Oftentimes, you find bettors having the fun of their lives from their gambling activity. To these pros, it’s always worth it to keep playing as long as it’s not leading to gambling issues. And frankly, they are right, as many professional players have ended up becoming experts on all things gambling.
But one thing we have also noticed over the years is that a lot of players try to be conscious of their gambling. By being conscious they have understood their gambling propensities as well as embraced their strength, and in turn, gambling has continued to make sense to them. This article explores whether or not you should keep a Bitcoin gambling journal and why you should do so.
What is a gambling journal?
A gambling journal is a personal and privately kept diary that outlines your gambling activity over a given period of time. Also known as gambling diary or gambling log, a gambling journal has been used by players to sketch out their games before playing. But beyond personal needs, a gambling journal has become a necessary part of gaming that must be kept. This is because a gambling journal is indispensable in computing personal gambling income tax in some countries.
For instance, in the US, the Internal Revenue Service (IRS) requires that gambling journals be kept if a player makes $600 or 300 times the amount they stake. However, this amount varies by game and it’s not just reserved for professional gamblers; all gamblers must keep it. For instance, every winning of $5,000 and above in a poker game is required to be reported in a gambling journal.
This amount is the highest among all games. Should you win $1,500 from keno or $1,000 playing blackjack, you are bound by law to report this income. The minimum that can be reported in your gambling journal for slots and bingo is $1,200.
In the same light, France requires that any winnings above €1,500 should be reported in a gambling journal.
How do you report your gambling winning in a gambling Journal?
It is widely believed by many players that they should record every gambling round they play in a casino. Some even believe that you shouldn’t leave the casino if you haven’t recorded each round in the journal. Well, this is far from the true position of things. If it were true, then Bitcoin gamble would be uneventful and uninteresting.
For instance, what the IRS requires is that you record your winnings according to sessions. And the limit on each session is a day or consecutive 24 hours. What this means is that, for the purpose of reporting your winnings, your gaming session is restricted to 24 consecutive hours.
Why should you keep a gambling journal?
Keeping a Bitcoin gambling journal has a couple of benefits that players have come to realize over the years. Let’s have a look at the reasons for keeping a gambling journal?
- Planning and budgeting
Most Bitcoin gambling experts will always advise that you have a budget you work with at all times. What the budget does is that you can easily stop playing when you have reached your threshold. While playing, you can easily check your journal, have a look at your budget, and stick to it. So, you always need this to plan and stay focused on your plan for each session.
As we have explained above with the IRS requirement, it is accountable to report your winnings in your gambling journal. This is because that is what you will file with the IRS in order to keep proper records for both players and gambling operators.
Also, the tax regulatory body of your country or state/province of residence can decide to audit players of a particular online casino. Part of the auditing process is also auditing the players of the casino. And one great way to comply with the auditing process is to keep your gambling journal.
- Gambling check
As much as we love to admit that gambling is fun, we also find it necessary to admit it can be potentially dangerous if abused. Not a few cases exist of players who battle with gambling issues. And this has been, among others, caused by a lack of personal check of one’s gambling tendencies.
Thankfully, a lot of bettors are beginning to understand that they can change the narrative by themselves. With the help of a gambling journal, it’s always convenient to check your wins and losses over a period of time. If you find that you have lost more within a given period, or that the fun is no longer present, you should definitely pause. Your goal at this point should be to get professional help.
- Gambling discipline
Discipline in gambling is a must for all players; without it, many players will almost always have issues. With a gambling journal for each session, you can know where your lapses are. This will help you create important self-imposed restrictions that will guide your gambling.
With gambling discipline, you can very much remain on the right track at all times and curtail whatever excesses you might experience.
We have taken a look at what a gambling journal means, how it works, how to report in the journal, and why you should keep the journal. This has given us an insight into how best you can keep the journal and we recommend you use it to plan your overall Bitcoin gambling prudently.
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