Build a bankroll
…And speaking of capital, you cannot play $5,000 hands of blackjack when your entire bankroll consists of merely $50,000.
Most people suffer losses and ruin their gambling experience because they play with all the money they have, even the one that they need for their groceries and their rent.
Many professional gamblers start by saving up 10% of their paycheck and put it in a separate account. Over time this account builds up to a substantial number, giving the gambler a risk-free bankroll.
The same goes for any winnings they earn. A naive gambler is likely to head out and spend it on luxuries and other things they will forget about in a few weeks, but a gambler with a long-term plan will add the extra winnings to his bankroll.
If you gamble to enjoy the sport and perhaps make some extra money (which is often a substantial sum), then you have to treat it as it deserves.
It’s very tempting to get a drink or two…or even allow yourself to use some light drugs when you are gambling, but even the youngest gambler can tell you that this is nothing but an easy recipe for disaster.
Gambling is a sport where the person with the sharper mind and a secure bankroll wins. And if you like drinking half a bottle of Jack with your cards, then chances that you will end up with a thin wallet are pretty high.
This is one of the golden rules of gambling – make a bet only when you have to. To let your ego do the thinking for you is an absolute no-no. As Jim Wortman, a renowned gaming expert says, “many people have the knowledge and the bankroll, but they fail because they lack discipline.”
If you have followed all the advice given above and luck has been on your side, then there’s a good chance that a whole bunch of extra dollars might have found their way into your pockets already. However, it’s still not a time to celebrate – yet.
If you do not maintain precise records of your earnings and losses, then you will struggle with paperwork when it comes time to file tax.
It doesn’t matter whether your earnings are from gambling in a real world casino or an online one. There’s a myth that just because you are gambling online, you don’t have to pay taxes – but that is incorrect.
Hence, it’s crucial that you maintain records of your earnings and losses so that in case you do end up being audited, you will be 100% on the safe side.
In the end, gambling is just like any other sport that you would play to make a bit of extra money. The advantage here is that with a bit of planning and some adequate knowledge it’s not uncommon to bring home some substantial amount of money.