How to manage gambling winnings

[dothebeats]

It's good that you have your strategies figured out for tax purposes. Most of the gamblers I know wherein gambling winnings are taxed don't really care at all until they are hit with a notice for not paying ample taxes for the year. Luckily, here in my country, small gambling wins are not taxed unless you declared them, so you have the option to not declare it. However, when your winnings are too high, the platform you're playing on will surely take note of it and can forward it to the relevant authorities for their tax purposes as well, so you will have no choice but to declare it in the end and pay for it ultimately.

[Hirose UK]

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.

That right, we have to be able to do it in order to be able to take and make the best use of you winnings.
Because if we don't make withdrawal when we win bet then all the winnings will be used up again without any remainder due to the desire to gamble again.
I also do the same thing as you, where every time I win, I always withdraw large amount and leave half or whole as my initial balance which is used for betting capital.
By withdrawing it, we can use it for fun or it can also be used as capital to increase assets that we will invest in, we can even use the winnings to trade.
That way, winnings can return to generate profit again.

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.

I would actually feel disappointed if I had the opportunity to win some profits but ran out because I used them to bet.
When some gamblers win, they have the desire to win bigger, but this kind of mindset must be avoided and of course we must be wiser in utilizing our winnings.
Remember that luck won't always come twice, so be wise in taking advantage of your winnings.

[JunaidAzizi]

A person who is doing gambling needs to think about the taxes before anything because this is a way that the authorities will irritate you and yeah you will free your shoulders after paying taxes.  I know you are a very good gambler who has a very great experience and spent many years in the gambling sector and your advice for the new as well as for all those person who are doing gambling is very beneficial if they apply your strategy in their gambling I am sure they will not face any losses.

But besides your advice, I can add a little more be this will help many people. If you are a gambler then the first you tend to do is to fix an emergency fund and save it because gambling is a process that you can never fully trust and anything can happen at any time so if have an emergency fund then it will help you and gives you confidence. .

[Su-asa]

Gambling is hard, especially when you are gambling to meet up profits, that will make you lose more to the once you have lost already, if all gamblers here will have to calculate their winning and their losing from any casino you will have to know that many gamblers losings are bigger than their winning and that means the gambler is not profiting anything from their gambling predictions.
How can one safe such money when they are not winning to meet up their losing? They can not because the amount that they are losing is bigger than their losing, the only bestim idea that I can think of is that when you win just use your money and and purchase something that you can see and make use of because if you don't, you will still have to gblr with the money that you hsve saved, in other not to gamblr with them, you juet have use the money to do something that you can make use of at that moment.

[Outhue]

Ridiculous, as hard as gambling is, you will still have to pay taxes on that? If you are in a country where you must pay taxes when gambling its better to do something else, it can never be me.

Not everyone gets lucky in gambling and imagine all the try over and over and yet you keep losing money, but when you luckily get some juice you must pay taxes off that win? That's so ridiculous,  where are the tax collectors when you keep trying and trying and losing?

It's really a crazy world we living, gambling taxes should be on the casino or online platform's neck, not on the players that are going to obviously enrich the casinos and the gamblers may never get lucky, casinos always wins, there is no huge risks here with them, so they should be the one paying huge sum for taxes not the players.

[TimtheYoutuber]

It's good that you have your strategies figured out for tax purposes. Most of the gamblers I know wherein gambling winnings are taxed don't really care at all until they are hit with a notice for not paying ample taxes for the year. Luckily, here in my country, small gambling wins are not taxed unless you declared them, so you have the option to not declare it. However, when your winnings are too high, the platform you're playing on will surely take note of it and can forward it to the relevant authorities for their tax purposes as well, so you will have no choice but to declare it in the end and pay for it ultimately.

It is a good idea to save for taxes. You don't wanna be stuck without enough money to pay

[Crypt0Gore]

No thank you, my advice is if you win any good amount of money, accept that you just get lucky, so use the money well, go find something good to invest the money on, gambling can give you opportunity but it won't be the same for long, if you waste the money away you might never get lucky again.

Respect your winning and do something reliable with your money, gambling money is somehow never yours until you really make something good out of it.

Gambling taxes is compulsory in some countries but it shouldn't be a must, to me it is like a way that the government are forcefully making money from their citizens.

[AicecreaME]

No thank you, my advice is if you win any good amount of money, accept that you just get lucky, so use the money well, go find something good to invest the money on, gambling can give you opportunity but it won't be the same for long, if you waste the money away you might never get lucky again.

Respect your winning and do something reliable with your money, gambling money is somehow never yours until you really make something good out of it.

Gambling taxes is compulsory in some countries but it shouldn't be a must, to me it is like a way that the government are forcefully making money from their citizens.

A gambler that wants to be successful shouldn't rely on gambling for the long term, rather should be resourceful. If you want to make a good use of your winning prize, one of the best thing to do apart from saving some of it is to invest it into something profitable that could be sustainable for you to generate income. Only a small percentage really gets rich through gambling and most of them are either pure luck based such as winning in lottery or through hard work such as sports betting which mainly relies on information and skills. Most people who become successful in gambling without actually betting are usually the owners and the stakeholders. This is because they have a business minded perspective and not really after for satisfying their luxurious lifestyle and compromising their budget.

[maydna]

~snip~

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.

Not many people can do it, but it depends on the wishes of each winner. If they think about expanding their winnings through investments or creating a business, they can make money. But in any case, they must be able to stop gambling because they will not always be able to win when playing gambling. If they cannot win and will always return to gambling, sooner or later, they will become addicted. If they are addicted to gambling, they will be difficult to cure unless they admit that they are addicted to gambling and ask for help to cure their gambling addiction.

[Shishir99]

Ridiculous, as hard as gambling is, you will still have to pay taxes on that? If you are in a country where you must pay taxes when gambling its better to do something else, it can never be me.

Haha. I agree with you, dude.
I am glad that I do not have to pay tax for gambling or on any of my crypto earnings because Bitcoin and all other cryptocurrencies are banned here. So, when it comes to tax, we don't pay anything because we use crypto very privately. Even though we are at risk of being caught, it's still good not to pay any kind of tax on your crypto gains. Not only crypto but gambling is also banned here in my country. I understand that paying tax for money that you have earned is too hard to accept. But people in Europe and some other areas are paying too much taxes on their financial gains. Even my neighbor country charges 30% tax which is too much.

[masulum]

I would actually feel disappointed if I had the opportunity to win some profits but ran out because I used them to bet.
When some gamblers win, they have the desire to win bigger, but this kind of mindset must be avoided and of course we must be wiser in utilizing our winnings.
Remember that luck won't always come twice, so be wise in taking advantage of your winnings.

things that have become part of a gambler who cannot control his winnings. I've also done the same thing. What is need to do is that controlling yourself, of course this is requires discipline. Without discipline, no matter how many wins you get, you will lose those wins. If you say luck can't come twice, in my opinion, luck might come several times, but what you have to remember is not that luck, but the timing, that's what you really have to pay attention to. When we see the potential for losing, it's best to withdraw all the money we get before it's all gone. if you want to continue to play, let play with a small part of your win, maybe with that you can made some money.

[aioc]

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 thought it had something to do with how you can control yourself after winning a huge amount but your guts tell you that you still have a lot more coming, but it turned out it's all about money for tax time.
I think it is the least of my concerns because there is no regulation about earnings on tax coming from online casinos, it's your option to include profit from gambling if you're making money from gambling, which many of us are not, the lottery is the only winnings that get deducted here in our country and if you play in a physical casino and you win $100 it's your choice to cut a portion for tax but remember next time it will not be your lucky day and your $100 will be gone in gambling

[rhomelmabini]

<snip>

For me that was a genius move and I think that's considered a legal loophole. I agree that US has these taxes to pay on anything that you earn and good thing to look at when you're country is shifting just like on the system they use. But, this only gonna be used when you're that good at gambling but if you're a man that having windows of lose and win, it's like you're just paying the taxes.

[crwth]

If you are worried about crypto sites stealing your money, go to one that is stable and has a reputation for being a good provider. There are a lot of signatures that could show you what they are. A lot of it is in gambling discussion and you wouldn't miss it. You could still do your taxes ones you convert your crypto to fiat right?

[coinerer]

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.
 

Earning $100k per year from gambling is a big deal because gambling won't let anyone win a fixed amount. No one, including me, can guarantee a certain income from gambling.  So anyone who can achieve a huge amount like $100k a year from gambling knows that he has achieved something big. But I don't expect to profit from gambling.  Because most of the time I lose from gambling. casino games are very difficult which is very difficult to predict and because of this the probability of loss is more than winning in casino games.  Because of this I am not serious about making an income from gambling

[EarnOnVictor]

It's good that you have your strategies figured out for tax purposes. Most of the gamblers I know wherein gambling winnings are taxed don't really care at all until they are hit with a notice for not paying ample taxes for the year. Luckily, here in my country, small gambling wins are not taxed unless you declared them, so you have the option to not declare it. However, when your winnings are too high, the platform you're playing on will surely take note of it and can forward it to the relevant authorities for their tax purposes as well, so you will have no choice but to declare it in the end and pay for it ultimately.

It is a good idea to save for taxes. You don't wanna be stuck without enough money to pay

For taxes, I don't even care about that and thanks to the government of my country, they do not tax the gambler for gambling activities, they can only tax a ridiculous amount of money from the bank account for inflow and outflow of the transactions. That amount is so negligible to the extent that you will not even know you were taxed if you didn't pay attention to it. It is the gambling companies they tax, and no wonder they look away when customers that they are supposed to protect are complaining of bad practices by the house. So, it has to do with the gambling law in the country we are talking about, and with what @dothebeats has explained, I think that the tax is an issue if not properly worked through in his country.

Nonetheless, with all the tax laws of the countries I have read, none are so wicked towards the bettors/citizens. They always provide a clause that will protect them and make the entire obligation fair to them. One of them is that you only pay tax on your overall winning. I mean the winning that you are eventually withdrawing. If you had deposited much money and lost it initially and you just deposited an amount again and were lucky enough to win, you still have to remove the amount you had lost from the money won to know if you are eligible to pay tax or not. This is fair enough even though it is better in my country.

[rachael9385]

No thank you, my advice is if you win any good amount of money, accept that you just get lucky, so use the money well, go find something good to invest the money on, gambling can give you opportunity but it won't be the same for long, if you waste the money away you might never get lucky again.

Respect your winning and do something reliable with your money, gambling money is somehow never yours until you really make something good out of it.

Gambling taxes is compulsory in some countries but it shouldn't be a must, to me it is like a way that the government are forcefully making money from their citizens.

I have to agree with you because you have said my mind and honesty speaking, you are absolutely correct.
One thing I know for sure is that, ones you have won a bet if you do not use that money wisely gamble will have to use the money for you, how? Simply because you will still gamble with the money, if you do not gamble that same day you won the money you will gamble the next day or a day after.
However, the OP might be right but I really don't think it is gonna work for everyone like the way the OP just said.
Many gamblers find it very difficult to stop Gambling immediately they won, just like someone that just won a bet at his or her first try, the person would want to gamble more because they will have to think that, that particular moment is when the luck has come and they will want to gamble more but at they end of it, if they do not gamble wisely, they will lose the one that they won and the one that they came with.
So a good gambler is a person that make good use of his winning and not a person that still lose all the money back to they gamble.

[tbterryboy]

You are doing everything a responsible gambler should do. A person earning more than $100k a year from sports betting is using sports betting in the right way. This shows that sports betting can always be profitable if you have knowledge and experience and if you properly manage your bets so that you don't lose constantly. I always suggest people venture into sports betting instead of wasting all their money on gambling games such as dice and slot machines.

I know it might not be a very large amount for someone living in the US, but $100k a year is a very big amount for people living in third-world or developing countries. However, I know that the amount of profit also depends on the bankroll one is using because you win $100 if you are betting with $100 on 2.0 odds but you win $1,000 if your bet is $1,000 with the same odds.

[Baki202]

No thank you, my advice is if you win any good amount of money, accept that you just get lucky, so use the money well, go find something good to invest the money on, gambling can give you opportunity but it won't be the same for long, if you waste the money away you might never get lucky again.

Respect your winning and do something reliable with your money, gambling money is somehow never yours until you really make something good out of it.

Gambling taxes is compulsory in some countries but it shouldn't be a must, to me it is like a way that the government are forcefully making money from their citizens.

Its both luck and your persistence because a lot of people are scared that if they gamble a lot they will turn into addicts and that is not how it is suppose to be just look at people that take risk they eventually make something out of the risk taking exactly how it is with gambling keep betting and you might be surprised what luck will do for you once you win keep it a secret because most of them are the once that discouraged you from fulfilling destiny in gambling. And if you win use the money reasonably and continue placing your bet their are people that have assets and the money was gotten from gambling. I disagree with that statement of you not be lucky again you be certain and maybe that is even when you will even have more wins who knows.

And I can also advice the winner to be an agent to any gambling company. And that making money through that again so I love gambling because it gives opportunity that even the government can not give. And in my country they don't ask for tax so you win you collect your money you don't have any business with the government.

[Slow death]

When I saw the title of the thread the first thing that came into my head was: people are constantly making profits from gambling to the point that they are thinking about the money they make and how much tax will be deducted. So I started to wonder: How often are people really winning and how much money are they making? because from what I've noticed most people are losing all the money they deposit in the casino, so it would be interesting for people in this thread to talk about how much money they are withdrawing from the casino to the bank, the money I'm talking about is the profit that the people are having. and how often are people making withdrawals from the casino to the bank?

I ask these questions because what I have seen is that many people, when they deposit money in the casino, lose everything, then they make more deposits again and lose everything, after having many losses they manage to get a big win that when you deduct the money they lost you would realize who made little profit, but these people hardly take that profit to the bank, because they know that they will have to pay high taxes while they will want to play or they can hold their wallet because people who use crypto casinos are using cryptocurrencies to play, so It makes more sense for those who win a lot to focus on taking the majority of their winnings and hodl their wallet and play with small amounts.