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Is it better to stay on one slot machine?

STATUS: Ultimately, it's your call – no harm, no foul either way. This is one of those things that tend to get wrapped into beliefs around slots that can encourage people to do one thing or another, but ultimately it won't matter.

knowyourslots.com - Is It Better to Play One Slot Machine or Move Around?

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As many website owners do, I occasionally look at the data around what people are searching for when they find my site. One highly ranked question I don’t think I’ve ever addressed is a simple one: Is it better to play one slot machine or move around?

STATUS: Ultimately, it’s your call – no harm, no foul either way.

This is one of those things that tend to get wrapped into beliefs around slots that can encourage people to do one thing or another, but ultimately it won’t matter. For instance, some players will say to move on from a “cold” slot or stick to a “hot” one as it’s paying. (They might say the same but calling them loose or tight.) Ultimately though all these definitions relate to what a slot has been doing, and not what a slot will do. The outcome of the next spin is not dictated by what’s come before it, thanks to the random number generator (RNG), so whether you stay on a machine or move on really is going to be more about what makes you feel good or not. Gambling is in itself an emotional ride, and so if you’re feeling beaten up and want to move on because a game is failing to pay, or want to stick with it because you’re having fun, that is really your call. Conversely, that means you don’t have to get up from a machine that just paid well, because it could pay well again. The one exception to this is if you keep playing a machine and shoveling more money in because it hasn’t been paying and therefore is “due” to hit. Because of that RNG, it’s not any more due to hit than the previous one, ten or 100 spins before it. And at that point you’re letting your emotions carry you away, chasing losses, and that can be dangerous. It’s better to set a loss limit and move on if you’re not seeing a game pay out, than keep hammering away hoping for something to change. While it certainly could, it also could not, and that will just be even more emotionally damaging.

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Do you pay taxes on parlay winnings?

Gambling agencies aren't required to report your winnings unless you win at least 300 times what you bet and that amount is over $600 (or otherwise subject to federal income tax withholding). You, however, are required to report any and all winnings on your personal tax return.

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Updated for filing 2021 tax returns

Sports gambling winnings are subject to income tax and you must report them on your tax return, even if you don’t receive tax documentation for the gambling income. Gambling agencies aren’t required to report your winnings unless you win at least 300 times what you bet and that amount is over $600 (or otherwise subject to federal income tax withholding). You, however, are required to report any and all winnings on your personal tax return. You may be required to pay estimated tax payments if the agency did not withhold Social Security or Medicare taxes. Reporting your gambling winnings is simple; just find the “Other Income” line on your Form 1040 and report the amount there. If you lost money gambling, you may be able to deduct that amount—losses can be claimed as an itemized deduction on Schedule A.

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