How to manage gambling winnings

[famososMuertos]

Each country have its conditions and obligations, in my case, the profit from gaming is stipulated for an amount won on a year, these amounts are actually for companies that are dedicated to the betting industry, because as a player you already We would like to be within those limits, and in the case of lotteries they are tax-free.

Gambling is encouraged, and several countries in the region are managed similarly, which by the way is a way to pay less if you are a high-profit player, hence is good idea to look for a country that offers those advantages.

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[temple]

Each country have its conditions and obligations, in my case, the profit from gaming is stipulated for an amount won on a year, these amounts are actually for companies that are dedicated to the betting industry, because as a player you already We would like to be within those limits, and in the case of lotteries they are tax-free.

Gambling is encouraged, and several countries in the region are managed similarly, which by the way is a way to pay less if you are a high-profit player, hence is good idea to look for a country that offers those advantages.

This is an interesting topic, but the truth is that the rules and applicable tax laws wildly vary across countries. It can also depend on whether or not someone is classified as a professional gambler or not, which means the whole financial picture comes into play. If someone earns the majority of income with gambling, then it could be considered the same way a job is considered and a player owes tax of course. It can be a pitfall if someone is unsure, doesn't save any of the money and then reports it believing that a low tax bracket applies (or no tax at all). So better find out in advance what the most likely tax burden would be.

[blockman]

You have a good period of when you're doing your tally with your profits, so if you're tallying every 2 weeks on how much profit you've made and putting that directly on your savings with APY, that's good. I assume that you have emergency fund already and that's why you don't think of it and you're mostly going to repeat and rinse it until you make your bank a lot of money. And with all of the info you have said, you're supposed to be doing this as a full time, correct?

You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.

Not just for the other day of gambling but every time they make some wins, it's important to keep even just a bit of it. Think of it as your remembrance for winning.

[Assface16678]

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

its easier than said, I would also consider to build or start a business from the winnings in gambling or some portion of the winnings will be dedicated for starting a business for long term income right? but is it easy to a business? No there's always a risk you see if a person will just open up a business without any knowledge on how to manage an actual business or any background about financial things and how to run a business efficiently then it will only raise the level of the risk.
I'm not saying that anyone who wants to build a business should have a degree in a business-related course. What I'm saying is that if we are suggesting building a business, we should also say that it will not be an easy thing. But yeah, it's a good alternative if a person can't handle the stress of investing in crypto.

[Fredomago]

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

its easier than said, I would also consider to build or start a business from the winnings in gambling or some portion of the winnings will be dedicated for starting a business for long term income right? but is it easy to a business? No there's always a risk you see if a person will just open up a business without any knowledge on how to manage an actual business or any background about financial things and how to run a business efficiently then it will only raise the level of the risk.
I'm not saying that anyone who wants to build a business should have a degree in a business-related course. What I'm saying is that if we are suggesting building a business, we should also say that it will not be an easy thing. But yeah, it's a good alternative if a person can't handle the stress of investing in crypto.

If you have that chance to start up a business I for sure will also do that, having that amount to finance your future may bring that money to betterment of your life, not always you got that opportunities to win, as most of the time you will lose a lot when playing, but the point is if ever that opportunity got open up and you have that money to start everything you should be wise and take that and risk with your fate, who knows that open doors for a better future not only for you but for your love ones too.

[maydna]

If you have that chance to start up a business I for sure will also do that, having that amount to finance your future may bring that money to betterment of your life, not always you got that opportunities to win, as most of the time you will lose a lot when playing, but the point is if ever that opportunity got open up and you have that money to start everything you should be wise and take that and risk with your fate, who knows that open doors for a better future not only for you but for your love ones too.

By getting the winnings, we can use the money for many things, including starting a business where the business can provide income for us. If we can develop our business, we can increase our income so that we no longer need to gamble and reduce our gambling activities because we will focus more on our business. We can also prepare well for our future and save money from the winning money. It may require good management so that we can use the winnings to benefit our lives and have a better life in the future.

[peter0425]

Back when I am still super active I have no strategies but just to play and win then after winning I will take out my capital and some small wins and then use the remaining amount to play again and that is why I never really win in gambling instead I am always a loser.

It is good to see about what you have shared here because this will save others that may consider or try  doing what you are saving for taxes specially.

If you have that chance to start up a business I for sure will also do that, having that amount to finance your future may bring that money to betterment of your life, not always you got that opportunities to win, as most of the time you will lose a lot when playing, but the point is if ever that opportunity got open up and you have that money to start everything you should be wise and take that and risk with your fate, who knows that open doors for a better future not only for you but for your love ones too.

By getting the winnings, we can use the money for many things, including starting a business where the business can provide income for us. If we can develop our business, we can increase our income so that we no longer need to gamble and reduce our gambling activities because we will focus more on our business. We can also prepare well for our future and save money from the winning money. It may require good management so that we can use the winnings to benefit our lives and have a better life in the future.

that is for  one big win , but if you are only for small wins like hundred or thousand dollars this is  not even enough to use as capital for businesses .

[TimtheYoutuber]

You have a good period of when you're doing your tally with your profits, so if you're tallying every 2 weeks on how much profit you've made and putting that directly on your savings with APY, that's good. I assume that you have emergency fund already and that's why you don't think of it and you're mostly going to repeat and rinse it until you make your bank a lot of money. And with all of the info you have said, you're supposed to be doing this as a full time, correct?

You should really know at least on keeping some side amount for other
day of doing gambling if you are really that interested into.

Not just for the other day of gambling but every time they make some wins, it's important to keep even just a bit of it. Think of it as your remembrance for winning.

Gambling for me is not a full time job. So the money I make I use to fund investments in my life. My 9-5 I use to pay for everyday expenses and use for savings.

[legendbtc]

By getting the winnings, we can use the money for many things, including starting a business where the business can provide income for us. If we can develop our business, we can increase our income so that we no longer need to gamble and reduce our gambling activities because we will focus more on our business. We can also prepare well for our future and save money from the winning money. It may require good management so that we can use the winnings to benefit our lives and have a better life in the future.

Very few people can do what you say. I don't think a person who wins in gambling will take that money to invest in business. They will not easily give up gambling. Because they think there is no job to make money as fast as gambling, they will continue to try their luck to be able to earn larger amounts of money. Only when they lose all their winnings and capital do they realize it. Very few people can manage the money they win well, and I am no exception.

[topbitcoin]

If you have that chance to start up a business I for sure will also do that, having that amount to finance your future may bring that money to betterment of your life, not always you got that opportunities to win, as most of the time you will lose a lot when playing, but the point is if ever that opportunity got open up and you have that money to start everything you should be wise and take that and risk with your fate, who knows that open doors for a better future not only for you but for your love ones too.

By getting the winnings, we can use the money for many things, including starting a business where the business can provide income for us. If we can develop our business, we can increase our income so that we no longer need to gamble and reduce our gambling activities because we will focus more on our business. We can also prepare well for our future and save money from the winning money. It may require good management so that we can use the winnings to benefit our lives and have a better life in the future.

that is for  one big win , but if you are only for small wins like hundred or thousand dollars this is  not even enough to use as capital for businesses .

That is a good thing, dedicating your winnings in gambling to something more useful and meaningful. However, if you are really serious about starting a business, then don't wait until you get a big win in gambling. But start now, because if you wait, it's possible that someone else will get your business idea first. Start this business gradually with minimal capital, because nothing can be obtained instantly, even instant noodles have to be boiled first.

If you keep waiting for a big win in gambling, to be able to start a business, then that business will never be created. Because getting a big enough win is quite difficult. Moreover, if you don't have good self-control, then when you get a big win, the money will be used up for gambling.
"You want to start a business, from the proceeds of gambling that you do, while on the other hand there is someone who sells his business, in order to satisfy his desire to continue gambling."

[justdimin]

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.

I think there are still gamblers who don't do that, but they can still stop once they think they had enough (it's either they lose or win a bit). For those who don't have a control, they can only stop once they already lose all their balances even if they do your strategy but I think doing it will still increase their chance of not playing for a while.

The last thing that you said is true, so it's better to just use all of our profit and maybe capital included on the things that we can benefit much longer (E.g. a mobile phone, earphone, speaker, etc...). This will also help us to take a break in gambling. According on my observation, my gameplay seems great if I rarely play.

[rendravolt]

By getting the winnings, we can use the money for many things, including starting a business where the business can provide income for us. If we can develop our business, we can increase our income so that we no longer need to gamble and reduce our gambling activities because we will focus more on our business. We can also prepare well for our future and save money from the winning money. It may require good management so that we can use the winnings to benefit our lives and have a better life in the future.

Very few people can do what you say. I don't think a person who wins in gambling will take that money to invest in business. They will not easily give up gambling. Because they think there is no job to make money as fast as gambling, they will continue to try their luck to be able to earn larger amounts of money. Only when they lose all their winnings and capital do they realize it. Very few people can manage the money they win well, and I am no exception.

Well, this has become a habit that is difficult to break and even though they often win at gambling, most of them will only focus on continuing to make money from that place. Of course, most people also have no plans to allocate the funds from gambling to do business in the real world and because they feel very comfortable, they will be happier with the existing situation.

I think this is just a matter of awareness that needs to be increased and even though gambling is very fun and can also be a place of big income, you should at least think about an easier future with that money so that in the future you will also be able to avoid further losses from gambling.

[masulum]

-snip-
If you keep waiting for a big win in gambling, to be able to start a business, then that business will never be created. Because getting a big enough win is quite difficult. Moreover, if you don't have good self-control, then when you get a big win, the money will be used up for gambling.
"You want to start a business, from the proceeds of gambling that you do, while on the other hand there is someone who sells his business, in order to satisfy his desire to continue gambling."

That's right, running a business early would be better than waiting for winnings from gambling. If you really have extra money for business, using it now is the most recommended. Winnings from gambling will later be used as additional business capital or to develop a better business. Because for some people who might have the same thoughts, doing business from gambling winnings, could experience bad things, such as money that should be used for business capital, instead slowly being used for gambling deposits, and the big win never come.

[Dimitri94]

I definitely value savings. I think who have the ability will save and lots of gamblers who want to save but have no earning in gambling rather than loss. In gambling I can never assure that I will win or that I will have a small profit recovering all the losses that I have during the year. So how do I save money from that position. But those who win must have an attitude of saving. Gamblers have a tendency to squander their winnings. Who are winner should keep a small amount for savings. So that in case of any losses in gambling, one does not have to take help from someone else for money.

[STT]

Higher rate of return can occur if you clear debts as no tax is payable on that reduced cost to yourself.  Also reducing debts reduces the possible dangers the debts turning bad or not being able to renew them.  The main reason also to clear a debt over add to savings is you cannot as easily reduce your positive action in reducing that debt where as savings can be withdrawn and spent in a weak moment when you are looking for more cash to bet or spend, perhaps a bad streak.   If Im on a bad streak I'd rather be forced to take the hit and give up the gambling till I aquire more money again, usually I will have a better thought process by that time and a better chance to win again

[Oilacris]

I definitely value savings. I think who have the ability will save and lots of gamblers who want to save but have no earning in gambling rather than loss. In gambling I can never assure that I will win or that I will have a small profit recovering all the losses that I have during the year. So how do I save money from that position. But those who win must have an attitude of saving. Gamblers have a tendency to squander their winnings. Who are winner should keep a small amount for savings. So that in case of any losses in gambling, one does not have to take help from someone else for money.

Only a few could actually do this on which they do really be able to save up when they are dealing with gambling on which we know that gamblers would usually be having that kind of behavior on which they would really be that spending all of those winnings back into the casino and really that believing that they could really be able to take advantage of those amounts and could win up more
which it is really just that a very wrong idea to have in mind if you do really have those kind of considerations. This is why you should really be that wise on taking up some savings or even
buying up something out of those winnings so that at least it would really be worth off and could really be seeing something out of those wins rather than on losing it back again into the house.
Some might be mindful but majority wouldnt.

[Docnaster]

I definitely value savings. I think who have the ability will save and lots of gamblers who want to save but have no earning in gambling rather than loss. In gambling I can never assure that I will win or that I will have a small profit recovering all the losses that I have during the year. So how do I save money from that position. But those who win must have an attitude of saving. Gamblers have a tendency to squander their winnings. Who are winner should keep a small amount for savings. So that in case of any losses in gambling, one does not have to take help from someone else for money.

The ability to serve does not necessarily matter how much one earn. Saving is a virtue, if you do not possess the spirit of seven you cannot actually serve no matter how much you earn. You can be surprised that someone who earns $10,000 monthly could hardly serve 1,000 but another who earns 5,000 monthly could self more than $1,000. Although, it also depends on the spending habit of the person. Relating this to gambling whoever has a good winning should save from it whether it is big or not, at least he should save something from your gambling winnings from there you can decide to gamble subsequently. A good gambler should be someone who serves from their winning and use it to gamble subsequently until the budget is exhausted. This is theoretically but in the real life scenario, so many gamblers see their winnings as a free money so they spend it anyhow they want forgetting that they have lost so much amount of money before they were able to get the one they call free winning.

In conclusion, the best ways to manage gambling wins is either to use them and buy properties or solve tangible problems or save from it. The worst thing that could happen to a gambler is what I read over the news today that I gambler who won certain amount of money within space of few minutes loses all. This actually is not a new story in the gambling industry it happens every time and it takes only a discipline gambler to do something different in order not to be a victim of the ugly circumstance. In all, it is worthy to note that gambling is not a career and neither is it a profession so nobody should hope on gambling winners for any tangible project or savings but whenever it comes we should use it judiciously.

[Mia Chloe]

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.

Not everyone employs this method in making their casino bets , stakes and other gambling activities. Sometimes when  people place bets they make really  huge wins of which some would stop betting at that point and proceed to spending the money without trying to draft out Thier spendings including tax.
Most countries are very strict when it comes to economics and tax so making those payments as quick as possible would be a very good idea to avoid getting into trouble with the authorities.

[adultcrypto]

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.

Not everyone employs this method in making their casino bets , stakes and other gambling activities. Sometimes when  people place bets they make really  huge wins of which some would stop betting at that point and proceed to spending the money without trying to draft out Thier spendings including tax.

When I place bet and win big amount, I quickly make withdrawals to my personal account leaving behind only part of the funds I'm will to continue gambling with. I usually calculate this amount as a percentage of my total balance which is usually single digits.

I will feel terrible if I win and give the money back like, I was doing before I realised it was a bad habit. It is better not to win than to win and give the money back. The psychological trauma is not a good one.

[ethereumhunter]

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.

Winnings from gambling must be immediately withdrawn and immediately left the casino so that their feelings of greed will not get bigger. After getting their win, a feeling will tell them to continue their gambling game to try to get another big win. Casinos will indeed give big wins to lucky gamblers but that doesn't mean gamblers who have already won can get another win. They should understand that after winning, they must use the winning money for their lives and not use the winning money to continue gambling. But that's what happens to people who play the lottery. After they win the jackpot, they still want to win another jackpot prize so they will continue to buy lottery tickets. They might even buy more lottery tickets because they now have more money.

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

If those who have won and withdraw all their winnings but instead deposit their winnings again to gamble, that is a mistake because they will only lose their winnings, especially when they cannot suppress their greedy feelings. That's why when we can get a big win, we should be able to manage the winning money for our lives and not use the winning money to gamble again. We may not be able or find it difficult to get another big win, so we must understand that the big win we get is an opportunity to improve our lives.

We should withdraw the winnings and leave a little money in the gambling account when we have won big. But the most important thing is that we can stop our gambling activities for a while and maybe taking time off from gambling is a very important thing to do so that we can rest and use the winnings well. We can start a new business that can provide an opportunity to make money from that business so that we will not gamble too often and focus more on developing our new business.