How to manage gambling winnings

[topbitcoin]

-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.

That's some impressive thinking, I must say. It's a common occurrence for many individuals to recklessly and foolishly choose to risk their gambling funds, money that could have been utilized as capital for starting a business. And what do you know? Eventually, the outcome is not the establishment of a successful business, but rather the squandering of precious resources on gambling.

It is evident that in order to sustain our gambling habits, we must establish a business and secure a steady income. It would be deceiving to think that we can solely rely on the profits from gambling to build a successful enterprise. Moreover, when we experience significant wins, our obsession with gambling intensifies, leading us to believe that acquiring money is effortless. Merely spending a few hours engaging in this activity can yield remarkable gains. Consequently, we become accustomed to the comfort of gambling and find it challenging to extricate ourselves from its grasp. And when someone is addicted to gambling, let alone being able to raise some money to start a business, I've really seen that they immediately rush to the casino with even a little money.

[Sandra_hakeem]

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

I'm not against gamblers - atleast for the fact that I'm currently advertising a casino sites... But there are alot of effects caused by gambling that feels really unusual to me..

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 mean,... Your feeling of entitlement is breathtaking - what's the sequence that you secure a win on every game you wager ? Cause damn, you just calculated them winnings like you got a contract that's basically payable on every interval.... Is this just an assumption?..
For me, I'll make withdrawals on every winning I get.. it doesn't have to get to a specific period..

Sandra 🧑‍🦰

[alani123]

For the weeks I end up in profit with my self-allocated gambling budget, I just cash out.
From there on out, I will treat that money as if it were part of my regular earnings. Some of it can go towards spending on leisure for the months, like spend an extra day on a trip or buy something nice extra. But most importantly more money ends in savings.

Now if we're talking about exorbitant amounts to be won, that's a whole other matter. Financial planning is what yould be looking for that here, not just a savings plan. You'd need to worry about taxation, what debts to pay first, if you'd buy a house and stop renting etc. These vary highly from person to person.

[Juse14]

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

[taufik123]

-snip-
Now if we're talking about exorbitant amounts to be won, that's a whole other matter. Financial planning is what yould be looking for that here, not just a savings plan. You'd need to worry about taxation, what debts to pay first, if you'd buy a house and stop renting etc. These vary highly from person to person.

It becomes more specific, about how to manage finances when you get a big win on gambling.
All must be thought about until tax payments arrive at investments outside of gambling that will provide positive value as assets for the future.

All of that really has to be thought about, no matter how small, it needs to be taken into account.
And if all is done, the final journey will end in savings for future needs.

I have experienced this, but the funds I get are not from gambling.
But from the increase in crypto assets, I earned to tens of thousands of dollars.

Everything is well managed so that no money ends up in vain.
Moreover, what is prohibited in my opinion is the profit that is put on gambling back, it will not provide profits in the end.

[klidex]

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

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

This might be good for those who want to know the results of their gambling every time they experienced a lot of losses or winning because to be able to overcome the problem that occur with what we playing all the time, it is important to always know the limits so as not to overdo it so that we don't experience big losses. I myself don't makes a complete calculation about managing my winnings in gambling because I don't use it every day and only use money that I can afford to lose so I don't care too much about how to manage my winnings.

Maybe if I use it every day I can manage my winnings but I don't want to take the risks of gambling every day so if I win if I lose then I myself will loss and it's not like I can manage my winning but how to manage my losses because of course I will think about money the missing one.
And I rarely win, even though I have experience it, but the win is not too big and I immediately withdraw it and don't think too much about managing it the win is not that much

[komisariatku]

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

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

This might be good for those who want to know the results of their gambling every time they experienced a lot of losses or winning because to be able to overcome the problem that occur with what we playing all the time, it is important to always know the limits so as not to overdo it so that we don't experience big losses. I myself don't makes a complete calculation about managing my winnings in gambling because I don't use it every day and only use money that I can afford to lose so I don't care too much about how to manage my winnings.

I never keep track of my gambling activities, but I usually remember if I lost or won last week, maybe I can estimate how much I lost or won in the last month, I just keep it in my head. I just enjoy my gambling, and I lose more often than I win.

Maybe if I use it every day I can manage my winnings but I don't want to take the risks of gambling every day so if I win if I lose then I myself will loss and it's not like I can manage my winning but how to manage my losses because of course I will think about money the missing one.
And I rarely win, even though I have experience it, but the win is not too big and I immediately withdraw it and don't think too much about managing it the win is not that much

Perhaps what is more important is discussing how to manage losses in gambling, because I also believe that more people experience losses than wins in gambling. Because winning consistently is just a myth, but losing consistently is very possible. Lol 

[ethereumhunter]

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

If you find it quite difficult to win again, you can choose to stop gambling and leave the casino so that you don't lose the money you have won. And it's true that if you want to make money, you have to look for additional work that can also provide you with income. That would be more feasible to do than just relying on gambling because in gambling, we can lose money and it definitely won't be the same if we work to make money.

[junder]

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

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

This might be good for those who want to know the results of their gambling every time they experienced a lot of losses or winning because to be able to overcome the problem that occur with what we playing all the time, it is important to always know the limits so as not to overdo it so that we don't experience big losses. I myself don't makes a complete calculation about managing my winnings in gambling because I don't use it every day and only use money that I can afford to lose so I don't care too much about how to manage my winnings.

I never keep track of my gambling activities, but I usually remember if I lost or won last week, maybe I can estimate how much I lost or won in the last month, I just keep it in my head. I just enjoy my gambling, and I lose more often than I win.

In my opinion, we shouldn't record our gambling wins or losses, because it feels like it's not necessary and not important either, but if there are people who record their wins or losses from gambling, maybe they have a clear reason. And it's true what you said, I didn't note it myself, but if I were to remember then I could remember how often I lost during my week of gambling. because gambling must be done and enjoyed.

Maybe if I use it every day I can manage my winnings but I don't want to take the risks of gambling every day so if I win if I lose then I myself will loss and it's not like I can manage my winning but how to manage my losses because of course I will think about money the missing one.
And I rarely win, even though I have experience it, but the win is not too big and I immediately withdraw it and don't think too much about managing it the win is not that much

Perhaps what is more important is discussing how to manage losses in gambling, because I also believe that more people experience losses than wins in gambling. Because winning consistently is just a myth, but losing consistently is very possible. Lol 

That's right, I think more people lose than win when they gamble and the final result is losing. I think it's natural for the OP to make a topic like this, because we have to manage our wins well because we rarely win, so we should be able to manage our wins well. As you said, winning consistently is just a myth, so when we win, we have to manage that win as best as possible. don't waste it in ways you shouldn't.

[EarnOnVictor]

For the weeks I end up in profit with my self-allocated gambling budget, I just cash out.
From there on out, I will treat that money as if it were part of my regular earnings. Some of it can go towards spending on leisure for the months, like spend an extra day on a trip or buy something nice extra. But most importantly more money ends in savings.

Now if we're talking about exorbitant amounts to be won, that's a whole other matter. Financial planning is what yould be looking for that here, not just a savings plan. You'd need to worry about taxation, what debts to pay first, if you'd buy a house and stop renting etc. These vary highly from person to person.

Exorbitant amount to be won or not, money is money, the means by which you got it doesn't matter once it is legal, we should not because we got money through gambling and started wasting the money. It is our money, it is our sweat and risk, so why treat it differently by people? Gambling is often viewed as a free means to make money, that is the same mentality that causes people to lose bitterly, and this same mentality is making them waste the money they gained from gambling which is supposed not to be so. For me, I do not withdraw money so fast in my gambling account, I accumulate my gains, and the gains could still be the money to save the day when I need to either fund another gambling account or I have exhausted the money in my "service account" for the month.

This doesn't often happen, but it does happen, maybe in about 3 months in a whole year. So, this money is still useful as I treat it seriously since it is my money and the initial capital that birthed that income was never stolen, I worked for it, so I see no reason why I should be wasting my gains in gambling. I wonder what people would say of career gamblers, if that is what they ever depend on as I know that many of them will be responsible family persons, they will never be wasting it anyhow. They will view gambling as a serious business and will be able to manage their finances through it conveniently.

[Mr.suevie]

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

.

It's a two way results, because there is the tendency that if you don't cash out and continue gambling you might end up losing your whole profit and also if you don't cash out and continue you can still have luck and win a major but the risk involved is quite big but that's what makes you a gambler I guess. Many times where I been faced with the situation of cash out my little earning or continue gambling for the big profits but results have all ended sideways. So saving up those little cash-out is not a bad option too.

[Fredomago]

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

If you find it quite difficult to win again, you can choose to stop gambling and leave the casino so that you don't lose the money you have won. And it's true that if you want to make money, you have to look for additional work that can also provide you with income. That would be more feasible to do than just relying on gambling because in gambling, we can lose money and it definitely won't be the same if we work to make money.

A matter of good decision making and a balance to how you will accept the outcome, just like what you said it's more on how you will choose the possible outcome, either you will stop and take the sure earnings or will push for much bigger profits, it's tough since we all know that inside gambling there's no assurance to whatever will be the possible outcome, more on luck and if it's not your time expect the worse and learn how to move forward and forget about what happen.

Easy as it is but when it comes to a huge amount of money, things is really different especially if you already have that chance to quit but to pick that option and follow your greediness, once you lose there's a big regret that will keep haunt you.

[Blitzboy]

For the weeks I end up in profit with my self-allocated gambling budget, I just cash out.
From there on out, I will treat that money as if it were part of my regular earnings. Some of it can go towards spending on leisure for the months, like spend an extra day on a trip or buy something nice extra. But most importantly more money ends in savings.

Now if we're talking about exorbitant amounts to be won, that's a whole other matter. Financial planning is what yould be looking for that here, not just a savings plan. You'd need to worry about taxation, what debts to pay first, if you'd buy a house and stop renting etc. These vary highly from person to person.

Exorbitant amount to be won or not, money is money, the means by which you got it doesn't matter once it is legal, we should not because we got money through gambling and started wasting the money. It is our money, it is our sweat and risk, so why treat it differently by people? Gambling is often viewed as a free means to make money, that is the same mentality that causes people to lose bitterly, and this same mentality is making them waste the money they gained from gambling which is supposed not to be so. For me, I do not withdraw money so fast in my gambling account, I accumulate my gains, and the gains could still be the money to save the day when I need to either fund another gambling account or I have exhausted the money in my "service account" for the month.

This doesn't often happen, but it does happen, maybe in about 3 months in a whole year. So, this money is still useful as I treat it seriously since it is my money and the initial capital that birthed that income was never stolen, I worked for it, so I see no reason why I should be wasting my gains in gambling. I wonder what people would say of career gamblers, if that is what they ever depend on as I know that many of them will be responsible family persons, they will never be wasting it anyhow. They will view gambling as a serious business and will be able to manage their finances through it conveniently.

It takes strategy, ability, and a good knowledge of risk and reward, not just luck. Considering gambling a 'free' way to gain money is a myth. Many underestimate the discipline and awareness needed.

I admire your prudent gambling gain management. I consider gambling gains legitimate income. Its about respecting the work and ideas. You demonstrate financial savvy by carefully accumulating and using your gains. This is strategic financial management, not gambling.

Your insights illuminate career gamblers' lives. Like any job, it requires special abilities and discipline. This is often misinterpreted. Your perspective, treating gaming as a real business, deserves more acknowledgment. Society should honor professional gambling's ability and effort.

[Peanutswar]

If you are playing with gambling with your funds which is directly into your bank account that's the time the banks have your track record with your gambling activity, and of course you cant avoid the taxes. Seems still good in my country they are not giving taxes to the people who uses cryptocurrency at this time.

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

.

It's a two way results, because there is the tendency that if you don't cash out and continue gambling you might end up losing your whole profit and also if you don't cash out and continue you can still have luck and win a major but the risk involved is quite big but that's what makes you a gambler I guess. Many times where I been faced with the situation of cash out my little earning or continue gambling for the big profits but results have all ended sideways. So saving up those little cash-out is not a bad option too.

Playing gambling is playing with risk so expect to win a large amount or lose most of your capital, if you lose you burn your total asset but if you win still have a small portion of your money you can take home if your country has a tax regulated. So still I guess ideal than nothing.

[dansus021]

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

wait wait wait is winning on a gamble is also a taxable thing? I just heard it from you. What happened if you loss lets say 2000$ after winning 2000$ and you already tell the fed.

How to manage gambling winnings?

Simply after I win 2x amount of my initial deposit I usually just withdraw it to exchange or wallet half of it. So lets say I deposited 100$ and win 200$ Im gonna withdraw the 100$ and play with the winning money and If I keep win Im gonna withdraw sometimes half of it sometimes 25% and keep playing with my winning money

[SeaCoinCollector.]

Keeping track of your taxes when you win at sports betting or casinos is an important part of playing responsibly. You're proactive and disciplined by planning to regularly set aside a portion of your income and buy more based on what you won the previous year. Sharing plans and ideas can help form a community that values smart money management and making smart decisions.

[TimtheYoutuber]

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

wait wait wait is winning on a gamble is also a taxable thing? I just heard it from you. What happened if you loss lets say 2000$ after winning 2000$ and you already tell the fed.

How to manage gambling winnings?

Simply after I win 2x amount of my initial deposit I usually just withdraw it to exchange or wallet half of it. So lets say I deposited 100$ and win 200$ Im gonna withdraw the 100$ and play with the winning money and If I keep win Im gonna withdraw sometimes half of it sometimes 25% and keep playing with my winning money

Not tax advice. But what I have heard is that if you're in my state. You can deduct loses up to the winnings but you can carry over losses. So if you bet $100 and win 100, and then lose $100 you're break even and wont owe any money. If you were to pay 30% of qauertly taxes on the $100 in profit prior, then you would get the tax paid at the end of the year when you have deductions. If you bet $100 and win $100, and then on Jan 1st 2025 you lose $100. You have to pay taxes on the prior years $100 and now you have a $0-100 for 2025 and if you don't bet again in the year, you don't have a refund because you can only deduct as an offset of winnings.

Does this make sense? Taxes are confusing and I am not a professional so I recommend talking to a tax advisor.

[qwertyup23]

If I only get a small win, I won't cash it in and will choose to keep playing. Because who knows when I choose to continue playing, I will be given luck and the opportunity to get a bigger win. And if I am given that luck, where I get a big enough win, which I never expected before, then I will immediately cash it in, and leave the gambling world for a while. And choose to enjoy the money and use some of it for something more useful and meaningful.

But that's just wishful thinking, because it's quite difficult to get the big win. Unless I was really lucky. And this is nothing but a delusion. Because when I want to increase my savings, I still have to live frugally and look for a side job. Gambling is an unreliable activity and in order to win big, I would have to bet a large amount. While I personally don't feel brave enough, if I have to bet a fairly large amount, which I can't afford to lose.

If you choose to continue gambling, you must understand that you have the choice to win or lose, and when you win, you can get more money. However, if you lose, you can lose all the money you have. So as long as you can accept whatever the result is, it's okay and you can continue gambling. To cash out, we need to see the minimum limit from each casino because the amount will be different, so we have to confirm it first. However, saving previous winnings is also worth doing, and there is no need to continue gambling because there is still a risk of losing later.

.

It's a two way results, because there is the tendency that if you don't cash out and continue gambling you might end up losing your whole profit and also if you don't cash out and continue you can still have luck and win a major but the risk involved is quite big but that's what makes you a gambler I guess. Many times where I been faced with the situation of cash out my little earning or continue gambling for the big profits but results have all ended sideways. So saving up those little cash-out is not a bad option too.

The house always wins- this is based on statistics alone that the more the person gambles, the more he risks his resources more due to the presence of house edge.

I like this comprehensive discussion about managing winnings- it also discusses the pros and cons of cashing out and cashing in at the same time while taking into account taxes, fees, etc. I feel like we should have more discussions with technical descriptions of each techniques for everyone's guide throughout their gambling journey.

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.

This is what I call the cycle of gambling- our initial reaction whenever we lose is to recover those losses by gambling again. This creates a perception on the gambler that the only way to recover their losses is by gambling again, thereby creating an endless cycle of deposit/losing or winning at the same time.

The only way in order to prevent this cycle is to re-evaluate the situation and to STOP. That's it! Stop and accept the fact that you lost your money from gabling.

[ethereumhunter]

It's a two way results, because there is the tendency that if you don't cash out and continue gambling you might end up losing your whole profit and also if you don't cash out and continue you can still have luck and win a major but the risk involved is quite big but that's what makes you a gambler I guess. Many times where I been faced with the situation of cash out my little earning or continue gambling for the big profits but results have all ended sideways. So saving up those little cash-out is not a bad option too.

If they do not cash out and instead choose to continue gambling, it will pose a risk for them because they could lose all their winnings. After all, there will be a desire to increase the amount of winnings by continuing to gamble. It's not good for them that if they can cash out, they can enjoy their winnings and choose to rest for a while. They can continue gambling again after taking a break and it is worth doing because they can reduce their tension after gambling and win. Gamblers who win can find their greed increases and that can make them continue gambling again.

A matter of good decision making and a balance to how you will accept the outcome, just like what you said it's more on how you will choose the possible outcome, either you will stop and take the sure earnings or will push for much bigger profits, it's tough since we all know that inside gambling there's no assurance to whatever will be the possible outcome, more on luck and if it's not your time expect the worse and learn how to move forward and forget about what happen.

Easy as it is but when it comes to a huge amount of money, things is really different especially if you already have that chance to quit but to pick that option and follow your greediness, once you lose there's a big regret that will keep haunt you.

Gamblers will be tempted to continue gambling because they want a bigger win than what they have already gotten. If they do continue gambling, they should be aware that it will have consequences for them and they could lose the winnings they could have withdrawn previously. But because their greed tells them to continue gambling, in the end, they will only lose all their money, including their winnings. This is the temptation of gambling that will come to every gambler who can win, so we need to have good self-control so we are not tempted.

With their self-control, they will not be easily tempted to continue gambling, especially if they can win a large amount of money. They should be able to choose to stop gambling rather than continue gambling. Continuing to gamble does not guarantee they will win again, but they have a big chance of losing.

[Don Pedro Dinero]

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

<...>

What are your strategies?

In my case, the amounts I bet are low. In some years when I won a lot I had money set aside in a savings account to pay the tax authorities, but it's not usually a big deal. Apart from that I have some deductions, which reduce the tax bill or even generate a refund despite having made a profit in gambling. And last year, for example, I closed the year with a slight loss, so I won't have to pay tax on gambling profits.