Are you ready to win big at the casino? You can rake in dough and have a fun time if you follow a few simple tips for gambling responsibly. Although you’re not guaranteed winnings, if you patiently follow a system and gamble intelligently you maximize your chances of accumulating earnings.
Use these 4 tips for gambling.
Don’t Worry about the Taxman
The taxman is not the boogeyman. Don’t fret paying taxes on your winnings. Simply pay out on earnings according to federal and local regulations and keep on playing. You’ll need to pay a higher rate on big fish earnings but focus on your profits instead of the taxes levied against you. Every profit comes at some cost. Try using your player’s cub card regularly since the casino can track and estimate both earnings and losses. With a solid assessment in place you’ll be able to figure out your gambling taxes.
You’ll need to file a W2G IRS form with the IRS to report gambling wins and losses. More than anything else just keep track of your big wins and sock away your taxes owed in a savings account to pay up when it’s time to pay up. Paying a hefty gambling tax bill means you had a great year at the casinos. Enjoy your success!
Know the Games Inside-Out
Would you play any game without knowing the rules? Then why would you gamble with thousands or even tens of thousands of dollars without knowing how to actually play the game? Know the rules before you play the game. Don’t let greed or fear cloud your judgment. Impatient gamblers dive into games for big, quick profits without understanding how to win. This almost always means short term or long term losses as the casinos have a way of parting fools from their money.
You will usually last longer on the table and improve your chances of winning if you have a strong knowledge of how a gambling game works. Just brush up on the rules before you visit a casino.
Know that the main bet has the smallest house edge and the bonus or extra bets are the toughest bets to win. You’ll want to be careful placing the latter bet because the house is at a significant advantage. Play responsibly and know the rules to avoid getting taken to the cleaners by a casino.
Smile for the Camera
Although most gamblers are aware of this some newbie players allow greed or ignorance to cloud their judgment and forget that cameras are watching your every move at a casino. Don’t try any funny business because the house has its eye on you.
Also realize that just because everything is being recorded at a casino doesn’t ensure that you’ll be able to track down any thieves who lift your stuff. Be vigilant. Some gamblers get drunk off of their winnings or too many drinks and don’t notice their jacket or wallet being lifted.
Enjoy your time at a casino but keep your wits about you. You’ll be far more likely to win and to keep your stuff if you’re alert because even if a camera can record a skilled thief in the act this doesn’t mean you’ll be able to track down the individual.
Set a Limit and Stick to It
Fear and greed are profit killers and loss extenders. Have the discipline to set and stick to your limits before going to the casino because your emotions may be too strong to control once you arrive for a night’s worth of playing.
Figure out your gambling budget. After you have a set number never change it once you get to the casino. Emotions can cloud your judgment and clean your bank account in a hurry.
Decide to take profits and to cut losses at a set percentage. For example, you may cash in on winnings fully or partially when you’re up 20% or you may cut your losses at 8%. Do whatever it takes to preserve your capital. Once you lose your play money you’ll either need to go home or live vicariously through your fellow gamblers.