Keep a Gambling LogBook
Frequent gamblers should always remember to keep a diary or logbook of their wins or losses. This is important for online poker players as well as casino gamblers who prefer games like roulette or craps.
If you’re playing in live casinos in the US you should keep a logbook for tax reasons. Any wins over $1,200 on slots and video poker machines and other similar games have to be reported by the casino to the IRS. You’re allowed to deduct losses up to the amount of your winnings. A proper log should contain the following:
- Location and date of the game.
- What game you played and the serial number of the machine you played on.
- Wins and losses for each game/session.
- Any additional proof of your gambling; tickets, r eceipts, statements, or similar items that you have kept.
If you’re playing in online casinos or skill based games such as blackjack or Texas Hold’em it’s still valuable to document the results. This way you will know exactly how well (or badly) you are doing. Constant red numbers in your logbook is an obvious sign that something isn’t right. Perhaps you should learn more about the game or play at a lower level?
It’s easy and not very time consuming to keep a gambling log, but if you lack the discipline to do so it might prove costly.
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