Minimizing Risks in Online Gambling

Protecting yourself when gambling online can be difficult if you are new to online gambling. Not all online casinos found on the internet are legitimate. The first thing a person must do is acquire as much information as he can on the legitimacy of a casino. There are numerous websites that have written reviews on casinos which will help a person determine whether a casino is a scam or not. Some online casinos will have a statement issued on its site that Players gamble at their own risk. Keep away from such sites.

Most of the new gamblers online have the habit of making a rush decision when choosing an online casino. They never take the time to do a proper research of the casino to verify whether it is secure enough to gamble at. A legitimate online casino should have a license, 24/7 customer support, promotional bonuses, good software for its games and give clear instructions on its payout schemes.

Learn to stick to your gambling budget when placing a bet online. Don’t lose control when you are losing and start digging into your bank account to get more money to continue playing. Know when to quit and don’t hold onto the belief that the more you play will enable you to win back the money you lost. This type of thinking will make you so frustrated and determined to play more that you will eventually become a compulsive gambler.

Choose an online casino that offers a variety of free games for you to play so that you can get familiar with the games and improve your skill at it. Refrain from playing at casinos that offer betting special offers instead of free games. You will have a better chance of winning by playing free games to improve your gaming skills than play at a casino which only offers betting special offers if you join.

The rules of an internet casino site will not be the same as that of other internet casino sites. So always be clear about the rules in each online casino you play at so that you don’t encounter any problems with the games and payments in case you happen to win. Only play at online casinos that offer games that you enjoy. Also, make sure that the game software is easy to download into you computer. Legitimate online casinos will always have the latest gaming software and if your computer is an old one you will definitely have problems downloading the software. Invest in a good computer by upgrading your existing one or by purchasing a new one.

By doing so, you will be able to enjoy the many games offered by these legitimate sites. Minimizing risks in gambling will only be a success if you take the time to do your homework and learn about the pros and cons of online casinos. This will not only increase your chances of winning but will also lessen the problems that you will encounter in the gambling world.

Beginner’s Guide to Online Casino Gambling

Unarguably Internet is the buzz word today, be it shopping, searching for information, or casino gambling. Internet casino gambling is now a several billion dollar industry and is continuously growing globally at an incredible rate. More and more people gamble at online casinos, for the advantages that they offer. It is highly convenient and satisfying to sit in front of the computer, and enjoy online casino gambling and win real cash without wasting gasoline to reach the casino. Also, no one can force you to wager more money, when you don’t feel like playing. The online casino gambling sites around the world allow you to play your favorite casino-style games like roulette, online poker, blackjack, casino slots, crap, etc. with the convenience of sitting at home. To understand online casino gambling better, read the following beginner’s guide to online casino gambling:

Selecting Reliable Online Casino: Biggest myth about Internet casinos is that they are considered illegal and unauthorized which is so untrue. Most of the online casinos are licensed and deal in fair online gaming. To select a reliable online casino gaming site it is very essential to check the credibility and affiliated websites. Register only with licensed gambling websites that assure fair gaming options.

Selecting Casino Games: Various casino games are Blackjack, Roulette, Crap, Slots, Poker, Baccarat, and Keno Fun Games. You can select the casino game according to your skills, choice, knowledge, etc. Make sure you know the rules of the game you would like to play online. Also, some websites offer tips and strategies to help you win and play better. You can also read some good casino gambling books to learn the basics of casino gambling.

Choose Casino with the Best Bonus System: Bonuses are usually given to the gambling beginners, when they sign up with a casino or poker room. Generally, online casinos offer sign up bonuses, no deposit, and free slots bonuses. They also offer refresh and loyalty bonuses to the existing players. The beginners must review various bonuses given by various sites to find the best bonuses available. The best bonuses are the ones with low wager requirements.

What are the Basic Requirements for Casino Gambling: The first requirement is visiting the casino website and downloading their software. The next step is to set up an account, where the gambler will deposit money for betting. The amount that you deposit is entirely upto you and will be used to buy chips for online wagering. At times, online casinos also provide services for depositing money and bonuses for getting started. The information that you provide to the online casinos is encrypted for security reasons, so complete the formalities and start enjoying the game.

At TheUltimateGambler.com, you can find entire information about casino gambling types, rules, tips and strategies, casino promotions, etc. Here you can find FREE gambling guide, free bets, promotions, and complete gambling information to give you a better understanding of your favorite betting game and help you play better. Visit www.theultimategambler.com for more information.

Making Money Using Gambling Systems to Supplement Your Income – The Truth

To many people, the life of the professional gambler seems glamorous and inviting. But as in most cases in life, gambling, like any profession that offers the possibility of high rewards, is difficult and demanding. The truth is that most people who manage to make any profit from gambling over the long haul, work very hard, and have to sacrifice to earn the money.

When I say earn, I mean just that. I don’t mean to discourage you if you have your heart set on being a professional gambler, but knowing what you are getting into before you begin is one of the best ways to make sure you will succeed. You can make money from gambling systems if you have enough money to fund your bets and support you while you learn the game and adapt the system to suit your own talents and style, but being under funded is the number one reason that many gamblers fail. Gambling, even if you are very skilled, still involves risk and therefore losing streaks. It takes money and discipline to survive the lean times.

Surviving the losing streaks financially and emotionally is the mark of a true professional. One thing that professionals use to keep their sanity and not go on tilt permanently is statistics. I know you think that statistics are used by many gambling systems to beat the games, but they are also used to reassure the players that the tide will eventually turn in their favor. That is the strength of a system, whether it is a poker, blackjack, roulette, horse racing, dog racing, craps or any other system.

That is the good news about using a systematic method to beat any game. The not so good news is that no one is going to sell you a way to make a killing at any game right out of the box. You will have to take the information they give you, adapt it to your own talents and style, and then work very hard and endure the ups and downs of the gambler’s life.

When I say adapt the system, I mean that a good gambling system will teach you certain statistics, or situations to look for in any game. For instance, a poker system might teach you how to figure pot odds and play position, while a horse racing system might teach you how to spot an overlay or a false favorite. The most important lesson you can learn from any gambling system is how to spot a good bet. But any of these lessons will do you no good unless you have the personality to take advantage of them.

For instance, if you are a person with a limited attention span who needs fast action and stimulation to remain focused, grinding out a living sitting for hours counting cards at a blackjack table won’t work for you. On the other hand, a system that teaches you to scan the toteboard at the race track and to spot an overlay and then to bet and see the result of the bet in two minutes, may be better suited to your personality type.

Finding the right system to match your personality is the most important part of gambling success after understanding what you are up against, of course. The next most important step is taking the time to learn how to gamble successfully while making small bets. To learn any other trade, you have to go to school or learn on the job. The same is true of gambling. So research the games and systems to find what is best suited to you and then prepare by practicing and slowly increasing bets as you learn the game. That is the best approach to success in any endeavor.

Types Of Gambling Services

The gambling industry rakes in billions of dollars every year and provides millions of job opportunities. Although criticized by some quarters that say it promotes corruption at different levels, crime and compulsive gambling, it nevertheless has importance when money needs to be raised for certain services without increasing tax.

There are many types of gambling, not all legal. Some are public and others private.

Lottery

Lotteries are based on chance where players purchase sets of numbers in the hope that they match draws. Depending on the stakes, winners can take home millions of dollars or be awarded with lesser prizes like cars and electronics.

Players buy several sets of numbers to increase chances of winning which are always slim. Still, the desire to win compels many to continue purchasing tickets. A report in 2011 recorded global lottery sales of around $262 billion.

Slot machine

Slot machines are also a game of chance. A player inserts money into the machine and uses a lever or a button to spin reels. If the combination pictures or numbers are identical, the player wins. Like most gambling/casino machines, slot machines are designed such that the odds of winning are slim. This brings in money for the house while compelling players to accept the challenge.

Bingo

Bingo is a game that sees players ticking off numbers on a card called out by a caller. Whoever has the series of numbers on the card wins. The numbers called out are completely random and the game requires players to pay attention as if a player has the number on his card but fails to mark it, he loses his chance of winning.

Blackjack

Blackjack is a card game frequently played in casinos. The game itself is quite simple but can cause players to chance taking more cards and seeing them lose. Players are dealt a card each turn and the value of the cards are added up to as close to 21 as possible. If a player totals 18 and his opponent scores 17, the first player wins. However, in the quest to getting to the sum of 21, players sometimes keep taking other cards to total more than 21. In this case, the player who exceeds the number loses and his opponent wins.

Roulette

Roulette is another popular casino game that sees players betting on where a ball lands. The host spins a wheel as the players bet on which numbered hole they think the ball will land on. They may also bet on a string of numbers that add up to even or odd numbers. Whoever guesses right, wins.

Scratchcards

Scratchcards are cards on which are printed numbers or symbols hidden beneath a covering that can be scratched by a coin or hard object. The results are declared on television, radio or newspapers. The buyer who has the right number/series of numbers or symbols wins.

Most scratchcard contests offer less valuable prizes although the odds of winning are greater than in slot machines and other types of gambling.

Poker

Poker is a very popular card game played between two or more people. They’re given two cards each with three laid face down on a table. Bets are placed on the value of the cards. The player having the highest hand wins taking into account not only the cards in hand but on the table.

Why Online Casino Gambling?

The revolution in the world of gambling happened awhile ago when first online casinos started to appear on the Internet in 1996-1997. Almost immediately, online casinos attracted a lot of attention from both public and mass media. It was something new, something different, and so tempting to try for everybody who had access to the Internet. In the end online casino gambling proved to be so convenient, so secure and so advantageous entertainment for millions of people that it has become one of the fastest growing sectors of Internet commerce.

These days you will find thousands of online gambling sites on the Internet with more being opened every month. The most visible difference between online and land based casinos is that online players can play their favorite casino games on the computer in the safe and familiar environment of their home. All online casinos provide customers with detailed information on the site, and a quick guide on how to play at the casino. Some online casinos will offer articles on various game strategies, and detailed information about rules of the games, so novice players can feel at ease while getting themselves familiar with the gambling parlor, its rules and policies. At land based casinos beginner players frequently feel intimidated by the noisy and busy environment, numerous service personnel and gate security guards. They often feel confused, intimidated and lost in the vast building space, being unable to enjoy the gaming process and to concentrate on the game itself. Online casinos allow players to practice, to hone their gaming skills and to slowly adapt to the new environment at their own pace. Most online casinos allow you free play tries so you can find out for yourself if this casino is what you are looking for. You can even play for real money without the risk to lose your savings by using no deposit bonuses offered by some online casinos as incentives for new players.

Another advantage of online casinos may not be so visible, but it is a very important one. The odds of winning a game at online casinos are usually slightly higher, than at land based casinos. Due to lower maintenance costs for online casinos, they have been able to operate with fewer expenses 24 hours a day, without any days-off. According to the Casino Journal Magazine, the average payout for land based casinos is around 89%, which means that out of every dollar wagered at the casino, 89 cents are paid out to winning customers. At the same time, it is not rare to see payouts reaching 96-98% for online casinos, which means more payouts to playing customers!

Another feature which makes online casinos so attractive is promotional bonuses and no deposit credits available at many of them. Using these incentives wisely, you can play games and have fun with the casino money thus saving some of your own.

Be aware that besides reputable casinos with good service record there are a few online gambling parlors which have stained their reputation by dishonest practices, bad customer service, and slow payouts. You will be asked for your personal information before you are allowed to play online, and you want to make sure that your personal data is protected by the casino. Therefore, it is very important first to read online independent gambling guides to casinos to find out the players’ favorites, trusted and well-known casino sites. Secondly, read carefully the casino’s rules and policies. Third, try the casino for free before you start wagering your own money. Fourth, make sure that the laws and regulations in your area allow online gambling. Do not break the law!

Online casino gambling offers exciting entertainment and fun pastime to players who are disciplined and can use self-control.

Is Statistical Tournament Poker Gambling?

I’m a poker player, not a professional by any means, but not bad player either. This last month a new poker parlor opened in Portland, Oregon that got my interest. I had seen lots of tournament poker in bars around Portland but they didn’t appeal to me for a few reasons…

1. They were in a bar, which meant a smoke filled environment and I am not fond of cigarette smoke.

2. The nights of play varied, often it was like every Tuesday night but not every night, if I wanted to vary my nights of play I had to go to different locations.

3. There was no guarantee that I could play, if I made the trip to the bar and the seats at the tables were already assigned I was SOL, I made the trip for no reason, or I had to wait 2 hours for the next game to begin, which might already be all assigned.

4. There was an expectation to use the establishment, and I agree with this, if they host a poker game they should expect the participants to buy food, drink, and whatever else. But extra bar food is not always in my budget.

5. Because the game was free it was usually crowded and the seats taken up by regulars who usually did not use the establishment, they even had the audacity to bring food or drink from another location into the establishment where the game was being played.

So, needless to say I did not play in the bar tourneys much. In steps this new poker room, National Poker Challenge, opening a new location here in Portland in the Cedar Hills area. I had to check it out and I was pleasantly surprised. They had addressed all of the issues I had with bar tournaments.

1. The room was non-smoking, a smoking area had been set up outside for the players that had to have their addiction to get their fix.

2. There are games every day, several times a day. They open at 3:00pm and close around 10:00pm with their first game at 3:15pm and their last game currently around 8:30pm.

3. They have online sign-up available or you can call the room for a seat, if the game is full they can tell you the likelihood of you getting a seat as an alternate and if they don’t have enough players for a game they will call you and tell you so. They exercise an in-your-seat policy, at the time the game is supposed to start if you are not in-your-seat or at least called and told them that you are on your way, your seat is given to an alternate.

4. and 5. Because the location is devoted to the game and not a bar or restaurant itself there is no expectation to purchase anything from the establishment because poker is its business.

Their business model is similar to the bar tournaments in that you are not playing for cash but are playing for points and statistical analysis of your play. Rather then charging the bar owners for running the tournaments they charge the players directly and statistically track the players play. The players are charged a monthly subscription that pays for the facilities, the dealers, and the statistic tracking. They do offer invitational tournaments for the top players that have cash and prizes. There is no charge for the invitational tournament. So is this gambling?

According to the Oregon Department of Justice it is, because the players are paying a fee to play and there are prizes at the end. But what makes this different from other events? Is it the poker chips? Are poker players being discriminated against because they use a piece of clay to track their points during a game? Think about it, you can have a chess tournament with an entry fee, there are prizes at the end for the best players, but does the Department of Justice call that gambling?

You can have a marathon where the runners pay an entry fee and there are prizes at the end, and most of the runners don’t even have a chance of finishing first, but is this called gambling? But because poker players play a game that uses chips it is called gambling when the games they are paying for don’t even have prizes. So, again, is it gambling? In my humble opinion, No it is not gambling. You are playing a game of skill and having your skill tracked. My hope is that the Oregon DoJ is not successful in its discrimination of this location and drops their investigation.

I invite you to join us in the poker room and try your skill at the table, see how they track your statistics and see how it may improve your play. After all, their tag line is “Do you know who the best poker player is? We do!”

Gambling With The Best

Gambling today is one of the most popular leisure activities worldwide. Who does not want to make a few quick bucks at a risk? The adrenaline rush indeed makes it an addiction for many. Talking of casinos reminds me of one popular online casino which also happens to be one of my personal favorites.

William Hill plc is among the largest bookmakers in the UK. It was founded by William Hill when gambling was regarded illegal in Britain. The company operates worldwide and employs thousands of people and has offices in UK, Ireland and Gibraltar.

Online casinos today besides offering phone and internet betting on a variety of sports including football and cricket, William Hill offers casino games, skill games, bingo and poker online. Although it is engaged in betting, it prohibits any gambling by any underage person by training its workforce in that direction.

One can play at any of the reliable casinos and end up with a memorable time. William Hill Casino and many other casinos today have a storehouse of several games and is eminent for its fair play. It is dedicated to providing quality gaming service to people who wish to play casino games online with the same experience as that of a real casino. Whatever game you choose, be it table games or card games, casinos today are designed to meet every player’s gaming needs.

Apart from high class casino games, players are rewarded a welcome new player bonus and it goes on increasing with more and more playing and betting. Referring the site to your friend will also earn you some reward. Not only this, the mode of payment you choose will also bring in deposits in your account. There are promotions and bonuses on offer all the time so that all players derive maximum benefit out of these.

The degree of loyalty and participation players show to the site also makes them eligible to certain special rewards and earn them points based on which they can play further. As one progresses to higher levels, chances of hitting the bigger jackpot also increase.

For those interested in online betting in sports, William Hill lets you bet on many games like football, baseball, basketball, boxing, golf, handball, ice hockey, motor racing, horse racing, rugby, volleyball, snooker and many more. It contains updated information regarding the various games that are scheduled to take place and the progress of the game. Through its own broadcast system, it telecasts live matches and betting sessions at all its authorized betting centers.

There are many competitors today but William Hill Poker is rated at a high level when it comes to online poker playing in the gaming industry. The combination of superior software and excellent customer service makes this online poker playing one of the best in the industry. Players can earn millions of dollars and enjoy the benefits of numerous bonus offers and jackpots.

Whether it is for gambling in sports, casino games or poker games, casinos like that of William Hill makes the experience a truly fascinating and lucrative one, with people wanting to come back for more and more.

Sports Gambling – How to Know How Much to Bet Per Event

The most common mistake amateur and professional sports gamblers make is betting too much on individual events. A simple hard and fast rule is to never bet more than 2.5% of your sports betting balance on any given sporting event. However, before we get to the details of how much to bet there are a few basic rules that any sports gambler must remember:

Rule 1: NEVER bet more than you can afford to lose. This is the one rule that too many people ignore before it is too late. Ignoring this the rule creates all the horror stories. In sports gambling you must remember that there will be hot streaks and cold streaks and you do not want to subject your rent money or mortgage payment to any risk what-so-ever. If the money you are using to gamble is earmarked for a necessity then you should not be gambling with it. Only gamble with discretionary income.

Rule 2: NEVER bet with your heart. This, again, is one simple rule that many gamblers seem to ignore. If the Dallas Cowboys are your favorite team, you must recognize (despite what you may think) that you WILL be biased in trying to determine the winner of any of their games. The common (mistaken) logic is that because they are your favorite team you know more about that team and therefore, you should be able to make a determination about the winner of their games. Nothing is further from the truth. The problem with this logic is that you listen to biased Sports Radio regarding your team, you read biased Newspaper articles regarding your team and most importantly, you are biased about your team. The best rule to follow is to avoid betting on any game that involves a team that you have ANY allegiance toward.

Rule 3: NEVER bet on a game because it is on Television. It is okay to bet on a game that is on Television, but do not bet on a game SOLELY because it is on television.

Rule 4: ALWAYS bet the same amount on every event that you bet. To state it differently, do not play $250 on Pittsburgh versus Dallas, $150 on New England versus Indianapolis and $500 on Oakland versus Chicago. The only reason Sports Gamblers do this is because they feel more confident about Oakland versus Chicago, less confident about Pittsburgh versus Dallas and slightly confident about New England versus Indianapolis. All too often, the “best” pick of the day, turns out wrong, a back door cover creates a loss or a late interception causes a change in the result of the game. DO NOT FALL FOR THE 5 STAR LOCK OF THE DAY. This is why: Say Steve bets $500 on Oakland +7 versus Chicago; $250 on Pittsburgh +4 versus Dallas and $150 on New England -3 versus Indianapolis. Further say Tom makes the EXACT three same picks, but bets $300 on each game. Both gamblers have bet $900.00. Assume Oakland does not cover but Pittsburgh and New England do cover. Steve won 2 games and lost 1, but has lost $100.00 ($250+$150-$500). Tom on the other hand has won 2 games and lost 1, but has won $300.00 ($300+$300-$300). There is nothing more frustrating than having a winning percentage, but losing money.

Rule 5: NEVER bet more than 2.5% of your bankroll on any single event. If your balance in your sports betting account is $1000.00 then you should bet $25.00 per game. The reason is very simple. If you bet $25.00 per game you would have to lose 40 straight games before your account busted. If you bet $100.00 per game (10% of your balance) you would only have to lose 10 straight before your account busted. In other words, by betting 2.5% of your account balance on any given game, you INSURE yourself that you will be able to withstand even the worst losing streak. Make sure that you follow Rule #4 as well…Do Not bet more money on one game and less on another.

Rule 6: Once you increase the amount you bet per game, DO NOT reduce the amount you bet per game. Further, you should only increase the amount you bet per game once you have increased your bankroll by 25%. Taking our example above further. If the bankroll is $1,000.00 then the bet is $25.00 per game UNTIL the original balance is increased to $1,250.00. At this point, the amount bet per game is increased to $31.25 per game (or 2.5% of $1,250.00). You would continue at this amount until the balance is increased against by 25% (to $1,560). If you would begin to lose and you fall below the last benchmark YOU DO NOT REDUCE the amount bet per game. If you do, you will find yourself in a never ending cycle.

Following these 6 simple and rather basic rules you will find that sports gambling will become less stressful and more fun.

Online Casino Gambling – Why is it So Popular?

You can play anywhere

Most gamblers don’t live near a large casino that can provide them with access to a wide variety of games of chance. If you aren’t located near casino, where else can you look for gambling entertainment? Local gambling options are usually limited to underground poker games, video poker at a bar, or slots; not a lot of variety. Gambling online allows you to play at any time of the day for as long as you want to play. Playing online saves you gas and time.

Casino bonuses

Casino bonus incentives make playing online much more attractive compared to playing in a casino. Lots of online casinos will offer you credit after you make your first deposit that is equal to a percentage of your deposit. In some cases the online casino may even match or exceed your deposit.

Wiser decisions

Gambling online provides a player with a quiet distraction free environment. Gambling takes a lot of concentration and can be very stressful. An active noisy environment can add to game related stress, which can adversely affect your performance. When you gamble at home you don’t have to worry about what you wear, and you can listen to music you like or watch TV while playing.

Practicing is easier

If you need practice lots of online casinos offer free games. When you exceed your monthly budget for online gambling, you can use online games to practice until you have money to play again. Practice makes perfect.

Third party software

Gambling online allows you to use computer programs to assist you with your game. There are tons of programs that are available that can help increase your chances of winning. In real life casino gambling there is nothing that can be compared to using a program to help you make intelligent gambling decisions. Why play at a real life casino if you will have better chances when playing online?

No mistakes

When playing online, there is chance for a dealer error, misdeal, or game operator errors.    

Taxes on Your Gambling Winnings – You Owe Uncle Sam a Piece No Matter How Much You Won

When you’re gambling at a casino, you may win a few bucks here and there and leave with more dollars than you brought with you. It may be as little as $20, or as much as $1,000. When cashing out you were never presented you with a form to declare your winnings to the IRS. If you think you’re home free, think again. As a U.S. citizen, you owe Uncle Sam a piece of the action regardless of the amount. Many players think that just because they were not given a tax form there’re home free. Not so.

So, what does get reported to the IRS? Larger amounts that are won at gambling establishments such as casinos, lottery retailers, horse race tracks and off-track betting parlors. They will issue a form W-2G, one copy to you and one to the IRS. Here are some details:

Machine Games

$1,200 or more won at a slot machine, video poker, video keno, video blackjack, etc. This only applies to a single jackpot payout amount. Accumulated credits are credit meter wins and do not count.

$1,200 or more won at a live bingo game will also trigger a W-2G, and $1,500 or more at a live keno game (minus your wager amounts).

The casino will not withhold any gambling taxes from awards in the $1,200 to $1,500 range provided you present a valid photo ID and social security number. If you do not provide this information, 28% will be withheld.

Live Table Games

Winnings from live table games are not reportable on a W-2G, except if there is a very large prize amount offered for a small wager, such as a dollar bet for a shot at a progressive table jackpot, where the winning odds are over 300/1 and the win is more than $600. For example, Caribbean Stud offers a huge progressive jackpot for wagering only $1, if you’re lucky enough to hit a Royal Flush.

If you win $600 or more in any other wagering game, such as horse, dog racing or sports betting, and the amount is at least 300 times your bet minus your wager amount, the establishment will gift you with a W-2G. If your winnings exceed $5,000 and the amount is more than 300 times your bet, 25% will be withheld. The same withholding percentage also applies to any cash prize of $5,000 or more in poker or other card tournaments minus the buy-in amount.

Winnings on state lottery games such as lotto, numbers, scratch-offs, etc. can be collected at your local retailer up to $600. Any more and you’ll have to visit the main lottery office in your community, where a W-2G also awaits you. This information is from the New York lottery. Other states may have different rules.

Winnings on Daily Fantasy Sports (DFS) contests at this time are considered games of skill. DFS sites will issue a 1099-MISC, not a W-2G for winnings of $600 or more.

Video Lottery Terminals (VLT)

$600 or more in winnings from any class II ​Video Lottery Terminal game will also invite a W-2G. This includes any winnings on machines at jurisdictions that are operated by a state lottery. For example, New York State has nine race tracks with VLT’s that are pseudo slot and video poker machines.

Deductions

The good news in all of this is that gambling losses are tax deductible but only up to the amount of your winnings, and only if you itemize deductions on your tax return.

The IRS wants to make sure that you indeed lost what you claim you lost, so a record of all your losses is required. Win- loss statements are available from most major casinos at the end of the year, provided you used your player’s club card when playing machines. Save those losing scratch-off tickets, Lotto, Powerball, and Mega-Millions tickets, daily numbers, Quick Draw, OTB, etc.

For losses on Daily Fantasy Sports contests, the IRS position at this time is unclear. Because of the skill factor, your winnings are in the hobby category. Therefore, any losses would not be deductible, although this situation could change at any time.

You don’t have to record the tickets on your tax statement, but they may be necessary if you are audited. All the IRS wants to know is the type of wager, the amount of the bet and the date of the transaction.

Always play it safe and check with your tax preparer for your personal needs.