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Gambling Income and Expenses – Taxes

Gambling Income and Expenses – Taxes

If you’re visiting Las Vegas for the first time or returning for another visit, then you’re more than likely planning on doing a little bit of gambling along the way. The question is, do you want to increase your chances of winning money? Many people claim to gamble for the fun of it, and don’t bother to learn any ways of improving their play or chances of winning. But who is to say that you can’t take gambling more seriously and still have a lot of fun? We will take a look at some smart gambling tips that you can use on your next trip to Las Vegas to increase your chances of coming out ahead!

The first gambling tip is an easy one: Learn whatever games you plan to play. If you don’t have any idea what you’re doing at the table, your chances of winning are next to nothing! Your best chances of winning at any particular game in panenslot
Las Vegas is 50/50, and that’s only if you know the game perfectly. The areas where you lack knowledge of the game are sure to bring those odds crashing downward. Not only should you learn the basic concepts of the game, but also study the odds and math behind each of the most common bets to determine which bets are sucker bets and which are not. Vegas is full of sucker bets!

For example, if the dealer asks you if you would like to take “insurance” when playing blackjack, refuse it! When playing craps, instead of betting the Big 6 or Big 8 which pays even money, tell the dealer to “place” your money directly on the number 6 or 8 and you will be paid 7 for 6. Also, avoid the bets at the middle of the craps table! While these seem to be big winners, the odds are in the house’s favor by over 15 percent! There are usually sucker bets in every game you will play, so be sure to do a little bit of research before playing.

Another major gambling tip is to always gamble within your “Bankroll,” that is the amount of money you take with you to gamble. Don’t walk up to a game with $200 and expect to walk away with $1000. Be smart, and think of it as an investment. If you walk up to a table with a particular amount of money, be happy if you end up with a 30 or 40 percent profit. Learn to have self-discipline and walk away while you are ahead without giving it all back to the casino. Also learn to walk away before you lose everything you take the table, as walking with something will leave you feeling much better than walking away broke.

Play at a table with limits that suit your bankroll. Don’t go to Vegas with $500 to gamble and bet $50 per hand. Also, break your bankroll into smaller amounts which will allow you to have multiple “session” or periods of play. Break your $500 into 5 sessions of $100 and play at tables or games that allow you to bet within those limits. This gives you the greatest chance of making a profit and not going broke quickly.

Learn to follow the trends of gambling. We don’t know why trends occur, but we can see them all over the casino. For example, 5 black numbers in a row on roulette. Or perhaps you’ve witnessed a “hot” craps table where the shooter is throwing one point after another. Take advantage of these trends by trying to recognize when one is taking place. Never bet against the trend, as most people instinctively do. Always bet with the trend, and be sure to recognize when the trend has ceased and get out while you’re ahead!

These are just a few of the basic tips that should make your Las Vegas trip a little more enjoyable and hopefully more profitable. As we said earlier, you can take a game seriously and still have a lot of fun playing it! You’re also sure to impress your friends when you use your knowledge and discipline to stay away from sucker bets and walk away when you’re ahead. You’ll have them wondering why you were the only one who made any money during that trip!

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