Free to Use Gambling Winnings Tax Calculator

Free to Use Gambling Winnings Tax Calculator

Landing a big win at a land-based casino, or winning big through online sports betting is a great feeling. But no matter how much you win, you still need to report it.

Working out how much you owe in gambling tax can be a headache to work out. Luckily for you, we have put together this very simple, easy-to-use, free gambling winnings tax calculator.

Sports betting online or through a mobile app can make life a bit easier as you can see all your activity in your account. The same goes if you are playing at an online casino. It’s easier to keep track of your winnings and losses.

Select your state on the calculator below, select your relationship status, add in your taxable income, enter the amount you won and press calculate. This will display 2 figures, the tax paid on your gambling winnings, and the amount you can keep from your gambling winnings.

Whilst you are here, you may want to check out some of the best sportsbook free bet offers online, or the latest online casino bonuses.

What is Arbitrage or Arbitrage Betting?

Arbitrage is a guaranteed profit strategy that comes from use in financial markets. In sports betting, an arbitrage betting opportunity eliminates risk by wagering on all the outcomes of an event, with the probability of profit with the favorite. A tie will be considered a push, and you’ll get your money back on both wagers unless the draw is part of a three-way moneyline like in soccer.

Leaning towards the implied probabilities of the favorite to clear a small profit, arbitrage occurs when the underdog odds are evenly opposite or better. Bettors can add extra stakes to team two when odds allow and guarantee a profit either way.

Arbitrage Bet Example:

Team 1 (-110)          $100 = 90.91
Team 2 (+120)       $83.33 = $100
Difference              $7.58

How Can You Benefit From Arbitrage Betting?

By eliminating the risk, bankrolls that don’t have much margin for error or sports bettors who have had lousy luck can breathe easy while placing arbitrage bets. The small gains produced by arbitrage opportunities can add up quickly and can be used to increase your bet size over time.

Firstly, to take advantage of Arbing, you must try and search for the right opportunities. Bettors need to keep an eye out for arbitrage bets today and free arb bets.

This is not a straightforward process, especially if you attempt to do this manually. Bettors will need to monitor several sportsbooks to attempt to pick out arbs bets on their own. A better alternative would be to purchase some software that tracks arbing. These arbitrage bet finder programs will notify you when an opportunity arises to make a profit. Additionally, there are arbitrage and hedge bet calculator options available on various betting exchange websites.

Please bear in mind that purchasing or subscribing to these programs can be costly. However, if your strategy involves a lot of arbitrage wagering, then the investment could be worth it.

Are There Sure Bets?

Albeit a break-even or small profit margin strategy, arbitrage betting, in theory, is as close to a sure bet as one can make, which is why most bookmakers are not fans. In practice, waiting for the proper setup requires patience, attention to detail, and timely execution. Adding extra bets, a second bookmaker, and the need for speed increases the chances of error when attempting to pull off arbitrage.

Bets may start coming in on the mispriced odds and change the line before you can get both bets in, forcing you to accept less-than-ideal odds to cover.

Arbitrage Betting Tips & Strategies

Matched betting is arbitrage but on the bookmakers’ bonus bet dime. Playing with house money is an excellent way for beginning bettors to get their feet wet. More experienced bettors may look to increase their wager frequency by finding a p2p betting exchange. All experience levels of bettors should consider arbitrage betting software as it will help to highlight arbitrage opportunities.

Prop bets can be an excellent way to find mispriced odds because betting sites set these lines independently, which means less chance of odds across several bookmakers moving in unison.

Matched Betting

Matched betting is an arbitrage strategy but takes advantage of different betting companies’ risk-free welcome bonuses, bet insurance, odds boosts, and other promos to back one of the sides. This strategy is best used with two bookmakers that offer low to no rollover requirements, as it will be easier to withdraw funds after any arbitrage bet attempts.

Arbitrage Betting Software

There is arbitrage betting software that will do the heavy lifting and identify arbitrage opportunities when they present themselves and notify you. Your projected profit will need to outpace subscription fees to justify paying for the service. Depending on the program, you may be able to get a free trial. With odds routinely changing, timing can make all the difference.

Arbitrage Betting Example
Kansas City Chiefs-135
Cleveland Browns+150