The idea behind an American gambling vacation is to come back with enough winnings so you can claim against US gambling tax withholdings. Of course, a lot of your good fortune will depend on luck, but you’ll also want to avoid a few of these gambling mistakes that can cost you the big pot in the end.
- In the excitement of playing the big American casinos, many Canadians and other foreigners forget to manage their bankrolls properly. For example, if you only have a small amount of money to gamble, placing high wagers is a risky business that could lessen the time you get to enjoy playing any one game.
- You’ll want to get up and leave any table before you become too exhausted to focus your attention properly. When you’re gambling, it’s a good idea to take a few breaks in the middle of your session so you can keep your focus.
Finally, make the right moves to offset US Gambling Tax withholdings. Although these can total up to 30% of your winnings, knowing how and when to file can get you a fair portion of that money back.