How to manage gambling winnings

[TimtheYoutuber]

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


Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.


I also will preload 15% of the prior years winnings into the account, so that I have a good baseline for expected tax. For example, If I made $100k the prior year, I would put $15k at the start of the next year, so that I am earning 4% APY with the money I expect to pay in taxes when I make another 100k. (I will also add 30% of the profit per 2 weeks like mentioned above)



What are your strategies?



If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me and I would be glad to help free.


Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.


Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.

[Yogee]

Earning interest for amount meant for payment of future obligation is a smart move and a sound advice. Some "finance guru" would even charge $ for that piece of knowledge hehe. Do you not make adjustments on how much you set aside for taxes? I thought gambling losses are not deductible based on your post but it is when I checked.

[GiftedMAN]

Earning upto $100k in gambling per year is a good move and that means that you are really a good gambler with a profitable history. Saving part of the profits for tax payment is also a good way for anyone that want to save something for a better time. Gambling can be very challenging majorly when we are not making the kind of profits that we intend to make from month to month and year to year. I don't know if op do incur loses maybe in a role in weeks or months but anyhow, it is good for us to keep some savings so that we don't start borrowing when we start having a bad day.
 

[TimtheYoutuber]

Earning interest for amount meant for payment of future obligation is a smart move and a sound advice. Some "finance guru" would even charge $ for that piece of knowledge hehe. Do you not make adjustments on how much you set aside for taxes? I thought gambling losses are not deductible based on your post but it is when I checked.

Yeah so gambling losses are deducible at least in my state. So if I had a losing 2 week session, then I would take 30% of those loses out of my savings account.


So yeah the basic idea is, put 15% of the prior year to start the 4%APY on a larger dollar amount. Once that 15% is your current tax liability you can start putting away 30% of your bi weekly profit into it.

Earning upto $100k in gambling per year is a good move and that means that you are really a good gambler with a profitable history. Saving part of the profits for tax payment is also a good way for anyone that want to save something for a better time. Gambling can be very challenging majorly when we are not making the kind of profits that we intend to make from month to month and year to year. I don't know if op do incur loses maybe in a role in weeks or months but anyhow, it is good for us to keep some savings so that we don't start borrowing when we start having a bad day.
 

Yeah so the idea is to "tax plan", but like you said you may not make as much as you did the previous year which is fine because the savings account money is yours! Some other people will buy short term bonds like 3-6 months and get 5% APY. (US tres)

I limit my risk with sportsbetting by hedging and arbitraging, so I have not had a losing month. Because of site limits I may not make $100k+ this year, but am still implementing the same tax planning strategy.



* FYI I only use regulated sportsbooks in the US that are available in my state, and do not use crypto sports sites.

[Apocollapse]

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

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

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

[l3pox]

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

[Smartvirus]

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

If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me.

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

[Shishir99]

If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me.

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

[Sim_card]

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

[komisariatku]

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

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

[robelneo]

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

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

[TimtheYoutuber]

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

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

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

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

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

If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me.

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

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

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

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

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


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

[topbitcoin]

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

[Oilacris]

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

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

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

[uneng]

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

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

[ajiz138]

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

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

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

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

[Saint-loup]

Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.


Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.

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

[darkangel11]

Every 2 weeks I calculate my profit on and put 30% away in a ALLY bank savings account that earns 4% APY per year. This way I can earn a little interest on my gambling tax payments.

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

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

[BABY SHOES]

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

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

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

[AmoreJaz]

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

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

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

Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.

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

that is the statement that i don't agree with. using crypto sites especially the top reputable and legit ones, won't steal your money for nothing. just look at the top casinos and bookies found in the forum. do they have existing large withdrawal issues? nope. but if you are violating some of their terms, definitely, they will get a hold of your account and maybe freeze your bankroll for the moment. but once you clear things out, they would surely release your funds.