How To Accept Gambling Losses

4/12/2022admin

The IRS will generally not accept the statement as proof of loss, but it will accept is as corroboration of your personal log, like ATM receipts, redeemed markers, etc. Jean and Marissa say that the IRS is evolving in terms of win/loss statements.
Losses are allowed as an itemized deduction dollar for dollar against the gain. Gambling losses cannot be greater than gambling wins for the tax year. Example: John wins $23,500 during the year playing slots and other casino games. His gambling losses are $37,900.

My addiction started when I was about 15. I used to play my friends at FIFA for a fiver but I could never accept a loss. I would double or quits them until I won my money back. Even at such a young age I had such an extreme tendency to chase losses. When I was about 18 I started gambling on the sports, the odd tenner or so.

No one expects to be out several hundred dollars just an hour into gambling at the casino. Given the unpredictability of several popular games around the casino, it can unfortunately happen to anyone.

Any professional gambler will tell you that losing is a part of the gambling experience. If you’re serious about gambling and aspire to win money, occasionally you might lose big.

But one thing separating good and bad gamblers is the ability to bounce back after a loss. However, it’s a challenge to avoid succumbing to feelings of anger and despair.

If you’re unable to keep your head straight after going down big, there is a better way to approach the recovery process. Here are a few days to dig yourself out of a hole at the casino.

Take a Few Minutes Away From the Casino Games

Typically a tough night gambling follows a consistent progression:

You arrive at the casino expecting to win money at the table
You select your casino game of choice and a table that works for you
The cards aren’t falling in your favor, but you hold steady
Your bankroll continues to vanish and you start to worry
You start chasing losses and attempt to make up the difference
Most, if not all, of your bankroll is depleted

Once things go from bad to worse, it’s always a good idea to take a break. In fact, I recommend standing up from the table every 30 minutes or so, even if you’re only stretching your legs.

Taking a step back allows you to clear your head, which is crucial when gambling. Certain games around the casino are mentally taxing, and their repetitive nature can be hard to break away from.

Figure Out What Got You Here

Deciding what led you to this point is arguably the most crucial part of getting out of a hole.

After you’ve pushed from the table, you need to think back to any mistakes you’ve committed along the way. Sometimes it’s just not your night at the casino, but often gamblers are to blame for severe losses.

These mistakes obviously vary depending on the game you are playing. But, figuring out when and where your missteps occurred will help you avoid significant losses going forward.

The most common gambling mistakes typically involve similar combinations of variables. Gamblers can either be playing games they’re unfamiliar with, playing games incorrectly, or are too intoxicated.

These first two mistakes are easy to fix, while the third is much more complicated.

Once you locate the problem, it’s time to address it and try to fix it so you can get back to winning money.

Lower Your Betting Amount

Lowering your betting amount is a humbling experience that some people might be incapable of doing.

But, decreasing your average bet can often help you in the long run. It benefits gamblers by keeping them at the tables longer and assisting them in finding a rhythm.

You’re not going to overcome significant losses in a couple of minutes. If you’re committed to winning your money back, it’s going to involve tenacity and consistency. One of the major keys to success at this point is proper bankroll management. Managing a bankroll is already a tall task for many gamblers.

But it’s even more challenging when a large portion of it is already gone. It’s genuinely indicative of which gamblers are capable of demonstrating self-control and which are not.

This is honestly the most simple and straightforward piece of advice I can offer gamblers. However, you’d be surprised how easy it is to ignore it.

Doing the same thing over and over again will likely lead to the same results. Instead, adjust your betting amount and manage your bankroll more effectively.

Consider Changing Games or Tables

I frequently find that consistent losing is a byproduct of my environment.

While other players can’t directly impact your ability to win standard table games, they can lead you astray. New gamblers in particular, can easily be influenced by their surroundings.

If your gambling party is full of terrible gamblers, then it might be impossible to win money. Even if you’re a more experienced gambler, other players can decrease your likelihood of winning.

These types of situations often happen while gambling with someone who distracts you from the game. When you’re unable to focus on games, you might as well start handing the dealer your money.

This is most common in games like real money blackjack. If you are distracted by someone at your table, continuing to gamble, there is setting yourself up for failure.

Consistent losing might also be the result of simply playing the wrong type of game. Everyone has their favorite type of casino game, but occasionally your personal favorite might not be the best choice.

Instead of trying to win money by playing a game that’s already destroyed your bankroll, it might be worth exploring other options.

Go Back to Gambling Basics

If you consider yourself to be decent at gambling, then there should be a way to win some of your losses back.

There are specific landmarks most gamblers will pass during their progression as a player. Sometimes though, it’s easy to forget the basics of gambling.

When struggling at games like poker and blackjack, I often revert to a basic strategy I know has worked for me in the past. Familiarity breeds comfortability and consistency, meaning you’ll perform better. Both blackjack and poker can be mentally and emotionally draining.

So, when you’re at your most vulnerable, go back to the basics and remember everything you’ve learned along the way. You’ll be surprised to find how easy it is to calm yourself down using this method.

It’s worth mentioning that this point might not be incredibly relevant if you play games based on pure luck.

Don’t Be a Hero

As I said in a previous point: you’re not going to win your money back in a hand or two.

When you’re down big, it might be tempting to push all in and go for broke. If you’re lucky, you might be able to defy the odds and win your bankroll back.

It can certainly be tempting to try and win losses back with a big bet, but always remember to consider the alternative of walking away. There’s a reason you’re at the point where throwing caution to the wind is likely the best approach.

It might be due to bad gambling luck, poor play, or a combination of the two, but something has resulted in your losses.

If you are wavering between being smart and conservative or reckless, take a moment to analyze the situation. Knee jerk reactions rarely seem to go gamblers’ way when they’re getting beaten down at the tables.

Cut Your Losses and Call it a Day

When gambling, I often find myself recalling a sage piece of wisdom my dad shared with me during my childhood.

Some days it’s chicken. Some days it’s feathers.

Expecting to win every time you go to casinos is normal for any self-respecting gambler. But, being unable to accept defeat in a responsible manner is a mark of a terrible gambler.

When you lose, it’s best to tip your hat to the house and move along with your day. No one likes losing, of course, but there are usually valuable lessons to be learned after losing money while gambling.

A problem that is far too common amongst gamblers is an inability to walk away from the table.

Avoiding this reality is as simple as never gambling with money you can’t afford to lose. Once the money you set aside is gone, your day is over.

Accepted Gambling Losses For Irs

At that point, the writing’s on the wall. It’s almost as if the universe is telling you that you aren’t destined to win money.

However, by ignoring these clear signs, gamblers can put themselves into challenging financial situations.

Gambling should never result in unnecessary stress. If you find that it often does, it’s important to change your gambling mindset and seek assistance.

Conclusion

Digging yourself out of a hole is an important skill any quality gambler should have in their arsenal.

It might be one of gambling’s most supreme challenges, but it is doable if you approach the process correctly.

How To Take Gambling Losses

If you get down big early, the first thing to do is push back from the table. Clearing your head will help you assess the situation and figure out where you went wrong.

Until you get your mojo back at the tables, lower your betting amount, and try to stop your bankroll’s bleeding. But, if that doesn’t seem to help, you should opt to choose a different game or a new table at the very least.

How To Accept Gambling Losses Against

Under no circumstance should you attempt to win back all of your money in one hand. These high-risk, high-reward decisions are impractical and ineffective.

Finally, if nothing seems to be working for you, it might be best to admit the house bested you and head for the exit. Like my dad always used to say: some days it’s chicken, some days it’s feathers.