How to manage gambling winnings

[Yogee]

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/

The article you shared lists Blockfi which is already bankrupt and Nexo which was ordered not to offer their earn products to US.

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

Remember what the money is really for. It's mainly for paying taxes and not for risky investments. What would you do if let's say the filing for taxes falls on April 15 and the value of BTC you bought at $15K dropped to $14K on that day or on prior weeks? You would be forced to sell right? You were supposed to pay tax liability at $15K but now you're $1K short.

Paying taxes has a specific deadline and it will not wait for BTC's price so OP's decision to choose a stable and less-risky approach is the better choice.

[....]
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.

Choosing savings is all good specially after weighing in all your options.

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[ethereumhunter]

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

[slapper]

I gamble for fun, not profit, so I've never split my winnings. However, your attitude is respected. Setting away 30% biweekly and preloading 15% of last year's profits is careful and forward-thinking. Financial discipline and strategic planning are involved. How did you calculate these percentages? Does it just involve taxes, or are there additional factors? Choosing a high-yield savings account makes your money work for you even as it sits.

In my infrequent betting experiences, I've always considered victories a bonus, reinvesting in hobbies or splurges. But your plan makes me think a more systematic approach to any revenue, even casual gaming, may be wise. About foresight, right? Planning for future commitments and enjoying current advantages. How do you alter your plan in a good or bad year? Have you planned for emergencies?

[danherbias07]

I don't trust banks and I don't save money in them but I guess I do understand where you are getting at this strategy. It's not like you have other options to save money from. That 4 percent APY though seems high. I mean, I have banked my money before, for 10 years if I remember correctly and I never find myself feeling any profits from it. The only ones who are making money are those who are using it to be invested in different forms while we get just the dust of those who used our money.

Anyway, gambling arbitrage. This is difficult unless you have good knowledge of sports betting, and strategies because this could go wrong if you pick the wrong pair. Anyway, I read this is legal although the profits could be long-term, but let's take into account that we are also being monitored when we are using local betting sites. For you, it's the US gambling sites. i.e. DraftKings? There will be a time when they may restrict your account because of the high withdrawal amount. This is for those who can bet regularly too and must have deep pockets to feel the profits. For low-budget sports bettors like me, I don't think I will be satisfied with small amounts using this kind of strategy. I'd rather just pick 1 and cross my fingers that it will win or try the parlays.

[Rufsilf]

Howdy! It's a smart decision to set aside a portion of your winnings to offset any tax issues if you win up to $100k in gambling annually. This indicates that you are a consistently lucrative gambler. I guess when tax season rolls around, this will help you stay out of financial surprises. Setting a budget, however, that accounts for both your regular income and spending and your gains from gambling is also quite crucial. Finally, why don't you think about allocating a certain percentage of your winnings to investments and savings? You may secure your financial well-being and create growth prospects by investing for the future and developing an emergency fund.

[TimtheYoutuber]

Howdy! It's a smart decision to set aside a portion of your winnings to offset any tax issues if you win up to $100k in gambling annually. This indicates that you are a consistently lucrative gambler. I guess when tax season rolls around, this will help you stay out of financial surprises. Setting a budget, however, that accounts for both your regular income and spending and your gains from gambling is also quite crucial. Finally, why don't you think about allocating a certain percentage of your winnings to investments and savings? You may secure your financial well-being and create growth prospects by investing for the future and developing an emergency fund.

This thread was mainly to talk about the tax portion of it. I invest some of the winnings into other ventures and crypto

[vs2014]

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

[Saint-loup]

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.

You don't know what you are talking about IMO, why they are based in offshore locations and don't try to register in legit regulated countries instead? If they were operating from countries with good consumer protections, they couldn't lock accounts from their customers without giving any evidence of real cheat like what they're mostly doing, otherwise they would be quickly sanctioned by authorities. In my country fiat regulated bookies, couldn't do one tenth from what I read here without being closed and their owners put in jail. Those so-called terms violations are BS 99% times, and it's the scheme massively used by 1xbit for stealing player's funds btw. It's not the same thing with crypto casino-only platforms though, except scammy ones, they are usually fair and honest since it's not possible for players to beat the house for long unlike bookies.

[the rise]

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

if I were in his position I would make a business to increase my income, there are many ways to manage winnings, investing in crypto is also good but in everyday life having a business will be more promising, different from the online world which is full of mystery, don't know what what will happen especially lately there are a lot of hackers, at least share 50% for real business 50% crypto investment

[Yatsan]

With every win I got, I make sure to atleast secure 50% of it for that day and maintain my betting deposit for the next day or time that I would be playing. I put it in my discipline that not because I won today, it would already mean that I will be spending more the next day. Why? winning will never be certain and increasing your bankroll for that particular time you would be playing, won't increase in an assured manner, your winning tendency. In the long run, this is helpful especially to those who are hoping to be rich from gambling industry. This won't also work to all of us therefore as a gambler you are free to choose whether to copy it or not or to create your own; we have different tolerance and are living under different circumstances as well, therefore my strategy that time turned out to be beneficial to some so never hesitate to check things on which amount should be placed. On the other hand, they are not just for urgent work.

[Westinhome]

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

The gambler should withdraw their winning at the right time or else it leads to the loss in the gambling site.The gambler can make the huge win in the gambling site by the correct prediction in the gambling site.The casino will give the more winning dollars in the gambling site as like the Jackpot Lottery games in which many people earning huge dollars in the real world by the offline gambling.The gambler mostly loss the winning when they get the greedy to get more money from the winning maximum bet.After the winning the gambler get more confidence in their gambling betting.So they will try to solve all the problems in one betting leads to complete loss.

[kojektea]

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

The gambler should withdraw their winning at the right time or else it leads to the loss in the gambling site.The gambler can make the huge win in the gambling site by the correct prediction in the gambling site.The casino will give the more winning dollars in the gambling site as like the Jackpot Lottery games in which many people earning huge dollars in the real world by the offline gambling.The gambler mostly loss the winning when they get the greedy to get more money from the winning maximum bet.After the winning the gambler get more confidence in their gambling betting.So they will try to solve all the problems in one betting leads to complete loss.

in my personal experience, if I don't withdraw my winnings, my hands will itch to reach the minimum withdrawal amount. I will be as quick as possible to reach the minimum withdrawal, my nature is like this which generally makes me suffer, that's why I register on a casino site that has low minimum withdrawal requirements, I would feel comfortable there

[nimogsm]

After reading your article i realized that you are a profitable gambler and rich man. However to ensure saving money keep some of your gambling winnings in a safe place that will actually double as a mountain of money in the future. When i win big money from gambling then i buy good coins from crypto that will increase my money. But there are many people who can't ensure saving money even after winning because they use different sectors to manage their life. Personally i rarely participate in offline casinos but i am more present in online betting.

The author of the starting post believes that a deposit in a bank will give him the opportunity to pay taxes on winnings, but he did not take into account the fact that inflation can be greater than profit, that’s the dilemma.
And another important point is that losses are also taken into account, so perhaps there will be no need to pay taxes .There is a very cunning system, if this is a physical establishment, then you can receive the prize immediately with taxes deducted, as far as I understand, but online you will need to fill out the declaration yourself.

[AYOBA]

Your suggestion seems great, but the problem with gambling is that it's difficult to take off a portion of what they winnings and keep some percentage, regardless of how much them earns when they wager. Because even if some people win before they get the money, they have a plan in mind for how they will spend it.

However, some people become so accustomed to gambling that, whatever they win, they will not withdraw it instead, they will use it to wager in other games in order to increase more profit.

[Docnaster]

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

Managing gambling winnings is not all about withdrawing all the money in the gambling account after winning because I've actually seen someone who after withdrawing all the money he won from his account, still ended up putting them all back, lost them and still added more to it. Managing our gambling winnings I think is to carefully and wisely put our winnings to good use.

So as a gambler when you win, the best thing to do is to bring out a certain amount of money from your gambling account and then leave a little amount for further gambling use. The ones that was withdrawn should be immediately put to good use or be invested in a platform that it won't be easily withdrawn again for gambling purposes

[Odohu]

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)

This means you are a profitable gambler unlike many here that sees gambling just as a way of losing money.  I have continually stated that many people are making decent money from gambling, at least a know a lot of them. Glad you put this out so others will know that there are HUMANS that actually win gambles.

What are your strategies?

There is no tax for gamblers in my country. Unless you are gainfully employed or you own a registered business, you are not taxed, not in crypto or gambling or anything. It's actually a nonchalant attitude on the side of government which somehow makes the citizens relaxed.

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.

I don't think I agree with you on this because their are many reputable casinos that accept cryptocurrency.  They are even dominating the gambling industry so if you are still stocked in the old ways, then that is your choice. Crypto has come to change a lot of things and gambling is just one of them.

[Xxmodded]

Interested earn sharing by OP but I don't sure keep consistency on the winning trend exactly in sport betting, I have much experienced with sport betting exactly in football match and I know have many unpredictable result and I doubt with story of OP how easily manage the winning in sport betting.
But you have good planning with manage gambling winning not greedy all in for betting, good ideas when winning amount spent few percent withdrawing to the bank and use fund left for betting but what happen if losses will you deposit from your saving or amount have withdraw to the Bank? Usually for gambler after winning will withdraw but another losses get back their withdrawal for depositing in gambling again before losses all their fund.

[Oilacris]

Managing your winnings from gambling means withdrawing the money if you have reached the minimum withdrawal limit. But if the winning money has not reached the minimum withdrawal limit, we can save it in a gambling account to use it another day. And when we have won, we must immediately stop gambling rather than later wanting to get a bigger win even though it is difficult. We must know how to treat the winnings, but many gamblers continue gambling because they are still tempted to get another big win. It is very difficult to avoid the temptation of gambling because there will be times when we see promotions provided by casinos. That is why we must immediately stop gambling and, leave the casino and not look back so that this desire will not arise.

Managing gambling winnings is not all about withdrawing all the money in the gambling account after winning because I've actually seen someone who after withdrawing all the money he won from his account, still ended up putting them all back, lost them and still added more to it. Managing our gambling winnings I think is to carefully and wisely put our winnings to good use.

So as a gambler when you win, the best thing to do is to bring out a certain amount of money from your gambling account and then leave a little amount for further gambling use. The ones that was withdrawn should be immediately put to good use or be invested in a platform that it won't be easily withdrawn again for gambling purposes

Withdrawing doesnt mean success on which its true and i have experienced this stuff on which on the time that you would really be able to withdraw and dont able to purchase up something or invested it up on buying some coins then you might be ending up on depositing back it again specially if you havent that filled your gambling leisure time and this is based up on real experience too.
It might that sounds easy to have those kind of pulling of funds but on the time that you are on such condition or situation then it would really be that too hard on doing such those actions.
Its never been that recommended though on having those all in type of betting all the time. You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.

[TimtheYoutuber]

Interested earn sharing by OP but I don't sure keep consistency on the winning trend exactly in sport betting, I have much experienced with sport betting exactly in football match and I know have many unpredictable result and I doubt with story of OP how easily manage the winning in sport betting.
But you have good planning with manage gambling winning not greedy all in for betting, good ideas when winning amount spent few percent withdrawing to the bank and use fund left for betting but what happen if losses will you deposit from your saving or amount have withdraw to the Bank? Usually for gambler after winning will withdraw but another losses get back their withdrawal for depositing in gambling again before losses all their fund.

If I don't earn as much this year then I could withdrawal from the bank to represent my current tax labilities. Is not like I have lost the money by putting it there.

[livingfree]

I think regardless of how much you're making through gambling, what I see is on how you are managing it. Since the topic is managing the winnings, you're doing it properly and nicely.

While the other gamblers when they're able to make some, what they do is they're completely gambling again with the entire winnings that they have leaving the bankroll or the opposite.

That is the main thing why many are left with negative thoughts after winning because they don't have a plan on what's going to be their next move after winning.