I receive many emails each week from people who deposited money at an online casino, only to walk away empty handed merely minutes later. Most of them are quite upset and
understandably so. When you have lost money you want to blame someone. It’s part of the human psyche and
a natural reaction.
When I ask people if they were playing according to a strategy the answer is normally something like “Huh? What’s that?”. Enough said. Now don’t get me wrong. I am not suggesting we all go out and obtain science degrees and start crunching numbers in every playing session. I am however suggesting that you arm yourself with a few important tools before you deposit your hard earned money at an online casino.
These basic tools are not rocket science, but they require you to do some work
before you spin the reels or lay a chip.
This is by far one of the most important aspects of gambling at online casino but astonishingly one of the least discussed subjects.
A sound money management strategy consists of three important elements: budget
management, bankroll management and betting limits.
Budget management is simple enough. Set your monthly budget and stick to it. Only
gamble with more if you are playing
with winnings. In fact, I have a rule for myself where I don’t even do this. I cash my winnings in immediately. There’s an old belief in gambling that money you have won will go back faster to the casino than your own and I
A bankroll management strategy simply relates to how you are
going to spread your budget across several playing sessions and across a variety
of games. สมัคร live22 This will maximize your playing experience. It is no use dumping your
entire session bankroll into an expensive slot machine if you are looking to get
entertained for a couple of hours. Finally, manage your betting limits. Decide
how high you are prepared to go and stick to it. Too many people get an
adrenaline rush and cross their limits. Although you may win every now and then
you’ll spend far more time in front of the TV over time.
matter which online casino game you prefer, following a basic strategy is a
hundred times better than having no strategy at all. Online casino gambling
strategies range from very simple to highly sophisticated. Take blackjack for
example. Basic strategy involves a simple strategy card that will guide your
decision to hit, fold, or stand on a given hand. More sophisticated strategies involve things like card counting. As far as slots go, a simple spin and hope
strategy won’t get you far. There are simple strategies like machine selection
to more expansive progressive loss betting systems.
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.
The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.