It’s probably fair to say that most people start playing poker as a way to make money. Whether it’s a friendly game amongst friends, or a way to spend an evening in front of the computer, it’s a game that tempts players with tantalising jackpots, bragging rights and cold hard cash.
For many people who enjoy gambling, the dream of winning big often stays just that: a dream. But with a game like poker, where there is a certain amount of skill involved, with hard work and application, the dream can inch closer to being a possibility. And while most players will see decent returns, only a select few will scoop super jackpots like the pros.
The biggest online win to date belongs to Finnish powerhouse Patrik Antonius. Playing across multiple platforms and under two different monikers, Patrik scooped over $17 million dollars, an online record which will take some beating. It wasn’t luck though, Patrik has honed his skills over years of playing poker online and working his way up from low- to high-stakes tournaments.
Also, the winning prize keeps increasing after each game, if the game isn’t won. Finally, it could be a big win for a gambler. Yes, it is really big and you can expect millions after the game is. High RTP Percentages. Playing to slot machines with the highest RTP (return to player) percentage is the best way to ensure you get that big win. The RTP percentage is a term used by casinos themselves to determine the average return of money that players receive for a specific game. On average, many online slot games have an RTP of 95%. The casinos’ winnings from online gambling, however, were $80.1 million, up 29.5 percent from same period last year. New Jersey legalized casino-sponsored online gambling in late 2013, but it took casinos some time to create the software to take advantage of the new law, as well as for gamblers to adapt.
However, Patrik’s winnings are nothing compared to the figures live-tournament players are walking away with. While the game is not as accessible for the masses, it offers huge jackpots to those players who can stand the heat. Currently, Canada’s Daniel Negreanu sits on top of the jackpot list, with combined winnings of over $34 million. No wonder he’s one of the most famous and watched poker players of all time.
But are big prize pots really that far out of reach? For even casual players, there are things you can do to maximise your chances of finishing on top, without needing to have a six-figure buy-in.
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There are small tournaments out there with buy-ins of less than $10, and these are usually full of recreational players hoping got a lucky streak. If you play wisely, you should be able to grind through hand after hand until you get to the final tables. But be warned; these tournaments can be massive, meaning the hours of playtime needed to get through to the last rounds can number in double figures. It’s a long, hard slog, but if you make it to the end, you could have the satisfaction of turning a small starting bet, into a decent jackpot.
Because tournaments like this tend to attract small-time players, the standard of play isn’t going to be high. However, that doesn’t mean everyone else will be easy to beat – it means they will be unpredictable, difficult to read, and often frustratingly lucky! The best way to take advantage of this is not to try and outplay lesser opponents, but just concentrate on your hand and make sure you get the maximum results from good cards. Recreational players loathe to fold and love to call, even if it’s just to see the flop. Don’t scare them off by over-betting on strong hands, you’ll make up the money from the sheer number of callers, and you’ll raise your chances of having opponents with weaker hands.
Having said that, don’t be afraid to pull out of strong hands if a weaker opponent keeps pulling you along. They probably haven’t got a good bluffing strategy perfected yet, so if they’re playing like they’re winning, they probably are. Get out of there before you find yourself too deeply committed.
While low buy-in, big-field tournaments aren’t going to send you straight to the top of the rich list, they are a great way for determined players to see a big return on their initial stakes. But online poker isn’t the only place where players can beat the odds to come away with something substantial. Other games such as online slots, lotteries and bingo have all see their share of headline worthy wins.
John Orchard, a grandfather from Lincolnshire, England, is leading the way both in terms of the biggest bingo prizes ever won, as well as the overall online record. He netted £5.9 million with just a 30p wager on a bingo card. It was enough for him and his wife to retire in comfort. By contrast, the biggest recorded in-house bingo win is only £1.2 million. Obviously winning a sum this big at bingo requires more than a little luck, but it’s good to see that there are stories out there of it happening to normal people, no professional gamblers.
The range of online bingo games available, as well as the frequency at which they start, makes it one of the online games with the best chance of winning big. Unlike poker tournaments, a high jackpot bingo game lasts the same length of time as a penny game, and everyone who buys a card has absolutely the same chance of victory.
The same can be said for lotteries or slots – like bingo, it’s all about the correct combinations, and it isn’t something that can be predicted. However, another skill-based game that is capable of providing big winnings is sports betting. Analyse the stats correctly and keep rolling your initial bet into an accumulator, and one day’s worth of results could bring you hundreds of pounds worth of profit. It’s a similar set of skills used by poker players to analyse hands and playing patterns, but requires far less time and effort.
Unfortunately there’s no sure fire way to guarantee a big win online. However you can maximise your odds by choosing the right games to play that suit your needs, skills and time. Remember that none of the big poker professionals started out that way, they all spent their time in the trenches, turning small wins into bigger stakes, until they had worked their way to the top. But there are plenty of sizeable winnings still to be had at the lower levels, if you have to time to commit to the right tournaments and the right platforms. And who knows, that small win might come with an invitation to experience something bigger, and before you know it, you’re on the jackpot highway.
Gambling In America
If you've ever won a jackpot in Las Vegas, you probably know that your excitement diminishes at least a little when the casino throws a W-2G tax form in your face. In fact, if you don’t provide your social security number, the casino will automatically withhold up to 30% of your winnings. The same goes for lottery and horse racing wins above $1200. Yet when playing online, paying taxes isn’t always so black and white.
Americans who play at US-based online casinos will usually have to deal with withholding taxes just like in Las Vegas. Yet that only represents a small fraction of your entertainment options. When playing at licensed offshore online casinos or poker rooms, American players usually won’t hear the words taxes mentioned at all.
Sadly, it is never safe to assume that your winnings are ultimately tax-free. It is true that Americans who play at internet gambling sites outside of the USA won’t be subject to withholding taxes when withdrawing their winnings. Yet you may be required to report these gains when you file your taxes in April. The greatest determinant is the number, size, and frequency of your wins. The actual threshold varies from state to state and whether or not you are an amateur or professional. For more information on reportable gambling winnings visit the IRS guide: https://www.irs.gov/instructions/iw2g/ar02.html
Professional Gamblers
Whether or not you qualify as a professional gambler doesn’t solely depend on your performance at the tables. The main litmus test is the expectation and probability of profit in the eyes of the Internal Revenue Service. Your success and whether or not you have a regular job on top of gambling may also be factors.
With even amateur gamblers having to deal with taxes, professional gambling does have benefits. You can actually deduct your wins from your losses when your treat your gameplay as a business. No matter what your current status is and how often you play, it's best to keep tabs on your performance to develop strategies, stick to a budget, and simply know where you stand. You can find this tip sheet courtesy of the IRS: https://www.irs.gov/taxtopics/tc419.html
Whether or not the IRS can actually track your winnings is another matter entirely. Yet you should be aware of your obligations. With a huge budget deficit and ballooning debt, the federal government is looking to fill their financial holes any way they can. Between the NSA and modern forensic accounting practices, covering your digital tracks is more difficult than it used to be.
Tax Obligations Outside Of The USA
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The United States is a bit of an outlier when it comes to taxing gambling winnings. In the United Kingdom, the government taxes the gross profits of casino operators rather than players. Canadians can play the lottery, live casinos, poker and online games without paying taxes unless they are a professional. Likewise, Australians and New Zealanders can also gamble tax-free. To put things in perspective, Americans do pay some of the lowest personal income taxes in the first world. Things tend to even out in the end.
Like anything else, interpreting the rules is always a matter of debate. Here's an interesting tax perspective for Canadians: http://business.financialpost.com/personal-finance/tax-expert-a-gamble-over-poker-winnings
Things To Consider
Keep in mind that Americans have to deal with both Federal and State taxes on most forms of income. Always keep basic records no matter how often you play or win. This will make things easier during tax season.
Accountants Have The Answers
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No matter where you live, it's always best to discuss your personal situation with a licensed tax professional in your area. You can usually get a short consultation for free with complete confidentiality. It's the best way to play by the rules while minimizing your tax burden.