Taxes on Gambling Income and Losses

Whether you like to gamble on horses, or play online dice games, or pull the slots, the money you won from gambling is actually taxable. Your gambling income must be reported on your income tax return. If you’re an occasional gambler, then your chances are good with these basic tax tips that can help you this year.

Income from Gambling

The income you get from gambling basically includes the money you earn from winning lotteries, horse betting, and casinos as well. This also includes the cash prizes and the market value of the non-cash prizes such as trips and cars.

Tax Forms for Payers

If you win from gambling, you should submit the W-2G form; note that the IRS will need a copy of this form as well. The payer will be issuing this form in accordance to the type of game they’ve played and the amount or value of the prize and other factors as well.

Reporting the Amount and Value of the Prize

Whatever prize or value you have won from gambling should be reported as part of your income. This holds true even though you haven’t received a W-2G form. According to the law, all your winnings for the entire years should always be reflected on your tax return, under the “other income” category.

Reporting the Losses for Deduction

It is important to note that not only will you report your winnings to the IRS; you should also report your losses as well. Losses should be reflected on the Schedule A portion of the form. The total amount that you should deduct will largely depend on the amount reflected on your gambling income report of your income tax returns.

Always Keep Gambling Receipts

It is very important that you should keep track and monitor all your wins and losses. This would include receipts, gambling logs, statements, as well as tickets.

Venue Ready for Cheltenham Festival

The Grade Two BetBright Cup Chase of the Cheltenham Festival is set to be staged at the Cotswolds venue. The event will feature Many Clouds, Hennessy winner, among others; this opportunity highlights the card for the prep run at the Prestbury Park before the major meeting in March, reports

Cheltenham Tips

Simon Claisse, the clerk of the course, has decided over the weekend to put a cover on the entire track to serve as a protection against the cold snap happening recently. The action is said to be paying forward with the fact that it remains “race”-able despite the falling temperatures.

Claisse predicts Cheltenham tips of a few more cold nights before the weather begins to warm up towards the weekend.

According to Claisse, “The outlook is for frost for the next 3 nights, dropping to minus 5 degrees Celsius on Friday morning. The forecast is then for the weather to improve, with a minus 2 degrees Celsius on Saturday morning rising to 5 degrees Celsius or 6 degrees Celsius later in the day. All the time the non-covered ground has been frozen the ground under the covers has been fine so they are doing the job for us. We have no rain of any significance forecast before Saturday, either”.

Martin Keighley, on the other hand, has kept the Grade Three Trophy Chase on the card as a perfect opportunity to set Annacotty right back on its winning track.

The 7-year old horse had won the Grade One Feltham Chase the previous term; however, it hasn’t won gold in four of its succeeding race, recently joined the Hennessy last November at Newbury.

Annacotty cuts back in trip from the 3 and a quarter miles to 2 miles & 5 furlongs. Keighley hopes to regain his winning track.

“Annacotty will go to Cheltenham o Saturday,” he said. “I have been delighted with him since the Hennessy. A couple of my horses were not right at that time of the season, but he has bounced back and seems in fantastic form”.

Gambling Addiction Statistics

Gambling addiction is an alarming problem most especially that there is a widespread popularity of gambling online and the problems associated with gambling forms different dysfunctional behaviors if untreated correctly. The good news is that there are many gambling addiction treatments available to help affected people. Today, the number of gambling addicts is alarming and has affected so many people and families.

Gambling addiction causes disruptions in life’s major areas such as physical, psychological, vocational or social. It includes the condition of compulsive or pathological gambling, it is a progressive addiction of gambling characterized by increasing preoccupation of gambling. There is a need for the person to bet more money often, irritability, restlessness when he is attempted to stop, always chasing losses and loss of self-control by continuing the gambling behavior despite serious negative consequences.

In the US, the figures are very alarming. About 2.5 million adults are considered pathological gamblers while 3 million are considered problem gamblers. Also, about 15 million adults are at risk of problem gambling and 148 million belong to low-risk gamblers. The growing number of gamblers includes those who are addicted to online betting. One of the betting online companies focusing the US bettors is Topbet. According to the review of Topbet sportsbook, they have a wide array of promotions including free bets and a slick mobile interface. They have been serving the online gamblers since 2011 and their payouts include one free payout every month but only have check payouts. This means that the rate is lower.

review of topbet sportsbook

With so many online gambling sites emerging, this could only mean that there will be more and more people enticed to them and could lead to more online gamblers and addicts if they do not practice self-control. Compulsive gambling can devastate the person and his family. In the US, about 80% of adults reported to have gambled and more than $500 billion were spent annually as wagers. The statistics showed that each year, 2.9% of American adults became problem or pathological gamblers and most of the problem drinkers have become addicted to gambling as well. The addiction is more among Caucasian Americans compared to Hispanic Americans and African Americans.

Compulsive gambling is not the problem of an addict but his solution for several serious underlying problems, it is associated with some mental problems such as depression, mood disorders and anti-social personality disorder. Also, most of the compulsive gambling problems have alcohol or drug problems too. Today, there are research studies conducted to understand the actual causes of gambling addiction or compulsive gambling.

Online Casino Games for Free – Hobbies

Jackpot Jungle is online casino games providing site. The site offers a wide range of exciting games to the users. The games are easy to play and can be played anywhere the player is, as the game is there on his phone.

Jackpot Jungle operates by a software called cutting-edge, this software is a gaming software, and enhances the display of the game, by creating fantastic graphics and artistic animation, this sort of feature seems to make the background real, and the player feels as if he is sitting in a real casino.

Online Casino Games for Free - Hobbies

Jackpot Jungle offers online casino games that include games like poker, blackjack, casino slot, baccarat, roulette and many more games. These mentioned games are some of classic games that are enjoyed by all the players who love gambling games.

Jackpot Jungle welcomes players all around the world and join the site to play. The site offers players to play with both real money and fake money, but restricts players below 18 years of age from playing with real money.

There are many kinds of games with different formats. Say for example some games allow gamble and play on the website itself. There are other online casinos that need particular software to be downloaded which links with website and keep an account of your losses, wins and credits.

There are several free online games to choose from. Say for example you can play casino slots. Online slots are pretty much similar to ‘casino slots’, the main difference lies in the manner you are playing the game. Here in online slot you are entering in digit format, the coin you drop in and in place of pulling down a lever all you do is press a button to make reels roll.

Safe fun and convenient

Online Casino Games for Free - Hobbies

Jackpot Jungle aims to give the players the most exciting and fun experience while playing online casino games. The site gives a safe and a comfortable environment in order to preserve and safeguard the financial privacy of the player. Another very important feature is that it provides a friendly customer service as per the requirements of the player around the clock.

Online Casino Games for Free - Hobbies

This is a sort of remote gambling which is done with a wireless device like a mobile device or a tablet. The site provides a secure and safe mobile casino to play at. The best part about the site is that you can play any time 24*7, and you can be anywhere you want, which ever place is convenient for you.

Poker Championship – How To Get The Best Results

Poker is actually among the games which can end up being played by lots of people nowadays. Frequently, poker is to be achieved by those elite people inside the society through those people that try to find enjoyment. Like every some other sport, poker will come also into various levels, and you need to gain the 1st sport up to the past 1 for you to continually be among the folks in the poker championship game. In having a casino game, you are typical within competing to get a unitary reason and that’s to achieve, as a result, as you get into the poker championship stage, then its the simple approach of saying that you are in fact good in the game of poker.

Poker Championship - How To Get The Best Results

Although you are looking for instantaneous money, you can take pleasure in poker and make it as one of your choices to make some money. These days, you can find previously lots of those who have significantly obtained their money just from enjoying poker. Just almost all you must do may be becoming a great player with regard to you to gain many different phases within the claimed game. In appreciating poker championship, it is quite definitely essential that you are likely to be going to study the moves of one’s opponent simply because in this way, chances are you have the concept for you your self to make the best moves as nicely. There are always a lot of movements that you may want to understand to ensure that you play with poker appropriately, and when you know all of these things, then you may have the possibility of winning the game through the whole poker championship.

Poker Championship - How To Get The Best Results

As with players, it is important as well that you have a tendency to be going to examine and use these various wagering patterns to ensure that maybe you tend to be fully armed if you are generally into your have difficulty in the poker championship online game. These wagering styles can help you in dealing with the opponent successfully by means of the start and up to the end of your own activity. As you study and also play poker at the same time, it’s important that you are occasionally planning to bring about your memory, in the experience that you may well come across a technique to remember the majority of of the practices which can be essential for you inside playing the poker championship.

It’s most likely you have the possibility to get the entire game and earn the pot money if you can utilize most of the strategies and styles efficiently with poker championship. Creating a chat alternative while playing poker online assists interact in between players that produce the poker experience fun and enjoyable. Although plenty of people are unsuccessful to produce these thing from on-line poker, you may find others who let it be the best making a few million dollars on an annual basis.About the Author

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Poker Championship - How To Get The Best Results


Poker news highlights for March 2012 – Tulsa Poker

Ever since Black Friday (April 15) last year, poker news has been a somewhat depressing experience for the players. In the last week, though, a few things have happened worth noting.

First, the SDNY granted extensions to the Black Friday defendants (all except Chris "Jesus" Ferguson, no reason given) to May 20, 2012. Speculation is that this is to allow more time for GBT (Groupe Bernard Tapie) to finalize the purchase of Full Tilt–which, if you’ve been following the press releases, is now three months past GBT’s original timeline. To be fair, Absolute Poker and UB were also given extensions, but overwhelming consensus is that those sites are bankrupt anyway.

Poker news highlights for March 2012 - Tulsa Poker

Second, Chad Elie settled his case by pleading guilty to lesser charges. Back in February, the pre-trial hearings concluded with Judge Lewis Kaplan refusing to dismiss any of the charges against John Campos or Elie–this after both sides filed detailed motions with the court. Bloomberg reported that Chad Elie, a Las Vegas payment processor for the poker sites, pleaded guilty to a single count of conspiracy. The maximum sentence is a range of 6 to 12 months in prison, and he agreed to forfeit $500,000 he earned from the "scheme." The final sentencing will take place October 3rd. In Haley Hintze’s post on the news, she opined that perhaps Elie had agreed to turn states’ evidence in the John Campos case and/or others. But instead, we learned:

Third, John Campos, the former vice chairman of SunFirst bank in St. George, Utah, agreed to plead guilty to a single misdemeanor charge. The report of choice this time comes from Forbes, who characterizes it as a desperate move by the DOJ. While this plea maintains the DOJ’s batting average in terms of guilty pleas (6 out of 6 so far), the fact that they have knocked the charges down to a single misdemeanor is a clear indication that the DOJ would have a problem proving their case in court.

It is not clear if the Campos plea is official yet, as it hasn’t been reported that a judge accepted the plea. But once that happens, all of the money men indicted on Black Friday will have settled their cases. Of those that remain, none have been arrested. Scott Tom, of Absolute Poker shame, has already seen his stepbrother (Brent Beckley) plead guilty to conspiracy charges in December and faces up to 30 years in prison (though many reports predict 18 months). Beckley will be sentenced in April. The remaining defendants are Ray Bitar and Nelson Burtnick of Full Tilt, and Isai Scheinberg and Paul Tate of PokerStars.

Poker news highlights for March 2012 - Tulsa Poker

Given that the actual payment processors are being slapped on the wrist with misdemeanors, it’s unlikely that the DOJ can successfully prosecute the outstanding cases. None of the remaining defendants are likely to be arrested in any case. It’s speculated some are living in countries without extradition treaties, and those who aren’t can’t be extradited anyway, because that can only take place if the crime is also illegal in the country of residence. But don’t expect the cases to go away any time soon. The DOJ will shift focus away from defendants in order to secure its control over any remaining cash. That means the Lederer, Ferguson, and Furst cases are up next. And though May 20th isn’t that far away, keep in mind that date has been pushed back three times already.

Poker news highlights for March 2012 - Tulsa Poker

In unrelated news: more shennanigans afoot in the Epic Poker League meltdown. While the incompetence at Full Tilt can make your blood boil, the stupidity surrounding Epic Poker League will simply have you scratching your head. Here are the highlights: EPL, which co-founder Annie Duke promoted as having a long-term financial plan, is broke after staging just three events. So broke they "postponed" their fourth tournament and stiffed their employees for at least their last paycheck. Federated Sports and Gaming (EPL’s parent) then tried to use funds from the Heartland Poker Tour (the company FSG failed to pay for after entering into a purchase agreement) as operating capital to pay FSG executive salaries (because, you know, who cares about employees) all while FSG filed for bankruptcy. Card Player published a story about the fiasco, which prompted Jeffrey Pollack, FSG’s executive chairman, to step in between the fan and the fast-moving feces and accuse CP of irresponsible journalism for not getting his side of the story first. This prompted Card Player to publish a follow-up piece about the shameless cash-grab, including HPT’s protest against FSG’s plans to continue to pay themselves using HPT’s "cash collateral."

Poker: Gambling Poker At Stake

Poker is a true American classic game with diverse ways of playing it. Today, there are numerous varieties of poker games to choose from. Nevertheless, it all pertains to the same thing – you are engaging yourself to gambling poker.

Gambling poker is the game for poker players who want to bet their money so as to earn a living. Because of this, most people who do gambling poker put their money at high risk.

So as to avoid gambling your money, try not to exceed your limit. Before engaging into gambling poker, establish first a limit so as to guide you all throughout the game.

Do remember also that in gambling poker, you should never drink and gamble or do not gamble if you are tired. These things will lessen your ability to concentrate on the game. After all, gambling poker is not all about luck; it also requires greater deal of skills.

Also, try to remember that in gambling poker, you should never lose your winnings. Try to leave the area when you are already finished. Do not stay longer than you can afford. You might just end up gambling more money and risking more money.

The most important thing when doing gambling poker is knowing the betting system of the game. You could be in real danger when gambling poker if you do not know the system unless you play for fun and does not care at all whether you lose money or not.

In gambling poker, there are different betting systems used. They range from the most simple to the most complicated systems.

The most common is the Positive progression betting systems. Using this in gambling poker, the player usually increases the bet whenever he or she wins. This kind of betting system in gambling poker requires less capital and usually engaged to take lead of winning streaks.

However, there is also the Negative progression betting systems in gambling poker. In this betting system, the player increases the bet whenever he or she loses. Unlike the positive progression betting systems, this one requires additional capital and is more engaged to shove a winning outcome next to a losing streak. It is more nerve-wracking and can be very painful whenever somebody loses in gambling poker.

Lastly, there is the Insurance betting systems wherein you can decrease the amount of your bet in the event that you win which normally follows a high preliminary bet.

Whatever betting system is available, it is a must to know these things so that you will know what things are happening when gambling poker.

Aside from those things, it is a must for every player who engages in gambling poker to know the basic rules in playing the game. Without knowing them may mean gambling more than what you can allow.

In gambling poker, a player must know the basic rules and procedures of the game, the numerous card combinations and its values, and the rules about betting limits. Aim to know also the equipments uses. By doing so, you will not be focusing much in doing gambling poker but more on enhancing your skill of the game at the same time more on having fun.

Bear in mind that gambling poker should not be considered as something to tide you over while figuring out how to find a more gratifying work. It should always be for reasons that will bring you more satisfaction than frustrations.

As Amarillo Slim once said, “Poker is a game of people. It is not the hand that I hold, it is the people I play with.”

Best Jobs in Casinos

What are the best jobs in casinos these days? That depends on what you like, how hard you want to work, and how much you want to make! Fortunately there are many jobs to choose from, including many entry-level jobs. You can join the security department, and learn some basics of hotel and casino security while working the floor, meeting guests, handling lost-and-found issues, and working with the drop-team to secure money from the table games and slots. Some security departments also hire EMT’s and other experienced officers, and fairly reasonable income levels. Other entry-level jobs include hosts, cashiers, slot department change people, and plenty of spots in the restaurants and cleaning departments.

Best Jobs in Casinos

If you are looking for a job on the casino floor as a dealer, that can be one of the best-paid positions, and you may not need experience, because many casinos train their own employees in their own schools. Full-time table-game dealers in busy casinos can make over $100,000 a year, but most dealers in the US make closer to half that amount. Poker dealers in small rooms are also likely to make $40,000 to $60,000 per year, but some of the best dealers, in the best rooms, can also make six-figures.

Working as a full-time poker player is usually a self-employed job, but there are some casinos and poker rooms that pay employees to play poker! While non-affiliated players have the luxury of going to any game in any casino they want, proposition players are more restricted, and have set schedules. However, with benefits like a steady paycheck, paid time off and 401k’s, props often find that the stress of playing is considerably lessened and they do quite well. Making six-figures as a prop is not a likely scenario, but there is a huge benefit to being in the room and getting paid to not only play, but watch the other players for hours-on-end. Props who really work at their game can enter higher-limit games on their off-hours and put those skills and observations to work and make even more money while off the clock!

Best Jobs in Casinos

Any job in a casino that includes tips is likely to pay fairly well, and slot department supervisors who share in a tip-pool from jackpot payoffs are likely to have the best of it, getting a strong hourly wage as well as tips. Other workers who can approach $100,000 are cocktail servers working in busy casinos. The job is tough, but those who have a knack for the work make very good money in a safe, clean environment. What more can you ask for these days?

Paradise Poker – Learn How to Win Today

Poker has continually been growing in popularity over the past couple of years. More and more people are learning how to play the game everyday. But it’s not everywhere that one can find a place where one can simply join and play the game. Casinos and poker rooms cannot be found just anywhere, and getting into games can cost some serious money. This is where online poker comes in.

Online poker sites offer a place for different people from anywhere in the world to play the game. They set up rooms where friends who live far from each other can enjoy a game and chat with each other at the same time. People who just want to play a game can look and join rooms where they can play with anyone around the world and meet new friends at the same time. Some more serious players can go online and get more experience in plating the game. Online poker sites can be an aspiring professional poker player’s jumping off platform to the professional poker gaming circuit.

Paradise poker is one such site. It is one of the very first online gaming sites and was launched in 1999. Its popularity grew over the next few years. The advent of other online gaming sites entering the business paved the way for Sportingbet, a massive online gambling corporation, to purchase the site for $347.5 million dollars on October of 2004.

Paradise Poker - Learn How to Win Today

The site mainly offers playing of Texas Hold’em poker. Players can choose from a lot of different tables and can select a table that will suit one’s needs. Paradise poker offers its players the chance to join tournaments. They hold special tournaments free satellite tournaments one can join and win in order to qualify for larger tournaments that boast of very high prices for the winners. They also hold qualifiers for the world series of poker so that professional and aspiring professional poker players can join no matter where they are. With a lot of players playing online in any given time, one cannot

Paradise poker provides a downloadable application one can use in order to play online. The software can be easily downloaded and installed in anyone’s computer. The interface makes it easy for players to interact with other players and play the game. It provides adequate graphics and is quite easy to use. The game play it provides can be described as fluid and smooth. The only drawback is that the software sometimes is a little slow.

The site also offers a couple of bonuses one might have an interest in getting. They offer a signup bonus and a couple of other bonuses that one can use in playing online poker. The site accepts different credit cards and online payment companies in order for the player to make deposits and payouts. Different currencies are even accepted so that players from different countries can play with each other.

Paradise poker also allows one to play multiple hands and play in multiple tables at the same time.

Play Bingo on Online Casinos

There are some folks out there who can not understand how the game of bingo has become a player favourite in the online casino parlour. These are the same people who thought that the Internet would never catch on, and that the cell phone would never become a popular item with anyone over the age of 30.

Obviously, these people are not open-minded enough to see the future as it unveils before them. Bingo is a game that has a history linked to family traditions and values. Bingo is a clean-cut casino game that is easily learned and played at a steady pace. There are no bad omens hanging over your head when you play bingo, only an enjoyable game that plays no favourites.

Historically, the only problem with bingo was that you had to travel to community centers in town or to land-based casinos to enjoy bingo – that was until the advent of the Internet. Now, Online bingo games can be played within the inner sanctum of a person’s home. This is very important to the thousands of senior citizens and shut-ins who could not otherwise play their favourite game because of the travelling involved.

Bingo games on the Internet have caught on quickly over the past eighteen months. You can credit the increased popularity of Bingo games online to the fact that the economy throughout the world has tanked, and people are more careful about spending their discretionary incomes. In addition, you can play an Online bingo game for free on free casino sites, such as the top-rated, the premier free casino site on the World Wide Web.

Bingo games on are played in perfect graphics and pristine audio, and you never have to make a financial investment for the privilege of utilizing the site. Bingo games played on online casinos are the wave of the future, so choose the top-rated online casino site at the next time you want to engage in Bingo games action.