Winning Big Online Casino
Gambling In America
If you've ever won a jackpot in Las Vegas, you probably know that your excitement diminishes at least a little when the casino throws a W-2G tax form in your face. In fact, if you don’t provide your social security number, the casino will automatically withhold up to 30% of your winnings. The same goes for lottery and horse racing wins above $1200. Yet when playing online, paying taxes isn’t always so black and white.
Americans who play at US-based online casinos will usually have to deal with withholding taxes just like in Las Vegas. Yet that only represents a small fraction of your entertainment options. When playing at licensed offshore online casinos or poker rooms, American players usually won’t hear the words taxes mentioned at all.
Sadly, it is never safe to assume that your winnings are ultimately tax-free. It is true that Americans who play at internet gambling sites outside of the USA won’t be subject to withholding taxes when withdrawing their winnings. Yet you may be required to report these gains when you file your taxes in April. The greatest determinant is the number, size, and frequency of your wins. The actual threshold varies from state to state and whether or not you are an amateur or professional. For more information on reportable gambling winnings visit the IRS guide: https://www.irs.gov/instructions/iw2g/ar02.html
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Professional Gamblers
Whether or not you qualify as a professional gambler doesn’t solely depend on your performance at the tables. The main litmus test is the expectation and probability of profit in the eyes of the Internal Revenue Service. Your success and whether or not you have a regular job on top of gambling may also be factors.
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With even amateur gamblers having to deal with taxes, professional gambling does have benefits. You can actually deduct your wins from your losses when your treat your gameplay as a business. No matter what your current status is and how often you play, it's best to keep tabs on your performance to develop strategies, stick to a budget, and simply know where you stand. You can find this tip sheet courtesy of the IRS: https://www.irs.gov/taxtopics/tc419.html
Whether or not the IRS can actually track your winnings is another matter entirely. Yet you should be aware of your obligations. With a huge budget deficit and ballooning debt, the federal government is looking to fill their financial holes any way they can. Between the NSA and modern forensic accounting practices, covering your digital tracks is more difficult than it used to be.
Tax Obligations Outside Of The USA
The United States is a bit of an outlier when it comes to taxing gambling winnings. In the United Kingdom, the government taxes the gross profits of casino operators rather than players. Canadians can play the lottery, live casinos, poker and online games without paying taxes unless they are a professional. Likewise, Australians and New Zealanders can also gamble tax-free. To put things in perspective, Americans do pay some of the lowest personal income taxes in the first world. Things tend to even out in the end.
Like anything else, interpreting the rules is always a matter of debate. Here's an interesting tax perspective for Canadians: http://business.financialpost.com/personal-finance/tax-expert-a-gamble-over-poker-winnings
Things To Consider
Keep in mind that Americans have to deal with both Federal and State taxes on most forms of income. Always keep basic records no matter how often you play or win. This will make things easier during tax season.
Accountants Have The Answers
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No matter where you live, it's always best to discuss your personal situation with a licensed tax professional in your area. You can usually get a short consultation for free with complete confidentiality. It's the best way to play by the rules while minimizing your tax burden.
Slot machines are one of the most enjoyable casino games to play. They’re colorful and attractive and come with plenty of surprises. There’s something about spinning the wheel and not knowing what you’ll get that makes playing slots so much fun.
Many people believe that a slot win comes from pure chance. This theory has some truth to it as chance is a factor, but there’s more to it than good luck. Winning on slot machines means knowing how to play the slots to your advantage.
Although there are no tricks to figuring out a slot machine pattern or cracking some type of code, there are strategies to ensure that you’re playing smart. Playing smart is your best bet at winning big on online slots. Ready to cash in?
Continue reading below for several tips on how to win while playing online slots!
1. Betting Range and Budget
The first step in creating a solid slot playing strategy is to know how much you’re willing to spend on a slot. This budget that you give yourself is called your bankroll. You need to know your bankroll number before you begin playing.
Once you know how much you’re willing to spend, you then need to determine a slot’s betting range. Not all slot games cost the same amount of money per spin. Knowing the cost per spin for a slot machine will help you determine if you can afford to play it or are willing to play it.
For example, if a slot machine costs $5 per spin and your budget is $50, then you’ll want to find a slot machine with a cheaper price per spin. If not, you’ll run through that $50 faster than you think.
2. Betting All Paylines
Paylines aren’t only essential for determining how much money you’re able to win on a slot. Paylines are also essential for determining how much money you’ll need to spend on a slot to win big. Why?
If you want to win big on a slot machine, then you’ll need to bet on all paylines. Betting on only some of the paylines won’t put you in a position to win the jackpot. So, if you open a 25-payline slot machine, you’ll need to bet on all paylines.
Determine how much you want to bet on each line and what fits into your budget. If you’re unable to bet on all paylines due to your budget, then look for a slot machine that costs less per spin.
3. Use the Bonuses
Many online casinos give out bonuses to those who make their first deposit with the casino. These bonuses come in the form of cash and free spins. These bonuses might not be a huge deal, but there are some casinos that are now giving out these bonuses as a promotion for people to come and play in their casino.
This means that you’ll be able to play the slot machines at no cost to you and possibly win some money without having to put any money into it. Look for casinos that offer these types of bonuses as this gives you the opportunity to test out a slot machine and a casino to see if you like it before investing in it.
4. High RTP Percentages
Playing to slot machines with the highest RTP (return to player) percentage is the best way to ensure you get that big win. The RTP percentage is a term used by casinos themselves to determine the average return of money that players receive for a specific game.
On average, many online slot games have an RTP of 95%. However, this is not true for all online slot games. Some have a higher percentage while others have a lower percentage.
Knowing the RTP of a slot game before playing is crucial information. If you can get your hands on this information, then you’re in luck. Do keep in mind that most casinos won’t display this information, however.
5. Don’t Chase Your Losses
One of the easiest ways to lose all of your money is to chase your losses. Chasing your losses is when you’re on a losing streak, but keep playing with the goal to gain all of your money back. Unfortunately, a losing streak here and here is normal and is bound to happen eventually.
If you believe that you can keep spending more money and eventually win it all back, you’re in for a rude awakening. The game doesn’t work like this, as much as we wish it did. It’s also important to note that the hot/cold theory is a myth.
The hot/cold theory is a myth that if a slot hasn’t had a win in quite some time that it’s due. This is true for older slot machines, but modern slot machines and online slot machines don’t work this way. There’s no pattern that you can track to determine when the next win will be.
For the Biggest Slot Win, Follow These Tips!
When entering the online casino world, there’s a lot to be learned. Although there’s no way to beat the system or figure out a few tricks, there are ways to ensure you lose less and win more. Be sure to create a good strategy, using these tips listed above, to cash in a big slot win!
Be sure to keep these tips in mind and always stick to your budget.
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