses by continuing to bet more, this is a strategy that should be implemented by all gamblers, in order to avoid impulsive behavior that leads to wrong betting decisions. Meanwhile, controlling emotions and remaining alert to the dangerous gambling cycle is key to our mental and financial health when gambling.

And when we find ourselves facing problems in our gambling activities, it is also quite important for us to have the right social support and resources, such as talking to the people closest to us, and seeking help from a counselor.

In order to manage the gambling winnings you should have a complete program. Like you should know how much you will invest for long term and with how much profit you will keep on gambling. Without any plan, you will not know how much money you are using in gambling and at the end of the day, you will lose all of your gambling winnings.


Yes, it is better to keep the money moving out of the gambling site. When you win some amount in gambling, it is advisable that you withdraw it to the external wallet.
If all the money is available in the gambling site, you will be tempted to gamble again and again but when there will be no balance in your gambling account, it can save you from excessive gambling. You will only deposit the pre-defined money in the gambling site and hence your risk and exposure in gambling will be reduced.

Understanding gambling emphasizes its risks, not normalizes it. Yes, understanding is important, but the best option is to abstain. The temptation of winning chances is a deception aimed to catch the naive

Your point about proper comprehension is strong, but it doesnt cover gambling's whole impact. Every gamble tears at society's fiber, not just individual issues. Casinos sell aspirations wrapped in lacquered illusions, not opportunity. Recognizing this is wise and necessary to avoid the deception of easy money. Gambling is loss disguised as opportunity

That's true, gambling that is done cannot result in complete victory, even if you bet a lot or often, the risk of losing still dominates. It is true that what you said is aware of the opportunities and risks in gambling, because this might make us realize that gambling will not always give us a win, even though we have won, it doesn't mean that it will be easy to win in the future, but that winning in gambling is cannot be obtained easily, therefore we have to be smart in managing the winnings we get, don't waste them.

because continuing to gamble after winning can trigger emotions, where initially we will be more daring to increase the bet amount and as the game progresses it can make us lose control of ourselves. which could eliminate the victory that has been obtained and in the end will only result in annoyance and disappointment.

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 of course everything will be directed if we understand what we are doing, what I mean is that when you understand what you are doing then you will definitely do something that is normal and recommended which also leads to something that will not have too much significant impact, I will not say that having the right understanding on gambling is the best decision for your life because obviously if you want the best then the answer is "don't gamble at all", and what I mean is that you must have the right understanding if you want to engage in this activity because this is the only option that is best so that we don't experience many problems as a result.

On the other hand why having a correct understanding and having a rational point of view on gambling is recommended because it is by doing so that you will really know the real facts about what gambling is, most people misunderstand what is meant by "winning chances", They think that it is an opportunity to get a lot of money but on the other hand they don't pay much attention to the possible risks which is what is more likely and more often happens, so don't be easily fooled by what the casino provides, they provide winning opportunities to lure more people to get involved and when you misunderstand the winning opportunities then obviously you will become a victim by losing a lot.

So you do not use crypto sites because you think that they will steal your funds easier than traditional casino websites? I do not think that is necessarily true unless you tend to gamble on shady websites that you do not know nor have extensively researched.

As far as arbitrage betting is concerned, I think whether or not its allowed should be written in the Terms Of Service of the casino. If you break the terms, of course your account gets banned, but your funds still get refunded to you when you reach out to customer support. How long and difficult this retrieval process is, depends on the casino. It is easier to simply follow the rules.

I would advice to withdraw winning every day (of course if you havent wont few cents only). Best money management. Keep your money closer to you, but not in someones pocket Transaction of withdrawal and deposit does not cost much today (be smart, choose cheap blockchain with law withdrawal limits), so you wont go broke by sending money here in there all the time. But it will save gambler from temptation "to make that one last bet". As it might be fatal

Well, you are right and sure agree with you completely, I would also say that, how to manage the future, not just gambling winnings, or winning from gambling, is to prepare for the future.
Yeah, I think I've said this here one time that, the major reason why some people end up being broke sometime after they have hit a significant amount of money is because, before that money came, they never had any plan for it, so they money came suddenly to them while they have absolutely no plan of what they should use that money for, so, while trying to figure out what to do with the money, they are as well spending it, and by the time they are able to come up with a concrete idea of what to use the money for, the whole money is gone, or it just remaining a small amount compare to the actual amount they need to execute their plan, the person returns back to gambling hoping to win a big amount again, but unfortunately, they end up losing the little they had left, leaving themselves broke again and back to square one.

It is very important for us to always have plans for the future, even when there is no money yet to execute those plans, have the plans and store it somewhere, so that when the money eventually comes, there will already be a thing on ground to use the money for, so it's not wasted.

This is all about tax time? I thought there is more, maybe I should add that up?

The best ways to manage your winnings in gambling is to prepare for the future, when you win goof amount, don't spend they all on nothing, make sure you have some for investment purposes and some for continuous gambling activities.

Many people have won a lot in gambling, but they keep on coming back, as a broke person, they don't know how to manage money, they like spending lavishly, I believe that such people will start losing their once strong luck support, such people run out of luck easily.

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Invest your money, gambling brings you fresh opportunity,  make good use of it, because it could get pretty harder to win another time.

Easy to say but if you are already on such condition or situation then you would definitely be ashamed on the condition that you are into.When you do win up on gambling then it would really be just that depending on you whether you would really be securing your profits into something which is worth. I do agree that when the time comes that you are really that mindful about having some other source of income then you would be thinking on having those investment kind of spending with those winnings but just like on what most people been saying on here on which i do agree that majority of those gamblers would really be
using back those winnings into the house and aiming for more. One of the main reasons on why gambling industry is really that profitable due into this kind of behavior.