Management Of Money

Don't carry checkbooks or credit cards

Most casinos have the quick cash ATM's and credit card machines for customers to use. The temptation to replenish a lost stake may be too great to resist. Besides, the service charge for using the ATM's, at least in Nevada, is double if used in a casino rather than at a bank or other remote station. Also, the charge for cash advances on credit cards can be pretty steep, not to mention the interest rate on your monthly bill. It is never a good idea to go in debt to gamble. If you apply for credit at the casino cashier's cage,there may not be an interest charge for your markers, but they do have to be repaid. Repaymentof a gambling debt is very distasteful because there is seldom anything concrete to show for it. Itbecomes a reminder of a lack of discipline, and no one likes to be reminded of that.

Quit when you're ahead.

We can't emphasize this rule enough. It's the most difficult to follow. Having money left at the end of your allotted time Is the ideal situation. Never stretch a playing session because you haven't spent all your stake. Add it to your "winnings" to balance out the sessions that were less productive. Moderation is the key. Keep sessions short, even if you find a hot machine. A hot machine can turn cold before you realize it's playing you instead of vice versa. Don't let the machine capture your imagination and your self-control. Stay in charge! Becoming a disciplined video poker player may not be easy at first, but later you'll appreciate the ability to enjoy the game without suffering from "slotaholic hangover," better known as "excessive loss syndrome." Always play for entertainment. Any other reason could be dangerous to your pocketbook and your peace of mind.

Keep records of Wins and. losses.

Keeping a track record of your garnbling is not much fun, we admit. However, it can be very important if you hit a few royals, especially those $1,200 or mere, which are reported to the Internal Revenue Service (IRS) by the casino. Winnings are income and taxable. For such wins you must produce appropriate identification and sign a :w20 form before being paid. Casinos don't like all the paperwork either. Unfortunately, it's the law. Uncle Sam wants his share of your wealth. That's one reason some casinos set the quarter bonus jackpots for royals at just under $1,200. Incidentally, there are considerably more royals hit on quarter poker than any other denomination probably because they are played more often.You will, of course, want to deduct all your gambling losses all as be able to prove them in case of an IRS inquiry or audit. You may on deduct losses up to the amount you report as won, and only for that year. Gambling losses may not be used to reduce taxes on other income. Keeping good records is the key. You might carry a pocket calendar and record your "cash flow" daily, that is, amounts both won and lost small pocket notebook would probably allow more detail such as place, time,