A Guide to Keeping Betting Records
It would be fair to say that many casino players see games such as blackjack and roulette as the perfect way to relax after a busy week.
They sign up for accounts with online casinos, make a deposit and play games without giving much thought to improving their chances of winning.
In simple terms, those players see online casino games as a form of entertainment and there is absolutely nothing wrong with that mindset.
However, if you want to take your gambling more seriously, it is imperative to properly track your activities. Read on as we explain why you should keep betting records.
Improving Your Performance
Improved performance is arguably the biggest benefit that can be derived from keeping comprehensive betting records.
For example, let’s say you enjoy playing poker and blackjack, but you discover from keeping records that the latter significantly eats into your bankroll.
On that basis, it makes more sense to steer clear of the game that costs you money and concentrate on the one that keeps you in the black.
By analyzing your strengths and weaknesses, your future results should improve and help you come out on top in the battle against the casino.
Bankroll Management
This is another element that serious casino players pay close attention to and can make a massive difference if you are aiming to make a consistent profit.
One of the best pieces of advice every gambler should follow is to never wager more than you can comfortably afford to lose.
Before you sign-up to play online casino games, create a spreadsheet that details your bankroll for the next four weeks.
By keeping track of your expenditure, wins and losses, you will introduce more discipline into your gambling and boost your chances of winning.
Keeping Tax Records
If you are lucky enough to make a profit playing casino games, it is important to remember that gambling winnings can be taxed.
Casino operators can deduct tax at source in some jurisdictions and you will need to keep track of this if you are required to file a tax return.
It may be the case that you get some of your money back, depending on your personal tax rate. Alternatively, you may be required to pay more.
It is feasible to deduct gambling losses but only up to the amount of winnings that you report. By keeping accurate betting records, you will avoid any nasty surprises further down the line.
