How to manage gambling winnings

[Fredomago]

I think its best to leave some winnings behind to generate money for your future. In my case I would at least deposit %25 of profits to stock market based funds, in our country funds have %10 tax at Maximum. Hell %0 if you invest in national stock markets which is awesome. I would spend like another %25 and final %50 would return back to online casinos or betting websites. I just like turn my money into more and more gains.

If you have that confidence and you fully trust your skills taking that shot might work, I do understand that trying back your luck and duplicate the previous outcome can be done though no assurance at all, it's more on how you really understand the game and how you see your potential, the good catch is you still placing portions of your winnings to investment.

Which will generate additional growth while you are still trying to make more money out from your gambling activities, just make sure that you won't withdraw those investment if you lose which most of the time a gamler wrong decision when they start losing, they transfer back the money and lose it back to the house.

[Shishir99]

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We all could suggest what to do and what not to do. But, How many of us follow these suggestions? I usually suggest to others not to deposit any big amount not to place big bets and not continue when they are losing. But, you would laugh after hearing that I do these things myself and then again, I suggest others not to do these mistakes 

This is one of the reasons I have been trying to exit gambling and I would say I am kind of successful. I did not gambled any big amount of money for a while. I will gamble only for entertain purposes from now on.

[mammusu]

In my case I don't worry too much because the profits I have from playing poker are not excessively high, and I also have tax deductions that compensate me for those profits. I also have a good emergency fund and sinking funds to draw from if I suddenly have a high bill.

If you already have funds for emergency needs then you will be able to use your gambling winnings for things you want and don't need to think about anything because you already have the funds you really need when you have emergency needs, but for those who don't have funds for emergency needs Of course they have to use the winnings they get well so that they can manage it well and if they can manage it well of course this will make them have funds whenever they have the desire to gamble.

Having funds for emergency needs is undoubtedly crucial for financial stability, but there are potential risks and drawbacks associated with relying on gambling winnings, regardless of whether emergency funds are in place. Gambling winnings can be inconsistent and unpredictable. Even if someone has a streak of luck, there's no guarantee that it will continue in the future. Relying on gambling winnings for discretionary spending could lead to financial strain if those winnings dry up or decrease significantly over time.

Gambling inherently carries a degree of risk. Even skilled players like yourself in poker can experience losses. Dependence on gambling winnings for non-essential expenses can lead to financial insecurity and even addiction if not managed carefully. While having emergency funds provides a safety net, Relying solely on gambling winnings for discretionary spending may expose people to unnecessary financial risks and instability in the long run.

[EarnOnVictor]

I think its best to leave some winnings behind to generate money for your future. In my case I would at least deposit %25 of profits to stock market based funds, in our country funds have %10 tax at Maximum. Hell %0 if you invest in national stock markets which is awesome. I would spend like another %25 and final %50 would return back to online casinos or betting websites. I just like turn my money into more and more gains.

This looks like a good plan and I must confess that I love it as well. But in my case, I prefer to do it a bit differently from yours, though it doesn't matter as we are still not wasteful but creative about our gambling winnings, which is what matters most. To be honest, I've not been so serious about my gambling winning, but this year, I think I will be. Initially, I often stored the money in my gambling account for as long as I could, and I could use the one with good funds to fund the one with no funds or a new one I was trying out. I also use it for some travelling and tours, but nothing has been kin toward investment.

Now, on reading your post, I believe that it's time that I take my gambling winning seriously. I don't have issues with winning with my sports betting, so I can do this. I will only try to accumulate as much as possible funds to be able to make good investments with it. I will not immediately withdraw my money like many advised on this thread, but set a goal, and when the accumulation hits the goal, I can shift it to crypto investment, and buying land and properties.

I can always see this and ever be happy about what gambling has done for me in spite of how some people talk badly about it.

[hedgeh0g]

This looks like a good plan and I must confess that I love it as well. But in my case, I prefer to do it a bit differently from yours, though it doesn't matter as we are still not wasteful but creative about our gambling winnings, which is what matters most. To be honest, I've not been so serious about my gambling winning, but this year, I think I will be. Initially, I often stored the money in my gambling account for as long as I could, and I could use the one with good funds to fund the one with no funds or a new one I was trying out. I also use it for some travelling and tours, but nothing has been kin toward investment.

Now, on reading your post, I believe that it's time that I take my gambling winning seriously. I don't have issues with winning with my sports betting, so I can do this. I will only try to accumulate as much as possible funds to be able to make good investments with it. I will not immediately withdraw my money like many advised on this thread, but set a goal, and when the accumulation hits the goal, I can shift it to crypto investment, and buying land and properties.

I can always see this and ever be happy about what gambling has done for me in spite of how some people talk badly about it.

Apparently luck comes to you more often than others, I can only be happy for you. Of course, it is worth managing the money you win wisely and slowly, because this determines how comfortable and good our life will be in the future, as well as our children. I would definitely invest some of the money in real estate, and the older the player, the greater the percentage of the total winnings, but approximately it would be about 50% at the moment. I would invest the remaining 50% in cryptocurrencies, with 25% specifically for holding BTS and ETFs. And the remaining 25% I would try my hand at trading, and I well understand that this is very high risk, but I would still do it.

[wiss19]

I guess we all had a moment when we lost our entire balance and then regretted it because we were in a good position. We regret that we could have stopped when I had a $20 profit. But, I wanted to make another $10 or so, but later we busted the entire balance. I guess every gambler had such a moment. It happened to me at least 10 times or more. We understand it only after we lose the entire balance.

This is why it's important to have a goal when we gamble. We should have a stop-loss limit in gambling as we have stop-loss in trading. But, your gambling stop loss should be yourself. No casinos would implement such a feature because they want us to loss.

What's funny is that goals and plans don't work at that exact moment when you have the balance in your hands and your greed keeps tickling you in your mind to keep pushing and you can increase the balance, lol . The realization hits you hard when you are halfway through your balance and only have a half remaining but at that point, you tell yourself that there is no returning from here, either win more than how much you had or lose it all, and you lose it all eventually .

It's all about self-control, I do manage to control my emotions sometimes when I'm at such a situation, but I have to admit that I can't do it all the time and sometimes I give up against the urge to gamble a little bit more and that little bit causes me the entire balance, profits and the initial bankroll.

[TravelMug]

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We all could suggest what to do and what not to do. But, How many of us follow these suggestions? I usually suggest to others not to deposit any big amount not to place big bets and not continue when they are losing. But, you would laugh after hearing that I do these things myself and then again, I suggest others not to do these mistakes 

This is one of the reasons I have been trying to exit gambling and I would say I am kind of successful. I did not gambled any big amount of money for a while. I will gamble only for entertain purposes from now on.

It's really hard to follow those suggestions though, even if we know it already, but if we are into gambling and winning, it's really hard to quit. Of course, it might take a while before we really learn this by heart, and make the timely decision to quit while we are winning. Just like today, I already won some money, some part of me says to continue, but I just decided to stop and withdraw the money. Just just withdraw from online platform, but really put it in your bank and then have my ATM ready and go to the nearest to withdraw it. So that I won't be able to make a comeback and deposit and most likely I might lose this time. I'm happy that I did make the right decision this time. 

[Quidat]

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We all could suggest what to do and what not to do. But, How many of us follow these suggestions? I usually suggest to others not to deposit any big amount not to place big bets and not continue when they are losing. But, you would laugh after hearing that I do these things myself and then again, I suggest others not to do these mistakes 

This is one of the reasons I have been trying to exit gambling and I would say I am kind of successful. I did not gambled any big amount of money for a while. I will gamble only for entertain purposes from now on.

It's really hard to follow those suggestions though, even if we know it already, but if we are into gambling and winning, it's really hard to quit. Of course, it might take a while before we really learn this by heart, and make the timely decision to quit while we are winning. Just like today, I already won some money, some part of me says to continue, but I just decided to stop and withdraw the money. Just just withdraw from online platform, but really put it in your bank and then have my ATM ready and go to the nearest to withdraw it. So that I won't be able to make a comeback and deposit and most likely I might lose this time. I'm happy that I did make the right decision this time. 

Even we do already know about the basics but on the  time that we are on such condition then it would really be that so damn hard to follow and this is something that majority of people do really fail on doing so. This is why it would really be best that on the time that you have won significant amount of money then you should really know on how to make use of it ideally. You shouldn't really that be getting blinded with greed because once you do then it would really be that too hard to control and this is something that you should be avoiding. Managing ones self would really be able to save you up on potential or probable problems which it isnt really just that limited on gambling but also in other things in life on which it is really needing up that good decisions for you to be able to benefit
or something that could stop you from potential huge problem.

[Unbunplease]

If you caught the bird of luck by the tail, and you managed to win, do not run and spend the entire amount at once or go straight to the casino. It is necessary to take a break, soberly weigh the situation, and you can continue to play, using a small percentage of the winnings. Be sure to withdraw some of the amount in cash to make sure that you can really win

[Ever-young]

If you dont want to give it all back OP’s idea is a good one
Saving part of the profits every week or every month so you don’t deliver it all back to the market/house/casino
Reinvesting it all is probably not the best idea

The TAKE SOME PROFIT OFF THE TABLE approach can really save a gambler a lot. I'm gambling, there's a concept called THE GAMBLER'S RUIN. which states that if you keep risking your entire stake on each bet, you stand a chance to loose all your funds. So by taking some money off the table, you're protecting your wins against this eventuality and also ensuring that you'll always have something to fall back on just incase things take a wild turn.

There's a claim that THE GAMBLER'S RUIN concept isn't just a theory, that it's already been proven mathematically, but it's fascinating to think about how it plays out in the real world. A lot of gambler's have fallen victim to LOSS CHASING. They keep betting more and more, the more they bet the higher they increase their stakes which is likely to lead to more losses. This has led many gamblers to ruin and even kept them in debt.

[Jody.Drummer]

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We all could suggest what to do and what not to do. But, How many of us follow these suggestions? I usually suggest to others not to deposit any big amount not to place big bets and not continue when they are losing. But, you would laugh after hearing that I do these things myself and then again, I suggest others not to do these mistakes 

This is one of the reasons I have been trying to exit gambling and I would say I am kind of successful. I did not gambled any big amount of money for a while. I will gamble only for entertain purposes from now on.

Yes that's right buddy, I think it's a fact that even though we always advise the do's and don'ts of gambling but sometimes we ourselves are also fooled and like being hypocrites because we ourselves also do it , but on the other hand I think it's still reasonable because after all it's a difficult thing to be really consistent in doing the things that are suggested because gambling is an activity that involves our feelings, or I mean you are very likely to lose a little awareness because of the many temptations in gambling so you can sometimes make mistakes like that.

But the point here is, "at least we have reminded each other" because it does help, it doesn't matter if we can't be the best but it is possible that people who hear the advice will experience significant changes thanks to the advice we give. On the other hand you have complete freedom over whatever you want to decide, and if indeed after knowing this you want to make a change especially for the better by being someone who comes only for entertainment then obviously this is the best for you and is indeed the recommended approach to gambling.

[jaberwock]

I would advice to withdraw winning every day (of course if you havent wont few cents only). Best money management. Keep your money closer to you, but not in someones pocket Transaction of withdrawal and deposit does not cost much today (be smart, choose cheap blockchain with law withdrawal limits), so you wont go broke by sending money here in there all the time. But it will save gambler from temptation "to make that one last bet". As it might be fatal

That is if you are also playing everyday and if so, I am sure you won't win every single day because no gambling house will survive on that. If you can't won even just a few cents, then how much more whole dollars? Winning always starts with it.

If we keep our money close to us, there is a tendency that we will use it, so it's also a good idea to keep it away from our reach and it can be from someone's pocket or the banks but as long as they are trusted and offers insurances once something bad happens. Not all casino supports cheap coins but it does not mean that they are now ugly anymore and vice versa, so fees or supported currencies are not all.

[rachael9385]

If you caught the bird of luck by the tail, and you managed to win, do not run and spend the entire amount at once or go straight to the casino. It is necessary to take a break, soberly weigh the situation, and you can continue to play, using a small percentage of the winnings. Be sure to withdraw some of the amount in cash to make sure that you can really win

You have a good point but that means when you actually caught the bird . However when you start winning you don't allow it to get into your head so you don't end up losing everything at ones. Most atimes we let the happiness of winning let us gamble more thinking we are going to win. Moreover, you have a point at when you start saying you use small money to stake, that's actually true but many are looking for a way to hit it big so some still don't care when care and want to make the winning big at ones. But gamble safe are good.

[Webetcoins]

even though there will be a desire to continue gambling, we must be able to suppress it so that we can use the winnings well rather than gamble again. By doing things like that, we can think of something that can benefit us in the future. Having an investment is the right thing to do, so we can try to find it and start investing some money to make future profits.

It's hard to suppress that desire and urge to gamble with the money that you've won in gambling and this is the reason why most gamblers aren't able to do it. Some gamblers can barely spare a buck from what they manage to win no matter how much money it is because they lack self-control and always give up against the urge to gamble.

So, only responsible gamblers with a great level of patience and self-control can be able to use their gambling winnings to do something useful for themselves so that they can benefit from it in the future. As you said, the best way to use the money is to make investments or start a small business if the money is enough for that.

[bangjoe]

~

It's really hard to follow those suggestions though, even if we know it already, but if we are into gambling and winning, it's really hard to quit. Of course, it might take a while before we really learn this by heart, and make the timely decision to quit while we are winning. Just like today, I already won some money, some part of me says to continue, but I just decided to stop and withdraw the money. Just just withdraw from online platform, but really put it in your bank and then have my ATM ready and go to the nearest to withdraw it. So that I won't be able to make a comeback and deposit and most likely I might lose this time. I'm happy that I did make the right decision this time. 

“What you did was very wise, which certainly cannot be done by everyone involved in gambling.”

With the big wins in gambling that we did, this succeeded in making us more confident to continue playing, because we thought that luck was on our side, this feeling was able to convince us that we would get bigger wins than before. Until in the end we place a bet again with a higher amount, which in the end instead of getting a bigger win, the bet actually uses up the winnings we got previously. We really wasted that opportunity.
That's when talking about victory, when talking about defeat, the defeats we experience often make us feel a little disappointed with the final result, which sometimes this feeling of disappointment can make us a little emotional in the end. We bet again with the hope that in the next betting session we will get a win that can replace the previous loss. However, instead of winning, this actually deepens the losses we experience. And this almost happens to every gambler, whereas if we talk about wise and responsible gambling, it is a gambler who is able to manage the winnings he obtains well, and can prevent large losses.

[Oilacris]

even though there will be a desire to continue gambling, we must be able to suppress it so that we can use the winnings well rather than gamble again. By doing things like that, we can think of something that can benefit us in the future. Having an investment is the right thing to do, so we can try to find it and start investing some money to make future profits.

It's hard to suppress that desire and urge to gamble with the money that you've won in gambling and this is the reason why most gamblers aren't able to do it. Some gamblers can barely spare a buck from what they manage to win no matter how much money it is because they lack self-control and always give up against the urge to gamble.

So, only responsible gamblers with a great level of patience and self-control can be able to use their gambling winnings to do something useful for themselves so that they can benefit from it in the future. As you said, the best way to use the money is to make investments or start a small business if the money is enough for that.

You would really be mainly thinking that what if you would really be continuing to play? You would really be getting more winnings. If these questions do pop out into your mind on the time that you do gamble then this do really indicates that you are a greedy person or gambler. If you aren't then you would be having those second thoughts on calling it a day whether you would really be making use of those winning amounts into other means like buying gadgets or simply that would be beneficial for you or simply having some other day budget for gambling again but at least you arent
that making use of your own money for you to gamble. Yes, it might fall on the same story on spending it again on gambling but the amount had been put up isnt came from your own pocket
which means that it is really that avoiding you on spending up tons.

[Belarge]

If you know how gambling works, you should not repeat the same mistakes. If you have already won, whether $10 or $20, don't keep gambling if it gets smaller, stop and save it if the win is not big and you can repeat it again tomorrow.

We ought to have a life outside gambling because there's no way this will help us, rather it will aides in draining us. We gamble because we have targets to win but in our pursuits for winnings, we should also use our head and ensure we don't get entrapped to losing steaks. Considering the amount of money for gambling, none of these figures should be consider small because gambling is risky and not easy, so when we're finally stack in profits, we become free and desperate for more, that shouldn't be the main problem we faced.

[Fredomago]

You would really be mainly thinking that what if you would really be continuing to play? You would really be getting more winnings. If these questions do pop out into your mind on the time that you do gamble then this do really indicates that you are a greedy person or gambler. If you aren't then you would be having those second thoughts on calling it a day whether you would really be making use of those winning amounts into other means like buying gadgets or simply that would be beneficial for you or simply having some other day budget for gambling again but at least you arent that making use of your own money for you to gamble.

If greed dominate inside you, the only thing that you mind is to conitnue winning, thinking that the same outcome will be on its way to provide more money to your wallet, Understanding luck and wisely using it is something that really hard to do when you are already drunk with winning, lut and desire is always present when you are in the winning streak, but sooner or later when you start losing aggression will push you to bet more and you'll soon lose more.

Yes, it might fall on the same story on spending it again on gambling but the amount had been put up isnt came from your own pocket
which means that it is really that avoiding you on spending up tons.

True, it's not from your pocket but you can use those amount in another potential investment instead of bringing it back and lose it inside gambling, though it's really depends from how a gambler take his decision when he has his chance to take the money out and use it for enjoyment or investment.

[Aanuoluwatofunmi]

If we are surrounded by people that truly love and care about us, the moment we make a wining that is high, what they should do is in advising us on how we can maintain and manage up the wining for our future sustainability and not how we are going to spend the money for our own personal use together with them all, and for the sake of the married among gamblers, their partner could give the very best idea in what they could invest with and have the money tied down on something profitable.

[ethereumhunter]

It's hard to suppress that desire and urge to gamble with the money that you've won in gambling and this is the reason why most gamblers aren't able to do it. Some gamblers can barely spare a buck from what they manage to win no matter how much money it is because they lack self-control and always give up against the urge to gamble.

So, only responsible gamblers with a great level of patience and self-control can be able to use their gambling winnings to do something useful for themselves so that they can benefit from it in the future. As you said, the best way to use the money is to make investments or start a small business if the money is enough for that.

Yeah, it's indeed hard to suppress but if we want to be responsible gamblers with a great level and have good self-control, we must always try to master that skills so that we don't have intention to playing gambling after we won. We know that we will difficult to win more money after the last winning so we decide to stop gambling and cashout the money before our greediness become bigger.

It's enough if we can win from gambling because not many people can win like us. We need to limit our gambling activity to avoid many problems that may occur. We can use the money for many things include to buy foods to celebrate it with our friends or family and saving it for our future. We should grateful that we can win the gambling games while other people still hard to win.