How to manage gambling winnings

[danherbias07]

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.

I am not from your country so I won't understand all about this. But I do think I understand where you are going at this. So save money in banks after you win it and see to it that the APY could cover the tax.
But then, you will need a new capital for your next gambling grind. So using your example, what if you lose $100 again in the same year while the other $100 is already sitting in the bank trying to make interest?
I know arbitrage gambling has a high chance of making a profit although it's low income but again, there will be possibilities of losses if a mistake is made.
Also, if the year-end is coming, is it time to stop because it won't yield the same way as the first ones did?

Yeah, it's true that taxes are confusing and those in position are the only ones who know how to calculate this. Perhaps a financial advisor would be a great help in this kind of matter. Up until now, I cannot even understand the taxes on my mortgage and property tax. I do like the idea though that you are trying to make more to almost equal the taxation rate by using the banking industry interest rates. But still, I don't think that would be enough to cover it all.

[pinggoki]

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.

As much as I don't like that taxation thing, this is the truth, there's no way that we can ignore them but for me, I don't think I need to worry too much about the tax on my gambling wins because there's so few wins that it's really not that difficult for me to not worry about it and the online gambling in my country isn't taxed I think, I've been playing on this slots and a lot of unemployed people in my place are playing them and so far, no one is getting taxed for their winning although it can be debated that they're not really winning a lot, most of them are winning at most 5 digits in the local currency which isn't a lot when converted to dollar.

[KiaKia]

If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me and I would be glad to help free.

Good advice for those who likes evading taxes, but this part is where I don't quit follow, or I reject to follow because it doesn't sit well with me.

Sportbetting without any risks is like becoming the owner of the two sport teams that plan to go head to head with each other, where you only need to tell one team to lose for the other, can you pull this stunt? If NO, you should learn to put your money where your mouth fits.

There is no such thing as risk free gambling, it's impossible, if I am wrong you can show me some proof of all the games you bet on since 2023 and let's see the result, there is no way you wouldn't have lost few times already, maybe your games do turn out well, but it can't always go your way.

[Volimack]

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

[DaNNy001]

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

The truth is that they always have something else in their mind after the big win they initially grave for and that's where it all goes wrong because after hitting a good run in gambling the next thing to do is to improve in your skills and that's knowing that you need to stop and take profits because there will always be a turn of things and most times it actually not in favor of you rather it favours the house and leave you pondering in regrets of hadn't taken the first win. Many gamblers think that you can actually win and win without experiencing losing and that's a very big fat lie.

[piebeyb]

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

Yes, that's true, but every gambler is never free from greedy behavior, so it's difficult to control yourself when gambling, especially when you experience a win and that's where the challenge for yourself begins, wanting to continue the game and hoping for an even bigger win or stop gambling and then withdraw the money. If you win, then enjoy the results of your victory. If we add the choice of votes here, there will definitely be more of them who are honest because they failed to control themselves.

Greedy behavior has existed since we were born into this world, so don't be surprised if we can't control it because of our life habits from childhood to adulthood, unless we can control it properly, I don't want to correct greedy behavior other than gambling, but humans are Basically, they will never be satisfied with what they get, they will definitely look for something bigger than before, just like the victory they get, they will never be satisfied.

Before playing gambling, make sure you can control yourself so that when you win, you can control your greedy behavior and suppress it so it doesn't follow, then withdraw the money and leave. The point is to understand how to control yourself.

[ethereumhunter]

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

Controlling greed is necessary for a gambler to cash in his winnings and enjoy it. Most gamblers forget to cash out and are challenged to continue gambling because they feel they still have the luck to win their game. That makes them lose their money again and they could even spend more than before. With the winning money, they think their capital will increase to bet big money. Thoughts like that are true. They also have to understand that betting big money can make them suffer big losses. If they can accept the risk, they are free to continue gambling but they should not regret it if they lose.

[famososMuertos]

.:/Q's/:::

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.
::://

It happens to everyone the same, right?
You always lose more times, but the interesting thing is knowing where you put the "WC" that way you "could" be close to +0, then with the royalties and other income you can put yourself in the green.

And that "green" or positive balance is what you decide if you will withdraw,  or you try to change the size of your bet, either decision is profit management.

[Quidat]

If you want to enjoy the win properly you can't be greedy after the win you have to withdraw your money the loss will be less here. Not everyone can save their account properly. If you leave it and hope for a big win then there is a possibility of losing everything again. That's why you should be safe with limited wins rather than big wins. There are many gamblers who don't want to understand these rules so they are far behind in winning.

Controlling greed is necessary for a gambler to cash in his winnings and enjoy it. Most gamblers forget to cash out and are challenged to continue gambling because they feel they still have the luck to win their game. That makes them lose their money again and they could even spend more than before. With the winning money, they think their capital will increase to bet big money. Thoughts like that are true. They also have to understand that betting big money can make them suffer big losses. If they can accept the risk, they are free to continue gambling but they should not regret it if they lose.

People would really be just simply sticking into those kind of mindset and ideas that they do have in their brains that they should be playing more and might be able to hit up the jackpot.
Going back into the topic about on what OP had been saying about taxation of gambling winnings then here in our country it isnt really that too strict when it comes to this
yet those funds cant really be able to detect or would be traced out if ever you do win up big on which you can anytime deny it out or wont really be letting them know
unless if you do make out that sudden huge deposit into your bank account then it would really be able to ring up the bell and also having those winnings on national lottery
on which you are really that automatically deducted or would really be speaking about those winnings.

[r_victory]

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Note: Managing betting winnings is as important as managing losses. Everyone should set a daily or monthly limit for this.

[arjunmujay]

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Note: Managing betting winnings is as important as managing losses. Everyone should set a daily or monthly limit for this.

agree with you. money management is very important. because if we don't manage money when playing gambling and don't have a reserve fund, it is very possible that when we lose in playing gambling, everything will be destroyed and frustrate us excessively.
I think the investment options of mutual funds and bonds are good enough to pay taxes from our gambling. at least, not all depend on the results of gambling winnings.

[Wiwo]

If you're in the US and wanna learn how to make money sportsbetting without making risky 1 sided bets, PM me.

So, this is the only reason you have created this thread? Why someone should trust you? You are just a random forum member without any positive feedback from the DT network. We are talking about gambling which is a financial-related thing and no one should trust a stranger with their money. It's an internet forum where do not know each other. How someone would trust you? Do you charge a fee for the service you are going to provide? If yes, create a service thread and offer how much you are going to charge and people will take care of it. But, if no, then you should write a tutorial about it so we all can be benefited from your resource. 

The ops is on the wrong side of the world if he thinks anyone from this forum will contact him for any bet selection or games predictions because, forum members already know the risk that is associated with such offers and ho their can end up becoming a scam entirely, so for that, we may have to warn and keep warning against such solicited pm by a random newbies.

Although unless he has anything to prove as for what he is saying about having those sure bet and making them public and open for discussions, that way, the whole thing may get the interest of forum members.

[johnsaributua]

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Note: Managing betting winnings is as important as managing losses. Everyone should set a daily or monthly limit for this.

That's right sir, because investing is not always with structures and technicalities in general, I mean gambling can be called a light level of investment because with visualization and user interface gambling (if it's in an app/web) and if in the real world maybe I consider it the art of negotiating with santay to get profit. The application is indeed necessary because gambling makes us not feel tense, I agree with portfolio management because fun should have its limits, I realize that if a large part of the day is used too often predictions (gambling) will be carried away by the mood when entering in other instruments, your satran is good and suitable for imitation by dividing capital well with different profits and mechanisms.

[Shishir99]

The ops is on the wrong side of the world if he thinks anyone from this forum will contact him for any bet selection or games predictions because, forum members already know the risk that is associated with such offers and ho their can end up becoming a scam entirely, so for that, we may have to warn and keep warning against such solicited pm by a random newbies.

Although unless he has anything to prove as for what he is saying about having those sure bet and making them public and open for discussions, that way, the whole thing may get the interest of forum members.

I am surprised that you have noticed what I wrote. The rest are just writing here to fill their signature post count. We all know these kinds of offers could end up in scams and we should be more careful when we deal with financial matters. I often see spammers in telegram groups ask others to DM them so they can give them special tips and tricks to make a huge amount of money and I can give you a guarantee that all of them are just pure scams. Some forex traders boost their ads with payment and they ask for a premium subscription from members to make money. Why don't they teach people for free if they don't want any financial benefit? Since they could predict the market, why don't they place bets or trades for themself? Instead of, they ask others to buy their shitty guides.

[EarnOnVictor]

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.

As much as I don't like that taxation thing, this is the truth, there's no way that we can ignore them but for me, I don't think I need to worry too much about the tax on my gambling wins because there's so few wins that it's really not that difficult for me to not worry about it and the online gambling in my country isn't taxed I think, I've been playing on this slots and a lot of unemployed people in my place are playing them and so far, no one is getting taxed for their winning although it can be debated that they're not really winning a lot, most of them are winning at most 5 digits in the local currency which isn't a lot when converted to dollar.

Most countries' governments are so wise to have arrived at what will not be an issue for the gambler, it is all about winning, and if you do not win, you do not pay the tax. At times, it is all about the aggregate winning and losses, so it is fair enough that it will not even affect their citizen or residents at all. Gambling is all about what you plan and tax should be the least of your problems if your government is fair enough to their citizens. I have yet to see a country where the gamblers will be afraid and will pay taxes when they lose, that would have been the worst part of it all. Gambling is such that is risky, and the government also know about it, therefore plan it in such a way that you will be a regular gambler who is winning regularly before you can pay regular tax. But if you lose regularly, you do not pay taxes regularly. Also, your situation is just like that of my country, we are not taxed for gambling activities, it is the house they tax for it, but the only exception is when you win so big. Even at that, you would have won over $250,000 (at the time the law was made not minding the current exchange rate with the USD).

[Hirose UK]

I have an emergency fund, where I invest what I earn to obtain a reasonable return (at the moment, 11.75% per year) and with less risk. In my country we call them fixed income funds, public bonds, CDBs, etc.

I also buy cryptocurrencies, after all it is an opportunity to make more profit, however, with much more risk.

Everyone has their own way of making profit whether it from investing, trading or gambling, it just that gambling can't really be called place to make money because the risks are much greater than trading or investing.
In gambling, losing will lose all the money without any remaining, unlike investing or trading which only reduces the value of the asset and can recover if the price rises.
Everyone wins will feel the same and what makes the difference is how each person manages and utilizes these wins and profits.

Note: Managing betting winnings is as important as managing losses. Everyone should set a daily or monthly limit for this.

Well, managing betting wins will be as important as managing losses, these two things are related to everyone financial stability.
When someone can manage their money well, I believe they will also be able to manage their wins and losses, but not everyone can do it.

[retreat]

Each person has a different strategy when managing their gambling winnings, some invest it in shares, crypto, or save it in the bank. But investing this money is more recommended than saving it because the money will work and can potentially provide returns to gamblers.
I personally prefer to invest the money in Bitcoin because it has more potential and I can sell it whenever I need it. It was also easier to invest money in Bitcoin, because I just had to withdraw my winnings to a wallet on the exchange and accumulate them there.

[Dave1]

Each person has a different strategy when managing their gambling winnings, some invest it in shares, crypto, or save it in the bank. But investing this money is more recommended than saving it because the money will work and can potentially provide returns to gamblers.
I personally prefer to invest the money in Bitcoin because it has more potential and I can sell it whenever I need it. It was also easier to invest money in Bitcoin, because I just had to withdraw my winnings to a wallet on the exchange and accumulate them there.

Assuming though that the winnings is not that big, obviously the first thing to do is withdraw your winnings right away and don't push your luck. And after withdrawing your winnings, separate your capital from your winnings, at least you know how much money you really won and that in worst case, you have your capital back and so with that, you can still continue to play.

And then that is the time that you want to enjoy and buy some coming from the money that you have won. And then just take a break from gambling itself. Sort of resetting and just don't get excited to comeback and think that you can replicate your big win again because there are cases that you will not do it again.

[ethereumhunter]

People would really be just simply sticking into those kind of mindset and ideas that they do have in their brains that they should be playing more and might be able to hit up the jackpot.
Going back into the topic about on what OP had been saying about taxation of gambling winnings then here in our country it isnt really that too strict when it comes to this
yet those funds cant really be able to detect or would be traced out if ever you do win up big on which you can anytime deny it out or wont really be letting them know
unless if you do make out that sudden huge deposit into your bank account then it would really be able to ring up the bell and also having those winnings on national lottery
on which you are really that automatically deducted or would really be speaking about those winnings.

It is a mistake if they have that mindset and ideas because they will find winning or even getting the jackpot difficult. That's because they will be more and more eager to continue gambling, so it will only use more money. But if they can allocate a certain amount of money to play gambling and they can really control themselves not to be too eager to play gambling games, they might still be able to get lucky. If they win a gambling game and then deposit the money directly into their account, it can indeed raise an alarm from their bank so that they will be asked by the bank where they got the money. But if there is a requirement to pay winnings tax, they should obey the regulations because it is by the law of their country. It's still better to gamble using crypto because we can send the winnings to our wallet and save it there. We can send certain funds from the winnings to buy goods or daily necessities.

[o48o]

-cut-
Few things:
I don't use crypto sites.
I only play on sites that are regulate in the United States and available in my state.

Arbitrage betting will not get your funds stolen if you live in the United States and are only using books that are regulated. If you use crypto sites, then you would be risking the sites stealing your money.

The part about taxes is spot on. Saving your money for taxes is smart, and lets you sleep easily as one just might end up to prison from tax fraud.

But as you said, you don't use crypto. It's your choice, but your reasons for that aren't nothing but misinformation. Stake.com for example among many others are regulated in the United States, the United Kingdom and New Zealand and Australia.

There obviously are more shady places no matter if they are crypto or not, that are dealing with finances and stealing money, but that's no crypto centric problem. That's a scammer problem, and crypto is among one of those assets that aren't going to be pseudonymous for much longer. Last ways to cash out that anonymously are buying anonymous prepaid cards and selling with small amounts for cash by meeting people physically. That's not exactly worth of putting up a casino. Or mansion / yacht money.