1. Stay in your limits –
Gambling is an adrenaline rush, and sometimes you may tend to go overboard. Always remember how vital money management is and ensure you keep a track of your spending. Chalk out a budget and ensure you stick to it. Estimate the money you require to gamble and also set aside for probable losses. In addition to budgetary limits, also set time limits to structure your game and also never over-drink as this may just leave a hole in your pocket.
2. Make the most of an opportunity –
Gambling is an art. Cash in on the bets by taking advantage of whatever freebies and comps your casino offers you. You can look up all sorts of reviews that explain how to get away with something like that. Cashing in on you bet means to take full advantage of all the freebies and comps your casino offers. Another good idea is to join the player’s club to acquire these comps and this way you can also use your card every time you gamble.
3. Be all smiles for the Cameras –
Casino’s these days are infested with camera’s that’ll record your every movement. Although these cameras are for security purposes, they can also be of use if you feel someone is cheating in the game and this has lead to you losing money. You can always request a viewing of the CCTV footage to clear your doubts or prove your point. However, you too must ensure you don’t commit any felony as you too are being watched.
4. Master your game –
Although there are numerous self-proclaimed gamblers, there are very few who actually know the game upside down and follow all the rules to the t. It is crucial to learn and master the game before you go all out and place your bets as this will help improve the odds of both having fun and scoring points.
5. Do not fear the Taxman –
Gambling being an extra or a side income is fully taxable. The casino will withhold the taxes before paying you out, or you’ll have to report the money earned to the IRS. If you have gained or won more then a specified amount, the casino will present you with W-2G which is a form that denotes the number of winnings you’ve incurred and the taxes that were taken out.
If your winnings are small in one place and significant in the other, you still have to report both at the end of the year, and for this, it is essential to keep a written record of these financials. If you have suffered a loss via gambling this amount is deductible. Therefore, you are required to keep a record of both your incomes and loses to prove that you have paid your dues and do not owe the tax department anything.