Topic: How to manage gambling winnings - page 7. (Read 2315 times)

Before we start gambling we have to gamble with a small amount of money. If we start gambling with a large amount of money we will throw all the money away and spend extra time gambling. The less money we gamble.  I don't like to spend extra money for gambling. Whenever I start spending extra money for gambling I have to face various problems. So I don't want to spend money on gambling.  Lose so I don't like to gamble excessively.

Different people have their different ways of managing their gambling winnings and I'm very happy with this topic as I've been able to learn different ways of managing my gambling winning through it but I'll still have to share my own way of managing my gambling winnings as it might also be helpful to gambler out there.
Whenever I win in gambling, I immediately take 10% from my winning to merry as a way of celebrating my winning and after that, I bring out 15 to 20% of the winning and leave it in my gambling account for future use and then invest the remaining 70% in crypto trading. Any money I invest in my crypto trading is never to be used for anything that's not gonna be beneficial to me again

Because it is indeed a very good and wise decision to prefer cashing out when you are in a winning situation rather than applying greed. On the other hand, maybe we can use the method you suggested which is to make withdrawals as a mandatory thing to do when we are in a winning situation and calculate it within a certain period of time such as once a month or two months so that we can find out whether the number of wins is greater than the losses or vice versa and then we will be able to find out whether this gambling is an activity worth doing or not.

You're suggesting something good, but that's not the case because after all gambling is not an earning activity, so I think in general with the possibility of losing at any time along with the uncertainty of when you can win then that should be enough to consider that gambling is a high risk activity that should be avoided especially if you have a goal to earn. The main point is that people should be able to change their intentions and goals on gambling, if they come to earn then it is obviously very difficult for them to ignore the act of greed when the situation wins, and that means they should change their intentions to "gamble for fun" because with this then they will not have difficulty cashing out when they are in a winning situation.

I also try to save some of my winnings. I don't make those savings regularly but try to put some away from the big wins actually. Because I know that nothing is certain in gambling. If I can save some money then I will get support there in times of need. Moreover, a bettor must have such a financial system that he can get money from it regularly. If a gambler does not use his winnings properly then he will never be able to gamble long term. Those who wish to gamble continuously for a long period of time must ensure proper use of winnings.

The act of cashing out winnings effectively removes them from the gambling environment, safeguarding them from potential losses. This prudent approach aligns with the concept of "taking profit" in financial markets, as it allows you to secure a guaranteed return on your initial investment. This strategy also helps to avoid the "winner's curse," a psychological phenomenon where individuals overestimate their skills after a win, leading to riskier bets and potential losses.

Recognizing boredom as a potential trigger for further gambling is another insightful point. While the initial excitement of a win can be tempting, it's crucial to acknowledge when the activity is no longer enjoyable. Choosing to step away when the fun fades demonstrates self-awareness and responsible gambling practices.

How strict the law in the US? Were gamblers using a fiat sportsbook required to pay taxes? And are there gamblers already being jailed for failing to pay their obligation?  If you are US, I think this regulation thing is hard to skip, so you have no choice but to comply with the law.

I just want to ask, is there any way to gamble a non regulated gambling site safely when you are in the USA?

But they could still require the gamblers to pay taxes, or not anymore? What's the advantage of using crypto in terms of taxation?

When they are depressed because they have spent their winnings on things that are not clear, they will not be able to get up to try to make money from other places. They will only lament their sadness and imagine if yesterday they could have used their money for things that could be useful for their lives. But it's all over, and they should get up and try again to make money elsewhere. They no longer need to gamble to win big wins but can make money from their work. That will happen to people who can't use their winnings well. That's why if we get a big win, we have to be able to use it well to change our lives for the better.

That is if they can think about preparing for the future by investing or saving money. But perhaps there are still many people who only use their winnings to go on a spree and buy expensive things just to show the people around them that they have managed to win a lot of money from gambling. It will only make people jealous of what they manage to get from gambling, and those who win have no idea what could happen to them.

That is why we must be able to use the winning money well to have the opportunity to change our lives for the better. Don't be influenced to buy expensive things that you may not need, but prepare your future well using that money so that you don't regret it later.

90% is a lot to keep and your computations are fair enough. Many gamblers cannot really give account of what their winnings was used for and I think I fall into this group when the money won is small and insignificant (I'm not proud of it though). I am not an active gambler, but whenever I gamble and win small amounts, saving part of my winnings doesn't cross my mind because I have other sources of income I can save from and use for other expenses. If i am lucky to have a huge win, I don't save the money either. This does not mean I do not have any financial plan. Instead of saving, i prefer investments. I rather use my earnings to buy a valuable asset or invest a huge part of my gambling earning in a viable project. What matters to me is that I am able to get benefits from the money I used to gamble.

If you can think like that and invest for your future instead of present enjoyment where most of the time gamlber always do, they just celebrate or maybe buy expensive things to enjoy the money that they win, instead of investing to business or any other form of investment that will allow them to grow the amount of their savings.

Though, it is not easy when you are fully drunk from that enjoyment that you are experiencing, many gamblers are just going with the flow and they forget about the risk while they are still involve in gambling, chances to lose everything back is always possible.

This completely depends on the number of bets we win, for example if the winnings are very large, I will immediately withdraw it and use the money for investment, whether investing in shares or crypto currency or it could be for business capital because so far I have dreamed of opening a business but I am confused about how to get it. Where does the big capital come from, and I avoid debt for this planning, even if saving takes quite a long time, while gambling, we don't know when we will be lucky to get this profit.

If the winnings are small, I just save it on the gambling platform and as capital to gamble again sometime, I don't need to spend money on deposits for some time. Moreover, I also rarely gamble so my money management is quite good so far and I don't worry about being greedy due to management bad money because there are also gamblers who cannot manage their winnings because they are too greedy, so they may continue to gamble in order to get bigger wins.

One of the main things on where a certain person would really be mindful is on how much profits that they do earn on the time that they would really be doing gambling on which they would really be always looking upon those numbers on which it isnt really that shocking anymore that you wouldnt really be able to make yourself not to check out those digits. Some are really just that mindful when it comes into their future
on which no matter what the condition is, as long they are making money or profits then they would really be always allocating something for their future endeavors or plans on which this is really a great thing
or behavior to have.

We do know that not all people would really be having that kind of control when it comes to their gambling winnings on which they would really be having those thoughts in mind that
they have been able to get or earned those funds in the most easiest way, then they would really be normally thinking that they could really be
able to do it again and again until they would get rich on which this is really that a very wrong mindset to have when you do gamble.

Most such people will only end up in prolonged depression due to losing a lot of money from their big winnings. Even though he could save his profits for other things, his only choice is to gamble and continue betting without any management. People like this don't have any planing, they just keep playing. I had a small winnings but I set them aside for emergencies and didn't use it all,

You have done what is best for you by keeping 90% of the winnings. That way, you can use some of the winning money for other things or keep it. Indeed, managing winnings is not easy because we desire to buy some of the things we want, especially since we already have a lot of money. Many people forget to save most of their winnings and just use it for fun without thinking about their future. They don't think about investing their money in things that can provide benefits in the future and only think about the present. But if they can use their winnings well and wisely, they will get the benefits.

I don't have a much more complicated computation on how I manage my winnings because I just do it in a very simple way. If I won, I'll be keeping 90% of that and reserve 10% to place bets again. But if that winning is worth a retirement fund or plans I think it will be enough for me to shorten my gambling session and instead focus more on investments.

The advice the op gave is sure good, but I guess it's only for those living in the USA, and some other countries with better economy and favorable financial system.
Over here in Nigeria and with the kind of government we have at this moment, I dare not keep fiat money, not to talk of saving it in or with a bank, our local currency have been losing value for several months now, and it seems our government and the central banks have completely lost ideas on how to save the naira.

So, if I am making any good money from gambling, I am always channeling such money back to crypto as investment for the future, I also don't play on fiat casino, so for me, I play in crypto and win in crypto, this way, it's very easy for me to invest back in crypto when ever I win.

      -   There are other gamblers who, when they win big, make you think their money will never run out. That means there are others who are one-day millionaires. They don't think there will be another tomorrow. I don't know about other gamblers; they are too greedy for a big win, but when they hit the jackpot, they end up wasting what they won.

But when you win, you must manage it correctly, allocate money for the business that will produce money as well, and then invest in other assets that will help your family just like that.

This should be the same habitual action as receiving a salary, so that you can withdraw your winnings every few weeks, or at least once a month. This will help you see how much you can earn, or perhaps how much you are losing, each month.

Accounting is very important when it comes to finances, it is important to understand how profitable this activity can be for you. It is the analysis that can help you understand whether it is worth doing this, perhaps the profitability is disproportionately low compared to the time spent, and this will help you make a decision that gambling is not suitable for you as a way to earn money. Or perhaps you make money, but because you don’t withdraw your profits, you lose more in the future.

In the event that you've got a lot of time on your hands, you're going to want to make sure that you're not going to have to spend a lot of money to get the job done, and that you're not going to have to spend a lot of money to get the job done, You can win because you are lucky and if you assume to put all the winnings back into gambling with the aim and hope of getting a much bigger win then you must really be prepared for the consequences which are very likely for you to lose again and everything you have gained is very likely to be lost.

We must understand that gambling  is always about winning and losing, meaning that you can win and can lose, so when you manage to get the winnings you really have to be able to make a very wise decision by preferring to cash it in because it is unknown whether you will be able to get a much bigger win or not when you apply greed.

If we want to manage our gambling winnings effectively then we don't have to be greedy because that is what affects most of us as we intends to be gambling the more after the first win, we go in again seeking for more and at the cause we may be loosing the more, people are not being satisfied with little and they will always try to go in for more, while doing this, they are loosing the more and it becomes addictory on them and the same way they can't escape loosing funds, instead of them making investments after winning, they are busy chasing after more win.

For me it is difficult to get what I have won in the month, because sometimes in 1 I have not won anything in the casino, so for me it sounds better to get the profits in the week, because in the week I play 1 or 2 times, and that for me is enough because I have another way to do it because I consider that when I play I spend only a part of my balance and I don't think about what I can spend later because what I put to play is something negligible, Sometimes I have left 4 or 5 dollars in a coin, and deposited 5 or 10 more and with that I have a week to play with because I don't like to waste everything by sitting down.

Sometimes when I play, if I lose everything at once and I get bored, and that's not what I'm looking for, sometimes I look for a little more sleep, maybe in less than 5 minutes if I play very fast, the money goes away, but I must Learning to play with a little more ease and lasting a little longer, that's just what I want to achieve, but to make a profit like you say, it's difficult for me.