How to manage gambling winnings - page 8.

Westinhome

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Quote from: FanEagle on January 23, 2024, 01:01:51 PM

Depending on the amount, you could withdraw it, or just keep on gambling for "free" the way you always do.
Let's say you only deposit 100 dollars per month, and do not deposit any more at all, when that 100 dollars is done, you are done, even if it's just 3rd of the month, you wait until the next month. In that situation, if you end up with 1000 dollars due to some win, put the 900 aside, gamble with 100 dollars for 10 months, and when you do that, you are going to realize that it's cool because you haven't spent another dime after that.

But, if the winning is much larger, then taking it out and just holding it at bitcoin feels like the best thing to do, it allows you to actually be better at what you do and should be quite important.

If the winning money had reached to the good value,you can do the withdrawal of the winning money.Most of the gamblers who have doesn’t explosion to the gambling will do the play after the gambling winnings.Because they thought the money will further increase because of the greedy to the gambling site.The gamblers who do the gambling for the longer period after the big winning will leads to the loss of the entire capital in the gambling site.The gambling had the both winning and loss based on the experience.If the gamblers work for three months.Then raised 1000 dollars from three months means,the profit earned from three months is 900$.So average raised for three months is 300$ per month.

TimtheYoutuber

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Quote from: ChiBitCTy on January 23, 2024, 02:16:55 PM

I don't get why you don't use cryptocurrency sites to do your gambling/placing sports bets. For me that was the huge game changer once Bovada started allowing bitcoin. I personally am not a big fan of the regulated sites here in the US. It just makes everything more complicated and difficult in my opinion.

That said I've been hearing they are improving, so maybe they'll eventually start accepting crypto.

I don't mind doing KYC and at least in the US they are a lot bigger. So if you live in the US i would suggest it, plus you don't have to deal with the btc price.

ChiBitCTy

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I don't get why you don't use cryptocurrency sites to do your gambling/placing sports bets. For me that was the huge game changer once Bovada started allowing bitcoin. I personally am not a big fan of the regulated sites here in the US. It just makes everything more complicated and difficult in my opinion.

That said I've been hearing they are improving, so maybe they'll eventually start accepting crypto.

FanEagle

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Depending on the amount, you could withdraw it, or just keep on gambling for "free" the way you always do.
Let's say you only deposit 100 dollars per month, and do not deposit any more at all, when that 100 dollars is done, you are done, even if it's just 3rd of the month, you wait until the next month. In that situation, if you end up with 1000 dollars due to some win, put the 900 aside, gamble with 100 dollars for 10 months, and when you do that, you are going to realize that it's cool because you haven't spent another dime after that.

But, if the winning is much larger, then taking it out and just holding it at bitcoin feels like the best thing to do, it allows you to actually be better at what you do and should be quite important.

TimtheYoutuber

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Quote from: Suzume on January 19, 2024, 07:30:35 AM

Making gambling win is not a easy work. People see gamblers earning they make easy money they make a lot money in one day. After all they think that gambling is a easy work . Nha buddy if you wanted to be a successful gambler then you need dedication proper stragul practice. After a long time practice makes you perfect in it.

Yeah I agree, people want the slot machine method to making money quick. But if you wanna make good money, you need to study a lot in sports. not for everyone and not easy to do.

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Quote from: erep on January 20, 2024, 05:32:53 PM

Quote from: Quidat on January 20, 2024, 05:17:25 PM

Investment or something that tangible is the best way for you to apply those gambling winnings but we do know that not all would really be having that kind similar mindset on which
they would really just planning on spending those winnings back at the casino without having any plans on trying out to spend those into other things because normally you would be
setting up into your mind that you have won it on gambling then you would believe that you would might be able to win up even more. This is where most gamblers
will really be doing and only a few who would really be that mindful in regarding about other options on which they do know on how to secure those winnings
into much better options that they could take.

They have no other option to manage the finances from gambling winnings, so they will use those funds to deposit into gambling again in the hope of winning more on the next gambling, they have chosen the wrong decision to manage finances and the funds should be used for the needs that generate passive income such as investing in gold, shares, even bitcoin for long-term investments. However, whatever decision you make, never use winnings from gambling for gambling again, think about other things that can be profitable for additional income from the use of those funds.

Regrets is always come at the end and people would really be just only realizing on the time that they would really be having those kind of thoughts but it is already too late. Cool

This is why it would really be that important that you should really know on how to manage your wins and wont really be that spending it back to gambling.
This is why it would be always that best that you should be buying up something or making use of those winnings on other means on which it would really be that something
beneficial and not really just that spending it all back into gambling on which it would really be just that a waste on doing so.

Some people could did such thing and there are ones who could and this is why it would be best that you should be sensible on what you should gonna do.

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Quote from: bbigtart on January 20, 2024, 05:56:07 PM

Quote from: moneystery on January 20, 2024, 05:38:44 AM

investing is one of the best ways to use gambling winnings wisely. by using gambling winnings for investment, it will enable the gambler to be able to gain profits in the future which will improve the welfare of the gambler.

investing gambling winnings in investment assets is more profitable than having to save in banking. even though it is riskier, if the gambler understands the investment assets he wants to invest in, the investment should be less risky.

This is also what I am doing currently. I allocate the winnings from gambling for investment, because for me the money from gambling winnings is easier to invest than money from hard work. I mean this makes me feel calmer about investing using money from gambling because the money from my main job can be allocated for savings needs if at any time there are unexpected problems.

For me, this is also a strategy for managing money from gambling winnings. It is no longer a public secret that the money from gambling will run out quickly, if it is not spent on gambling again it will definitely be on a spree, therefore it would be wiser if the money from gambling is used for productive things such as crypto investment or property.

Indeed, investing gambling gains rather than hard-earned money shows tranquility. Interesting psychological twist, huh? Its clever that entertainment money now funds your future. Plus, conserving your main job earnings provides security. You're rewriting the rules for your financial path, not just playing.

Your plan shows a stronger knowledge of gambling earnings' transience and the importance of investing them in crypto or property. Fun and forethought. Your financial future is at stake in this game of money. Gambling is frequently viewed negatively, so this is a refreshing perspective. Keep going, and your strategy may transform online gaming!

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Quote from: erep on January 20, 2024, 05:32:53 PM

Quote from: Quidat on January 20, 2024, 05:17:25 PM

Investment or something that tangible is the best way for you to apply those gambling winnings but we do know that not all would really be having that kind similar mindset on which
they would really just planning on spending those winnings back at the casino without having any plans on trying out to spend those into other things because normally you would be
setting up into your mind that you have won it on gambling then you would believe that you would might be able to win up even more. This is where most gamblers
will really be doing and only a few who would really be that mindful in regarding about other options on which they do know on how to secure those winnings
into much better options that they could take.

They have no other option to manage the finances from gambling winnings, so they will use those funds to deposit into gambling again in the hope of winning more on the next gambling, they have chosen the wrong decision to manage finances and the funds should be used for the needs that generate passive income such as investing in gold, shares, even bitcoin for long-term investments. However, whatever decision you make, never use winnings from gambling for gambling again, think about other things that can be profitable for additional income from the use of those funds.

Yes, that's q very good point having that mentality when winning will divert your money, instead of sending it back to the casino, having such kind of investment will help you to grow your money, I guess some of those experts are doing the same since they understand that gambling is not a stable venue to earn money.

Better to have another alternative especially when you win decent amount which can be used for creating business or enough to invest.

bbigtart

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Quote from: moneystery on January 20, 2024, 05:38:44 AM

investing is one of the best ways to use gambling winnings wisely. by using gambling winnings for investment, it will enable the gambler to be able to gain profits in the future which will improve the welfare of the gambler.

investing gambling winnings in investment assets is more profitable than having to save in banking. even though it is riskier, if the gambler understands the investment assets he wants to invest in, the investment should be less risky.

This is also what I am doing currently. I allocate the winnings from gambling for investment, because for me the money from gambling winnings is easier to invest than money from hard work. I mean this makes me feel calmer about investing using money from gambling because the money from my main job can be allocated for savings needs if at any time there are unexpected problems.

For me, this is also a strategy for managing money from gambling winnings. It is no longer a public secret that the money from gambling will run out quickly, if it is not spent on gambling again it will definitely be on a spree, therefore it would be wiser if the money from gambling is used for productive things such as crypto investment or property.

erep

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Quote from: Quidat on January 20, 2024, 05:17:25 PM

Investment or something that tangible is the best way for you to apply those gambling winnings but we do know that not all would really be having that kind similar mindset on which
they would really just planning on spending those winnings back at the casino without having any plans on trying out to spend those into other things because normally you would be
setting up into your mind that you have won it on gambling then you would believe that you would might be able to win up even more. This is where most gamblers
will really be doing and only a few who would really be that mindful in regarding about other options on which they do know on how to secure those winnings
into much better options that they could take.

They have no other option to manage the finances from gambling winnings, so they will use those funds to deposit into gambling again in the hope of winning more on the next gambling, they have chosen the wrong decision to manage finances and the funds should be used for the needs that generate passive income such as investing in gold, shares, even bitcoin for long-term investments. However, whatever decision you make, never use winnings from gambling for gambling again, think about other things that can be profitable for additional income from the use of those funds.

Quidat

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Quote from: borovichok on January 20, 2024, 06:29:55 AM

Quote from: moneystery on January 20, 2024, 05:38:44 AM

investing is one of the best ways to use gambling winnings wisely. by using gambling winnings for investment, it will enable the gambler to be able to gain profits in the future which will improve the welfare of the gambler.

investing gambling winnings in investment assets is more profitable than having to save in banking. even though it is riskier, if the gambler understands the investment assets he wants to invest in, the investment should be less risky.

I agree with this view. Investment is a better way to manage gambling winning. The investment will bring returns and you can always fall back on your investment when the need arises. One can easily touch his savings when he is broke but then investment will always remain and the returns can help out in bad days.

Investment though not 100% secured but then there are investments with lesser risk. For instance, my first big winning was used to establish a laundry and a barbing salon and to date, I am still profiting from the investment. Most of my bills and even the money I use in gambling sometimes are generated from the investment. So, investment is better.

Investment or something that tangible is the best way for you to apply those gambling winnings but we do know that not all would really be having that kind similar mindset on which
they would really just planning on spending those winnings back at the casino without having any plans on trying out to spend those into other things because normally you would be
setting up into your mind that you have won it on gambling then you would believe that you would might be able to win up even more. This is where most gamblers
will really be doing and only a few who would really be that mindful in regarding about other options on which they do know on how to secure those winnings
into much better options that they could take.

borovichok

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Quote from: moneystery on January 20, 2024, 05:38:44 AM

investing is one of the best ways to use gambling winnings wisely. by using gambling winnings for investment, it will enable the gambler to be able to gain profits in the future which will improve the welfare of the gambler.

investing gambling winnings in investment assets is more profitable than having to save in banking. even though it is riskier, if the gambler understands the investment assets he wants to invest in, the investment should be less risky.

I agree with this view. Investment is a better way to manage gambling winning. The investment will bring returns and you can always fall back on your investment when the need arises. One can easily touch his savings when he is broke but then investment will always remain and the returns can help out in bad days.

Investment though not 100% secured but then there are investments with lesser risk. For instance, my first big winning was used to establish a laundry and a barbing salon and to date, I am still profiting from the investment. Most of my bills and even the money I use in gambling sometimes are generated from the investment. So, investment is better.

moneystery

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investing is one of the best ways to use gambling winnings wisely. by using gambling winnings for investment, it will enable the gambler to be able to gain profits in the future which will improve the welfare of the gambler.

investing gambling winnings in investment assets is more profitable than having to save in banking. even though it is riskier, if the gambler understands the investment assets he wants to invest in, the investment should be less risky.

angrybirdy

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Quote from: Suzume on January 19, 2024, 07:30:35 AM

Making gambling win is not a easy work. People see gamblers earning they make easy money they make a lot money in one day. After all they think that gambling is a easy work . Nha buddy if you wanted to be a successful gambler then you need dedication proper stragul practice. After a long time practice makes you perfect in it.

gambling should not supposed to call as work because it is not and not advisable to treat as a work. Gambling is not all about making money and winnings, So don't just believe in hearsays. Gambling is not that easy, even if other people called it as an easy money but for me, it's not an easy money if you count the hours and money wasted during the time you were always experiencing defeat, Contrary on what you've said, If you really want to be a successful gambler, it's not all about your dedication and having a perfect strategy, it's all about how you responsibly handle yourself and how to prevent yourself in being a gambling addict.

ethereumhunter

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Quote from: Blitzboy on January 19, 2024, 06:58:49 AM

Budgeting, like buying a movie ticket, can set limits. The thrill of the game matters more than the outcome.

You make an intriguing point about cryptocurrency. It provides freedom and privacy. I wouldnt consider it a complete regulatory solution. Remember that rules are there for a reason, therefore play by them. Bank transparency can prevent several issues.

I agree that gambling winners must pay taxes. Being a responsible citizen requires it. Using prizes for practical objectives is also smart. Fun and practicality must be balanced. Gambling should be fun, not just profitable.

However, every gambler must budget for gambling to meet their daily needs. This is so that there is no interference from individual needs and can be fulfilled according to their portions. Using cryptocurrency as a tool for gambling can be done, especially since many crypto casinos have been launched and have become trusted crypto casinos to date. This makes it easier for gamblers to gamble at crypto casinos than at fiat-based casinos. But they still have to follow existing regulations, especially if the crypto they own wants to be converted into fiat, so they still have to pay taxes, which have been adjusted in amount.

And gambling must indeed be fun so that the gamblers themselves must control themselves in getting that pleasure. If they have been gambling for too long, they should stop immediately before they get into trouble from the gambling. Only self-awareness can prevent gamblers from the problems they will face.

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Quote from: TimtheYoutuber on January 17, 2024, 07:40:24 PM

Quote from: dansus021 on January 17, 2024, 07:18:07 AM

Quote from: TimtheYoutuber on January 13, 2024, 09:52:55 AM

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

wait wait wait is winning on a gamble is also a taxable thing? I just heard it from you. What happened if you loss lets say 2000$ after winning 2000$ and you already tell the fed.

Not tax advice. But what I have heard is that if you're in my state. You can deduct loses up to the winnings but you can carry over losses. So if you bet $100 and win 100, and then lose $100 you're break even and wont owe any money. If you were to pay 30% of qauertly taxes on the $100 in profit prior, then you would get the tax paid at the end of the year when you have deductions. If you bet $100 and win $100, and then on Jan 1st 2025 you lose $100. You have to pay taxes on the prior years $100 and now you have a $0-100 for 2025 and if you don't bet again in the year, you don't have a refund because you can only deduct as an offset of winnings.

Does this make sense? Taxes are confusing and I am not a professional so I recommend talking to a tax advisor.

Dude just read your answer it already makes me confused did you need to fill out the gambling winning manually or the gamble site providing for you? I know this kinda sound illegal but If I were you Im not gonna report my gamble winning and just withdraw it the money through P2P and it might safe way.

But as a good citizen, you should write everything down. But yeah taxes are confusing.

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Quote from: arjunmujay on January 18, 2024, 05:30:44 PM

Quote from: r_victory on January 18, 2024, 03:21:47 PM

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Note: Managing betting winnings is as important as managing losses. Everyone should set a daily or monthly limit for this.

agree with you. money management is very important. because if we don't manage money when playing gambling and don't have a reserve fund, it is very possible that when we lose in playing gambling, everything will be destroyed and frustrate us excessively.
I think the investment options of mutual funds and bonds are good enough to pay taxes from our gambling. at least, not all depend on the results of gambling winnings.

In my opinion, money management is very important, especially in gambling. In gambling, of course we have to be able to allocate our finances well, don't let the gambling we do make us spend large amounts of money and we shouldn't, because spending a lot of money on gambling is certainly not a good thing. and with the risk of losing that money it will certainly make us frustrated as you said, especially with large amounts it will certainly be a burden on the mind.

On the other hand, even if someone has a lot of money, it is not advisable to spend it on gambling, perhaps a good step is to spend it on investments, because that could potentially increase profits, although gambling also has the potential to increase profits, but what must be remembered will be more profits. money lost in vain. What you say is correct, not everything has to depend on gambling wins, this is not recommended, because gambling wins cannot be predicted correctly or accurately.

Fredomago

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Quote from: Negotiation on January 19, 2024, 07:17:20 AM

Quote from: Hirose UK on January 19, 2024, 01:40:06 AM

Quote from: r_victory on January 18, 2024, 03:21:47 PM

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Everyone has their own way of making profit whether it from investing, trading or gambling, it just that gambling can't really be called place to make money because the risks are much greater than trading or investing.
In gambling, losing will lose all the money without any remaining, unlike investing or trading which only reduces the value of the asset and can recover if the price rises.
Everyone wins will feel the same and what makes the difference is how each person manages and utilizes these wins and profits.

The feeling of winning is not the same for everyone it really varies from person to person. But the risk in trading investment is low to manage profit well. It is very difficult to manage in gambling as it is difficult to give exact guarantee of earning and recovery in case of loss is not possible. Here you have to rely on luck. That's why I think investment is better than gambling to earn profit from own means.

There's no guarantee that you can earn back your losing bet that's for sure and if you are reckless you may lose more when trying to recover your money, it's better to accept that defeat and try to re-assess your strategy, I guess there's always potential to win but the risk behind is really high, you need that good attitude in handling situations that may trigger incorrect habitual reaction that instead of enjoying the win you will choose to push for more till your money lose everything back to the house.

It's on you and the that kind of decision is crucial, you have to make sure that you always have that control, and keep yourself from any greediness that will lead you to lose a lot.

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Quote from: BABY SHOES on January 13, 2024, 04:19:42 PM

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.

I assume the strategy of earning interest from the bank for tax is okay for everyone. But the strategy of winning per year $100K with arbitrage betting is risky for crypto casinos. Because crypto casinos do not like such betting in general. So at some point, if the platform can catch you doing arbitrage betting all the time with a 100% chance of winning, there is a big chance the account will be closed even they can also freeze your deposit depending on the terms.

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Quote from: retreat on January 19, 2024, 02:21:20 AM

I personally prefer to invest the money in Bitcoin because it has more potential and I can sell it whenever I need it. It was also easier to invest money in Bitcoin, because I just had to withdraw my winnings to a wallet on the exchange and accumulate them there.

I think gamblers suffering from wasting all the profits they made from gambling should use this method to invest the money. Investing in Bitcoin is very simple for gamblers as you can withdraw the Bitcoin from the casino directly to your personal wallet without doing anything extra. We have to learn how to invest our profits so it can be used in emergency and not waiting until you win another games before you can have money for the emergency. Saving money isn't good as you can use the savings.

Just saving money isn't also good as inflation can make the money not to be worth what it was when you saved it. Investing our profits in Bitcoin is a good option. The profits invested in Bitcoin shouldn't be used in trading but it should just be kept in the wallet until the need for the money comes. Different gamblers manage their winnings differently but those individuals using Bitcoin to keep their profits will make more profits.

Topic: How to manage gambling winnings - page 8. (Read 2315 times)