10 Smart Ways to Spend Your Gambling Winnings

Growing up, one of the most commonly asked questions (just for fun) usually went along the lines of “if you had one million dollars, what would you do with it?”

Some would answer that they would spend on new clothes, houses, vacations, lavish materials and upgrades, And others would simply now know how to answer, as they seriously cannot picture themselves with that obscene amount of money.

However, there comes a time when you or maybe someone you went to high school with comes across that money. Yes, they could become a multi-millionaire of their own right, or they could win that money through other means.

Lotteries are some of the rare wins that can affect any person. One day you are an average person with typical underwhelming financial resources, and the next you have the means to buy an entire island.

Other ways can be a strategic streak in blackjack, baccarat, craps, or any other game found on the casino floor or an online casino.

From the lottery to various casino games, gambling generally can become a possible cause of someone’s financial success.

Although gambling has withstood a negative reputation for decades, it is considered a form of entertainment that should be dealt with responsibly. 

Winnings still arise when gambling safely, and the development of gambling addiction is averted simultaneously.

With that in mind, one of the first things to do before trying to win your fortune is to become familiarized with several casino games, which can be easily done when browsing the web.

According to Adrian Sireca at OnlineCasinoGems, “there are many tips and strategies on some of the most popular games that can be found online, and there are rewards and bonuses available that can be well-utilized.” 

Nevertheless, the question remains: what would you do with all of this money?

If you are still a little stuck on the answer, here are 10 smart ways to spend your gambling winnings.

1. Donation

Perhaps one of the noblest ways to spend your gambling winnings is to donate it to a charity of your choosing.

Some charities can use financial help to expand their organization and spread awareness of their cause and your earnings can become a substantial part of the effort.

You will have the power to change and save lives with the grand amount of winnings you have accumulated. Not only is it a smart outlet, but also extremely empathetic and humanitarian.

2. Celebrate with a nice meal

 It may come as a pleasant surprise to win a large amount of money, much less any money, from a couple of spins on the slots or rounds at blackjack.

Why not splurge just one time on a great meal in an extravagant restaurant in Atlantic City or Vegas (here’s a great list here or here)? After all, when a person receives their first paycheck, they treat themselves and supportive friends and family members to a night out.

While you will have plenty of occasions from here on out to eat out in lavish restaurants, it will never be like the first.

3. Pay off all debts

Even though people may think of all the amazing purchases they can finally do, the first order of business should be to pay off any debts.

You’ve won some extra cash, be it just a couple of hundred bucks or a million, and it should be put toward an important factor in your life.

Whether it is credit card debt or a mortgage, the rate of return equates the interest rate on the loan. When you have paid down a dollar of debt, it is one less dollar you owe.

Once you get rid of the debts, you can finally breathe and can spend your earnings on something more fun.

4. No sudden life changes

 Although it may seem tempting to trade in the old run-down car to a flashy Ferrari, do not be too quick.

If you won a considerable amount of money (in the life-changing ballpark), then it is advisable to wait about six months before acting on any drastic decisions.

Wait before quitting your job or buying a grandiose home in Europe, and take your time with spending your winnings.

5. Help your child’s education

 As a parent that comes across a considerable amount of money, one of the best decisions are to add it to their children’s education fund, if not already created.

A generous, helpful, and objectively correct way to utilize your gambling winnings is to put an effort into your children’s well-being and future financial independence.

6. Help neighborhoods

 Several places throughout the world, such as Puerto Rico and Florida, have suffered through serious damage from recent hurricanes.

Multiple people have helped the cause by donating money for rebuilding, food, shelter, and any other necessities that can help develop the communities anew and support the affected people.

With your money, you could  lead the way in becoming a person who is saving an entire community of people as well as their homes.

7. Open your charity

 On top of donating to other notable causes, you can use your gambling winnings to create a charity that spreads awareness and honors an issue that you feel should be addressed.

You can be the regulator and creator of this organization, where you can put your earnings to good use.

8. Start a business

 “It takes money to make money”, a famous motto that ironically enough applies to the art of gambling and the beginning of a new business enterprise.

If you have been dreaming of opening your own bakery shop, family restaurant, travel agency, or any other form of business, taking your gambling winnings to this plan would be a great application.

If you are someone who wants to stick to the world of gambling, you can also consider opening up a casino affiliate business (great tips on how to do it here). 

9. Open a trust fund

 A safe place to keep your winnings, especially if they are quite larger than usual, is in a trust fund.

Friends, family, or any other person you allow can access the trust fund through your permission only.

Trust funds are usually tax-exempt and can give you long-term control over your money, even after your passing if you choose to do so.

10. Invest

A great strategy with the gambling winnings is to put the money in safe, short-term investments and not touching it for the first six months.

Make sure to put together an investment portfolio divided between equities and fixed income. 

You can either invest in the money in the market or an ultra-safe high-interest savings account that can be added ultimately to your stockpile.

Gambling can be an unorthodox way to gain some cash, but it is definitely not disappearing any time soon. 

If anything, gambling revenues in various countries have been increasing in recent years. Slot machines have been the most profitable game for casino regulators and popular among players, but it is important to understand the odds (which, apparently, most Americans suck at it). 

For example, Nevada reported that the gambling profits exceeded the one-billion-dollar mark in both June and July of 2019.

Similarly, Chicago is expecting one of its airports’ slot machines to regulate over $37 million per year.

At the end of the day, if you come across skillful and lucky enough to win money at the craps table or betting horses, there are plenty of smart ways to spend the gambling winnings.

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