How to manage gambling winnings

[maydna]

I assume if I am a crypto gambler. I gamble using crypto such as bitcoin, stablecoins, or altcoins. And from each profit, I will save the profits into bitcoin and save it. I don't want to withdraw the money to the bank account immediately, but I will only withdraw enough money to fill my daily needs, remembering that I don't want to make my bank suspicious of where I got the money. I prefer to save the profits in the form of bitcoin as my investment, and if I gamble using stablecoins, I will buy bitcoin when I make a profit. Regarding taxes, I think there is some money I have to pay but not for the gambling I did, and it was immediately deducted from my bank account.

Each person will definitely know where their profits should be used. But some use the profits to celebrate with those closest to them. But some save their profits for the future, and it depends on their respective goals.

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[Westinhome]

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.

The knowledge sharing was charged with the money now a days,specially the financial advice.Because the money was the return to the user for the financial advice,the gambling site was legally approved by the government.In such places the gamblers who earn the money need to pay the money as the taxes,if the gambler had earned the money.The taxes won’t be the biggest one for the gamblers,the gambling winnings will give the money to the gamblers.But the gamblers who don’t have enough funds because of their financial problems due to the gambling losses don’t have the money to pay the taxes to their government taxes for the gambling involvement.

[Casdinyard]

Honestly that's really smart in my opinion. I myself am just content with getting my wins, cause the way I manage my money for gambling is that I separate it entirely from my savings and expenses.

I gamble on a separate bankroll, and every win I get goes back to that particular bankroll, over time it's gonna lose money, so I top it up but for the most part I made a system where most of the wins that I am able to bag goes back towards the bankroll effectively topping itself up so I don't really have to waste money for gambling anymore. I think for people who can't help but blow their gambling money or couldn't help but spend their shit back to the casino where it came from this would be a very smart trick to implement in your gambling behavior. You integrate a win-loss mechanic that forces you to stop gambling after getting specific amounts of win or losses, and you're sure to either avoid losing more money for that particular run, or have your wins be saved.

There are instances where my bankroll goes over the initial amount and when that happens, I only ever take the extra off to treat myself to some food or when I feel like balling, something a little more expensive that I'd be able to use for a long time. Nothing too extravagant as I don't want to instill notions of "gambling for profit" subconsciously to my brain.

I've been addicted to gambling in the past and systems like these has helped me a ton in getting back up on my feet and actually still enjoy gambling while keeping things real and responsible. I feel like yours (OP) is better honestly, but this is what worked for me and I'm keeping it

[samcrypto]

It’s good to separate your profit in gambling and also your capital before you proceed in your next activity, we should always have this kind of plan because this is our guide in knowing when to stop. You can’t always have profit in gambling so better when you have the chance save some of it where you can use later on.

[Jaycoinz]

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

That's if you are good with your words because I have a lot of gamblers break and still go back to touch their saved profits and actually put in back in process. Gambling is not as easy to win as they call the figures now and even if you are making such amount then I believe the capital used for your gambling would be huge because I don't think you can make such amount when you stake low on high odds because that will just raise the chances of you losing and getting frustrated.

[legendbtc]

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.

Perhaps you are someone who views gambling as entertainment, so you have not set a goal strategy to manage the amount of money you win. You are an unlucky person in gambling. Do you think depositing money in the bank is 'useless during inflation'. That's a very correct thought, but this way we can keep our money safely. As for investing in Bitcoin, this can be a way to increase your savings. But we don't avoid taking risks because I know Bitcoin's volatility is too significant. For people who are careful, I don't think this investment will be suitable for this investment will not.

I advise you to create a strategy in gambling so that we can manage our profits and losses. This helps us control the amount of money we spend on gambling. This is probably something to worry about if it is too high compared to your income level.

[Natsuu]

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.
 

Nice hustle on pulling in up to $100k from gambling! Saving some for taxes and having a stash for the rainy days is a solid move. We all know gambling has its highs and lows, so having a financial cushion keeps things smooth even when luck takes a break.

[odunybiz]

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

That's if you are good with your words because I have a lot of gamblers break and still go back to touch their saved profits and actually put in back in process. Gambling is not as easy to win as they call the figures now and even if you are making such amount then I believe the capital used for your gambling would be huge because I don't think you can make such amount when you stake low on high odds because that will just raise the chances of you losing and getting frustrated.

Managing gambling winning is another thing that gamblers should look to. Most people lavish their winning because they see the money won as a bonus. They mostly have forgotten how much they have lose to gambling before they won.

[Mr. Magkaisa]

        -   Before gambling in a casino, you must have self-control and self-discipline. Because these two, if managed correctly, will surely win, he will find a way to stop and come back later.

Second, the amount of money that you gamble in any casinos that we enter should also be limited. In this way, we can show that this is a characteristic of responsible casino gamblers. And we can also help ourselves become a habit that is good for us too.

[mindrust]

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.

Earning interest probably beats many other investments lately. 5-5.5% annual interest is pretty dope already and Binance gives you way more for your USDT. (real time apr + bonus is rate 12% right now) Why would anybody invest to expand their business when they can expand their money by 10%-15% doing nothing nothing? If the OP puts his $100k on Binance, he will make ~$10k+ in a year which covers the most of his tax payments. All of that will change when the FED starts dropping the rates. Then the asset prices will go boom again and the inflation will be much much higher than what it used to be.

[coin-investor]

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

In all my years of playing I have never filed or included my gambling in my income tax, because if I compute it for a year of playing I will be in deficit, I'm not good in gambling luck based or sports betting.
This applies to profitable sports bettor or any casino player and we don't know if they will include this in their income tax, I will only include if I win a big jackpot that I think will cover all my losses for one year.
Here in our country our Tax bureau is not strict to gamblers they are more strict to big companies and wealthy individuals so even if I file or not, it will not matter to our tax bureau.

[Saisher]

Your advice is for allocation for paying taxes for winning in casinos, I don't think I can allocate any amount for taxes I'm on zero balance when it comes to this, only whales and VIPs can do this tax thing all gambling winnings are allocated for my next bankroll so I don't have to make a cut in my salary so far in my 4 years of playing I have not paid my taxes for gambling, my country is not strict to this so I would I care.

[Blitzboy]

Your tax planning and APY knowledge are outstanding. My take: Every two weeks, I put 25% of my gains in a high-yield savings account and some in low-risk investments.

In addition, I consult a tax specialist. This maximizes tax benefits and savings. A little expert counsel can maximize returns, in my experience.

I value community. Sharing strategies as we are here is vital. Im continually learning and adapting. I agree with you on regulated sports betting sites. Safe and responsible moneymaking is important. Maintain the conversation and encourage fun, sensible gambling!

[junder]

That's if you are good with your words because I have a lot of gamblers break and still go back to touch their saved profits and actually put in back in process. Gambling is not as easy to win as they call the figures now and even if you are making such amount then I believe the capital used for your gambling would be huge because I don't think you can make such amount when you stake low on high odds because that will just raise the chances of you losing and getting frustrated.

Managing gambling winning is another thing that gamblers should look to. Most people lavish their winning because they see the money won as a bonus. They mostly have forgotten how much they have lose to gambling before they won.

I myself manage the winnings as best as possible, that's what I think, when I get a win, of course I will cash it in straight away without thinking, because in my opinion the best choice is to cash it out. If I still want to gamble, I cash out part of it equal to the capital I bet at the beginning, because by doing that, even if the gambling I continue results in losses, at least my personal money is still safe, and sometimes I will feel bored if I gamble. too long, then I will leave the gambling.

and in my opinion, many gamblers waste the winnings they have obtained. where when they have won in gambling they continue gambling without cashing out some of the winnings they have obtained. and on the other hand, they do this by increasing the bet amount because they think they can still win, therefore they increase the bet amount so they can get a bigger win. even though that is not a guarantee, because most likely you will only lose. So in my opinion, after winning, the best option is to cash it out, there is no other best option, because by cashing it out we can enjoy the winnings realistically.

[Kakmakr]

Ok, so if I may ask..... What are you doing posting on a Crypto site, if you do not want anything to do with Crypto gambling? This is a "Bitcoin" (Crypto currency) discussion site.  

You also need to take into consideration the taxes that you have to pay on the interest that you receive from the Bank. In my country that is automatically added on the tax return, but you have to make provision for that in your strategy.  

[TimtheYoutuber]

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.

You shouldn't invest the money you pay the government. 4% APY is very nice and "risk free" since we have FDIC insurance in the US.

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.

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?

You can't really avoid it. I expect this to last for 3 years, and then I will only be able to bet small amounts for fun. Unless my state gets new books.

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?

Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this.

Ok, so if I may ask..... What are you doing posting on a Crypto site, if you do not want anything to do with Crypto gambling? This is a "Bitcoin" (Crypto currency) discussion site.  

You also need to take into consideration the taxes that you have to pay on the interest that you receive from the Bank. In my country that is automatically added on the tax return, but you have to make provision for that in your strategy.  

 I have crypto and invest in crypto, but don't play on crypto sites because they often time scam, and betting with a currency that is fluctuating as much as crypto is not a good move for someone taking sports betting professionally. You can like crypto and understand that crypto casinos are not the way to go. (Assuming you can use regulated fiat sites)

[danadc]

       -   Before gambling in a casino, you must have self-control and self-discipline. Because these two, if managed correctly, will surely win, he will find a way to stop and come back later.

Second, the amount of money that you gamble in any casinos that we enter should also be limited. In this way, we can show that this is a characteristic of responsible casino gamblers. And we can also help ourselves become a habit that is good for us too.

It's true, in a casino what you should have is that, I sometimes play and it is difficult for me to have control of my coins at certain moments of the game because when I win, I feel very good, but when I am losing it is difficult Because I want to recover, not feel like I'm losing, that's a general feeling. I admit to the players who have a lot to do and those who play and can win and don't feel anything. I don't know how they can manage to have that great quality of game management. setimeintos and emcoines, and I even jump when I win.

Each person expresses their emotions and sometimes that is not bad, or maybe because of the emotions we compromise the money and even worse, we lose it, that is what we should not allow ourselves to lose by getting excited, what we have to look for is getting excited when we get excited. win, it's safer this way and you don't take risks, I know that when you lose you want to recover completely, but sometimes you have to accept that you lose in a casino, it's better before spending everything.

[Yogee]

[...]
If the OP puts his $100k on Binance, he will make ~$10k+ in a year which covers the most of his tax payments.

I probably wouldn't do something like that. It's good if you can send all $100K to a high yield account but we can all use the spendable $85K differently.

[...]
Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this.

They are missing the whole point that it's already an earmarked money and you don't want to put it in any investment with higher risk. Have you thought of converting your USD to USDC and staking it on Coinbase? I can see from their homepage that they are giving 5.10% annual yield. I think the offer doesn't have any lock in period so you can withdraw it anytime you're about to pay your taxes.

[Apocollapse]

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.

Well I do understand what you're talking about.

I've explained holding fiat and only earn 4%APY won't give any benefit, it's better than keeping it without earn anything, but I did not saying we should hold fiat. If you keep insist to hold fiat, then this method gives better APY https://www.bitcoinmarketjournal.com/usdc-interest-rates/

But since trusting fiat, stable coin and centralized exchange aren't safe, better to hold Bitcoin and sell it when the price is high.

[TimtheYoutuber]

[...]
If the OP puts his $100k on Binance, he will make ~$10k+ in a year which covers the most of his tax payments.

I probably wouldn't do something like that. It's good if you can send all $100K to a high yield account but we can all use the spendable $85K differently.

[...]
Idk I just think its really a poor argument to be telling people to buy bitcoin with the money they're paying the government. Doesn't make any sense to me, but if you don't pay taxes then I guess you wouldn't know. I was under the assumption most people here would understand this.

They are missing the whole point that it's already an earmarked money and you don't want to put it in any investment with higher risk. Have you thought of converting your USD to USDC and staking it on Coinbase? I can see from their homepage that they are giving 5.10% annual yield. I think the offer doesn't have any lock in period so you can withdraw it anytime you're about to pay your taxes.

You could buy US treasury bonds with low holding periods for a little more than this currently. I think holding in a savings account is a little better for me, then I don't need to think about anything.