Online Gambling Strategy and Tips

Having access to online gambling strategy and tips is a great asset to anyone; this is so because even though online gambling can be fun the main purpose is to win. Therefore if one acquires an ideal online gambling strategy then they would not only be able to have fun when playing, but would be also able to get extra cash can help you have fun offline. Therefore this article is aimed at helping you with the online gambling strategy and tips that would help you to be successful when gambling.

Step one; in developing your online gambling strategy is to approach the game wanting to win, however prepare yourself to lose, as this can also occur.

Step two; you should keep in mind that even though sometimes you may lose there is always the chance that your luck will change.

Step three; you should limit your losses and increase your winnings. This simply means that you need to have a plan when playing, for instance, have a bankroll large enough to keep you in the game, prevent yourself from getting too greedy when winning and never play a losing streak, these three tips are very beneficial.

Step four; always walk away a winner, which means if you have won some cash walk away and don’t try to increase it too much because this might lead you to a losing streak.

Step five; read and understand all rules and instructions for the game before playing.

Step six; you should bet sensibly and your bet should depend on the size of your bankroll.

Step seven; play with a bankroll that you can afford to lose, because even though your aim is to win there is also the possibility of losing.

Step eight; in my online gambling tips is, set some of your winnings aside and play with your original bankroll.

Step nine; if you are on a losing streak stop playing for a while and either play a different game or stop playing completely, but don’t ever keep going at a game if you’re on a losing streak.

Step ten; slowly increase your bets, if you want to make your bets larger therefore to increase your cash then you should do it in small amounts.

Step eleven; don’t ever play if you are tired, drunk or distracted, because gambling requires you to have a clear head.

Step twelve; remember to have fun, even though you are playing to win and there is also the possibility of losing if you play just for fun then it would reduce your tension and probably increase your chances of winning.

Step thirteen; make use of informative online gambling portal sites as these would steer you to the best casinos and games online.

Keep in mind these online gambling strategy and tips and good luck.

Social Benefits of Online Gambling

Online gambling has many social benefits due to its efficiency and convenience. The first benefit derived from the online betting is the provision of ample family time. In our current lifestyles; we are marred by over stretched schedules leading to having none, or very little time for our families. Online gambling has solved this; rather than spending time in the physically casinos the player can now stay and play at home. When playing in your house you are near your children and wife. In this way they will not feel neglected; you are next to them if they need you.

Online casinos are cheap and convenient in time and finance. The registration and playing charges are minimal; this eliminates family conflicts stemming from overspending on the family budget. For inflation has affected every part of our lives things are costing a lot including the recreation activities. The online gambling will save you on fuel and impulse playing due to incitement by others who are winning while you are losing. Harmony in the family gives the children healthy and excellent atmosphere to grow.

The online gambling business has reduced crimes in the society hence enhancing security. People are earning from the casino winnings thus need not indulge in crime. The new businesses started using the gambling rewards increase the earning opportunities to the owners and creates more employment. People with steady income have no time to engage in criminal acts. The payments options availed are secure in that people need not carry hard cash with them; this has reduced the crime rate.

These online gambling activities have also engaged the people’s time; ‘idle mind are dangerous minds’. When people are busy they will least think of taking part in crime like drug trafficking and drug use, robberies and other crimes.

The rewards offered, the taxes, and the investments done using the online gambling winnings have affected the living standards of the citizens positively. The money has been used to fund community projects as building schools, offering sponsorships and scholarships, building hospitals, rehabilitating the sick, creating more housing facilities, building roads and other infrastructure, improving sports and paying salaries to different people. In the process of accomplishing these projects many people are employed and businesses boom due to consumption of materials needed

Once the living standards of a community are raised you will see good co-existence between the people thus stimulating more development cooperation. The online gambling prizes and the donations from the casinos have frequently been used to care for the environment; trees are planted, water sources, fauna and flora being conserved, garbage removed and other environmental activities.

Lastly, the online gambling ventures have reduced congestion in urban area. Congestion of people contribute to less efficiency, disease transmission and also crime; rather than people running to casinos after work to play they head straight home where they play the online casino games on their computers. This eases the strain on the local governments in provision of the crucial amenities as water, lightning and security in the town centers.

Taxes and Winnings From Gambling

The Internal Revenue Service just can’t stay out of your pockets, even when you are taking risks to earn. In fact, the IRS believes it is entitled to your winnings if you have good luck worth $600 or more at a horse track or casino, $1200 or more if you hit at bingo, and when you bring in $1500 or above playing keno.

The Internal Revenue Service refers to these sums, as “qualifying amounts” and the establishment where you are gambling will take your social security number and issue you an IRS form W-2G when you reach these “qualifying amounts.” It’s important not to try and trick the house by supplying a false social security number, as it could land you in a lot of hot water.

Even though the gaming establishment will not report lesser earnings, it is your duty to report them on your income tax return, none-the-less. Although the Internal Revenue Service probably would not catch on to your small winnings, since the gaming establishments don’t report them, they may get suspicious if you are only reporting gambling earnings associated to a W-2G. They figure that you are just not reporting your lesser earnings since you obviously gamble.

You can deduct your losses at gaming establishments, but not if your losses exceed your winnings. If your losses do exceed your winnings, maybe you should quit gambling, right?

If you like to gamble, it is probably smart to keep a recorded account of your earnings and losses, including where you won and lost, and when.

You must report all monies received from gambling and any non-cash winnings, as well, on your 1040 income tax return. You cannot file a 1040EZ form when reporting your gambling winnings, as you will need to itemize these earnings and deductions. If taxes were withheld from your winnings, you need to report that on the W-2G form the gaming establishment will send you in the mail and transfer it to the total payments section on your 1040 form when filing your income taxes.

To prevent the Internal Revenue Service from getting too curious, you should attach all forms, including the W-2G to your income tax return.

Also be aware that any “comps’ you receive from a gaming establishment are also considered taxable by the Internal Revenue Service. In this case, you will need to figure the fair market value of the “comps” in order to comply with reporting them.

If you occasionally go to Las Vegas to try your luck, IRS wants those details! Whatever is the outcome of your effort – you win on your lose – you should report it to IRS. If you don’t, then what happens? Well, don’t allow IRS to be too curious! Chintamani Abhyankar explains.

Recover Your Casino Gambling Winnings

As per the US-Canada Tax Treaty, Canadians and International patrons* can offset their gambling losses against their winnings. Jackpot winners who have had their gambling winnings taxed can benefit from this treaty.

A win in the US casinos can be exhilarating but soon that excitement will fade when you realize that a 30% withholding tax that has been deducted from your gambling winning. However, there are several casino games and lotteries on which you can obtain a gambling tax refunds.

As outlined by the IRS, these are:

• Bingo
• Keno
• Slot machines
• Blackjack
• Poker
• State Lotteries

To obtain a casino tax rebate you need to keep in mind that the refund process normally takes 12-16 weeks. An ITIN application will be filled out and submitted on your behalf to the IRS. This ITIN number will become your permanent number which you can use as often as you need to file for a gambling refund. Finally a 1040NR will be filed on your behalf.

A 1040NR is a tax return, non-us resident must file to obtain a casino tax refund. Keep in mind these simple rules.

• If you are a winner for the taxable game that has been considered as an eligible gaming activity in the last three years.
• If you are a holder of the IRS Form 1042-S and the casino has offered that.
• If you are offset winnings with losses within the same tax year.

*Apart from Canadians, In addition to Canada the following other listed countries qualify: Austria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russian Federation, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom. These listed countries do not have to establish gambling losses in order to claim a full refund

To receive a gambling tax refund you need not look much further. U.S. Tax Recovery is a firm based out of Canada which can provide such assistance. Being in business since 2001, U.S. Tax Recovery is recognized by the IRS as an acceptance agent qualified to obtain an ITIN on your behalf.