How to Keep Track of Gambling Profits and Losses

Gambling is a popular activity that has been around since man started gambling. Gambling as we know it today started in ancient Greece and Rome. It is the process of gambling or gaming while attempting to derive an answer to a question. In other words, the game of poker is considered one of the oldest games of human origin and it is only through the past history of mankind that there have been many different forms of gambling. Today, as long as the Internet exists, human beings will continue to engage in forms of online gambling all across the world.

Online gambling is any type of gambling conducted via the Internet. This includes casinos, virtual poker, and sports betting. The first internet gambling site opened for the public was lottery ticketing in October 1994. Since then there have been all kinds of online gambling games and sites open. As of this writing, there are online casino games playing in over two hundred countries throughout the world.

Whats a gambling log

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Especially if you are playing with big wads of cash you need to be able to follow the trails of it and how much do you use it. There is also the option of leading a gambling diary. There are many reasons to keep a gambling log or gambling diary. But the most important reason is that the IRS would be unhappy if they audited you and discovered you didn’t.

A gambling log is simply a record of your winnings and losses while you gamble. Many gamblers keep this documented because they believe they can lose lots of money and then claim all their losses on their taxes. Just so you know, losses cannot be written off if they are equal to wins.

If the tax people audit you and asks for proof that you have significant gambling income, they will demand it. You need to have this to prove that the cash was won there.

But let’s face it: It is likely that every person will experience both wins and losses during a gambling period. This is normal and to be expected. As long as you are gambling carefully, then this is the main thing to know. So what could be the ideal way to follow all the winning and losing? How you have control over the process and your cash?

It really has to do with something on how many gambling platforms you use. Be always sure to choose someone as good as apuestas deportivas Chile. It is obvious that tracking your spending will be easier if you only play at one online casino or sportsbook. Numerous betting sites will already show you your data from the first time you create an account. And this is a great solution if you have one account.  But what about transactions made while wagering on multiple sites? This article will show you how to track your plays using different methods.

Other ways to follow your gambling habits

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The ideal method to keep track of everything next to the gambling log is of course the payment processors that you will use to keep the flow of money between the different sites and your bank account. To place bets online, you must make a deposit. The best way would be to have a dedicated account just for that. Paypal or something similar. There you can see all your money going around from the site towards your credit cards. So it’s better to centralize than to decentralize on multiple sites. YES, the site offers different deposit methods but it would be smart to do it all from one spot that you can track and have control over. This information is helpful if you want to know your daily outgoings or incoming funds. It will also show you how much money you have spent on gambling.

Prepaid cards can be a super technique to limit your habit. You get a $100 prepaid card and then you deposit it to a website. You get that money before you gamble and then you can’t spend any more than you got at that point. A good way to control yourself and your gambling impulses if you have come to that stage.

Keep track of your games in sheets

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One more great way to keep track is the old Excel or Google Sheets. Softwares like these can provide a framework for detailed tracking of your wons and spendings. You can easily track and calculate losses and profits with just a bit of effort. You will have to learn a bit here and there to set it all up but when you go there, you won’t go back if you want to stay organized and on top of your game. Google Sheets is free and available for all Google users so use that. This is especially important if you go for long term following. If you go from tournament to tournament and especially from year to year, you need a sheet with all your information laid out. With this you can easily figure out did you lose more than you played and how hard can you play in the future.

Gambling is so enticing and so big and you need to tread carefully when doing it. Some more tips from us to keep track of your gambling is that you also follow how much time you spend playing. Fix a time frame just for the gambling activity or the game to keep track financially but mentally too. If you want to play longer, you should probably look at games with better house edges where you will lose less money on playing. So with all that, we hope you learned some of the ways how can you b the master of your gambling hobby and what would be the smartest move if you want to go serious into it.