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Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.

Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.

Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.

The full amount of your gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.

It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.

Face it, the IRS gets you coming and going. Well, I’m off to play poker.

Poker sit n go’s are everywhere! Fulltilt poker, poker stars, bodog, abosulute poker, party poker, etc… Let’s briefly discuss what exactly a sit n go is. A sit n go is a single table tournament consisting of 6-10 players. 6 players is referred to short handed sit and go. 9 players is your STANDARD sit n go game, and 10 players is on a few online poker room sites such as absolute poker. If it is 6, 9 , 10 players, developing a winning strategy will be your key to success.

Now here is the typical prize pool structure for winning sit and go’s.

1st place is 50% of the total prize pool- You should try and get this every time no matter what. The best poker tip is to play balls to the wall with 4 players left in a 9 seater, 3rd place makes the money and with 4 players left they will play extremely tight until the 4th player is knocked out in order for them to make it to the money.

2nd place = 30% of the overall total prize pool.

3rd place = 20% of the overall prize pool. With 3rd place you are basically doubling your investment.

But please note with third place, even though you are making double on your money it takes 3 3rd place victories to equal 1 first place finish.

With any sit and go strategy you must try and get first every time. You can not play scared or chicken. When playing sit and go’s you must play with money you are not afraid of losing or cannot afford to lose. If you play with money you cannot afford to lose, you will play scared and will throw off your game. You need to play with money that you can sacrifice and won’t break your wallet if you have a horrible game and get sucked out on.

Now when you play any sit n go, whether it be 6,9, or 10 man the same poker rules I am about to tell you apply. The first thing you should do is play very tight in the beginning. On average the first 20 poker hands you see will be folded to you. By this time, there should be at least 3 people gone due to maniac players. What maniac players do is have not a care in the world and will push all in with their chips at least 80% of the time. They like to risk it all with mediocre hands without even seeing the flop. BE CAUTIOUS of these players, even though you may have a better hand, a lot of times they will suck out on you. It is the worst feeling in the world when you know you have the best hand and call their all in, ending up losing to a 10 8. I just try to avoid these players until they are gone. After they are gone, it is time to play aggressive especially with 4 players left. At this time you need to do everything you can to take down first place because a single first place victory is just like finishing 3 3rd places.

Hockey can be exciting to watch. What makes it even more exciting is betting on it. Even if you are not a wild hockey enthusiast, having a wager on a hockey game will make it worth watching. There’s a good deal of money to be made in betting on hockey. The season is filled with betting opportunities. Today, I will go over a few hockey betting pointers. Use these to give yourself a better shot at cashing in winning tickets.

Point One: Pick the Winner

No, I am not trying to be Mr. Obvious. What I mean by this is don’t second guess yourself. Some hockey bettors second guess themselves and end up losing more times than they win. Don’t worry about how many games a team has won or lost in any situations. Streaks can continue for a long time and they will continue until they are over. Don’t get fooled. Simply decide which team is better and throw your money down.

Point Two: Money Management

Speaking of money, here’s an important point. Never bet more than you can afford to lose. Better yet, decide how much money you will bet per game and stick to it. Here’s an easy way to do it. Decide how much you are willing to lose for the whole season. Let’s say that amount is $1,000. Next, decide how many bets you want to play at a minimum. Let’s say 100, which is generally one a day or so. $1,000 divided by 100 is $10. Your betting unit is $10. It’s pretty simple from here on out. Bet $10 every time you make a wager.

Point Three: Buying Sports Picks

The world is full of “pro” sports handicappers willing to sell you their winners. Most of these services are quite pricey. If you are a smaller player, you should never buy sports picks. Doing so will eat away any profit you made. Let’s say you are a $10 player and bet 100 times at a 53% winning percentage. Your end of the road profit can be evaporated if you buy just one sports pick at $25. Most sports bettors don’t think about this. They simply rush out to win for that day. If you do this, you are making the sports handicapper money—not yourself.

Start with these three hockey betting tips to get on the road to winning. Once you have them down, start to expand your horizons. Betting is an ever-evolving process. Good Luck.

Most people love the excitement and adrenalin of winning an online bingo game. Playing online bingo is a great way of having fun and win money! And, as with any other online game, online bingo has its secrets.

With online bingo players cannot control or predict the outcome of the game. But there are a few other factors that might influence a player’s chances of winning the game.

The first online game secret is that bingo players should buy as many cards as they can. The more cards players have, the better their chances to win. This is of course only possible at sites where players’ cards are automatically daubed. When playing at a bingo site where they have to daub their own cards, players should only play as many cards as they can comfortably watch and daub.

The second online game secret follows on the first. Players should play as much online bingo as they can. The more they play, the better their chances of winning. Of course, players do not have to sit in front of their computers all day. Some sites offer “auto buy” and “schedule buy” options which enables players to buy cards for selected games without physically being at their computers!

Another online game secret that players should keep in mind is that they should choose their time of play with care. Some players believe that the best time to play is when there are fewer players in the game, because then their chances of winning are greater due to less competition from other people. Of course players should also keep in mind that the fewer players to buy cards, the smaller the amount of money to be won at the end of each game.

The best online game secret is probably deposit bonuses. Players should play at online bingo sites that offer regular deposit bonuses to their players. Some bingo sites can offer anything from 50% to 200% as deposit bonuses. This means that if players choose carefully where they deposit, they can triple their money!

A great way for players to earn bonus money is to play bingo at sites that have regular chat games. This means they can make money while they play bingo. The online game secret is that some sites allow players to win jackpots and other prizes with cards bought with bonus money!

An important online game secret is that players should ensure they deposit regularly. When a player wins a jackpot or other prize, most online bingo sites require that they have made at least one deposit during that month, to receive their winnings.

And the best online game secret of all is having fun! The most important aspect of playing online bingo is that players should have lots of fun. Online bingo is a great form of entertainment, and you can share it with all your friends!