Who is the worlds most famous gambling addict? Probably John Daly. A sporting legend with a personality bigger than his gambling debts. There has been a hell of a lot written about him over the years so we have grabbed one of the most interesting perspectives into his gambling addiction that we could find. We hope you enjoy the read too!
- Gambling Stories Losses
- Worst Gambling Stories
- Gambling Stories Losses
- Bad Gambling Stories
- Gambling Addiction Story
Gambling Losses. You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040 or 1040-SR) PDF and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as. Phoenix slot game. In response, we received some of the most bizarre, funny and craziest gambling stories, ever! $35 for food and $57 in gambling losses. Considering the four show tickets cost nothing and were normally $100 or more, I felt that we almost made money! #7 John From Australia. I was playing online slots games from only $40 in Australia. What are some stories of famous gambler losing lots of money. Ill start with one. Told by Todd Brunson 'About 14 years ago, I was playing in a $150-$300 hold'em game at Commerce Casino.
John Daly Relied On Tax Records To Figure $90 Million Gambling Losses
You don't think tax returns are handy?
Tell that to John Daly. Daly recently revealed that he ran the numbers and determined that his actual gambling losses were $90 million compared to $35 million in gambling wins. The numbers are so staggering that it shocked even him: he had only estimated the figures in prior conversation before deciding to review his tax records.
Daly's net gambling losses over the period 1991-2007 totaled about $55 million. City club casino. The famous golfer thought it was about half that, saying:
'We went through all my tax records to find out, because I really didn't know, and it just came to that. I was shocked. I thought it might have been $20-25 (million), but I had no idea that it was $55-57 million. It's crazy.'
Daly burst onto the scene in a big way in 1991 when the then relatively unknown 25 year old golfer managed a 'zero to hero' win at the 1991 PGA Championship. He wasn't even supposed to be at the tournament: he was the ninth alternate in the tournament, replacing Nick Price whose wife was having a baby.
Craps rules odds. As a college golfer, Daly had never won a tournament. As a kid, he taught himself to play, using golf balls he fished out of a pond in his native Dardanelle, Arkansas. And yet, he dominated the course, startling his competition – and perhaps himself.
His paycheck for that performance was $230,000 – nearly 40% more than he earned in total the year before. He didn't keep his good fortune to himself, donating $30,000 of his winnings to the surviving children of a tourney spectator who had been struck by lightning and killed.
Daly's generosity was perhaps only matched by his appetite for obsessive behaviors – like gambling and drinking – that would add to Daly's colorful legacy. His drinking interfered with his play and his endorsements over the next several years. In 1995, he won the British Open, keeping him on the golf leaderboards. He became the only American golfer to win two major golf championships and numerous PGA championships but never participate in the invitation only Ryder Cup, prompting Daly to remark to a Canadian radio station, 'I feel like I'm the Babe Ruth of golf… He always wanted to be a manager and he never got that chance. But it's not something that breaks my heart or anything. As long as we hopefully win, that's all that matters.'
Daly might have liked winning on the course but off the course, he just wanted the rush, win or lose. He said about gambling, 'It was more about the adrenaline than the money … I loved the action.'
Sometimes, he lost more than a million dollars at a time. In 2006, he admitted that after losing a playoff to Tiger Woods, he drove to Las Vegas and gambled away $1.65 million in five hours. Over a nearly 15 year period, he threw away $90 million in losses on just $10,116,306 million in PGA tour winnings (and $35 million in gambling winnings). This thread meme.
Daly recognized, however, that those losses weren't completely useless: he says that he kept detailed records of all of his big gambling sprees. That came in useful on those tax returns: while gambling winnings are fully taxable, you can also claim your losses.
Winnings are reported on your federal form 1040 as 'Other Income' on line 21, including winnings that are not subject to withholding. Federal income tax generally is withheld at a flat 25% rate on gambling winnings of more than $5,000 from any sweepstakes, betting pool (including payments made to winners of poker tournaments) or lottery, or if the proceeds are at least 300 times the amount of the bet. However, gambling winnings from bingo, keno, and slot machines generally are not subject to income tax withholding: slot machines were one of Daly's favorite targets. He admitted playing the $5,000 slots at the Wynn Casinos in Vegas quite often but says, 'Now if I gamble, I play the $25 slots. If I hit something, I might move up to $100. But I don't do what I used to do anymore.'
If you aren't subject to withholding, you may need to pay estimated tax. If you don't pay enough in taxes on your winnings through a combination of withholding or estimated tax, you may be subject to a penalty. That likely wasn't an issue for Daly, who lost more than he won.
You may deduct gambling losses only if you itemize deductions on a schedule A. You claim gambling losses as 'Other Miscellaneous Deductions' on line 28: they are not subject to the 2% limit. Unfortunately for Daly, you can't report more in losses than you claim in winnings. You can't use the net loss to offset other income or carry the loss forward or backwards to offset winnings in other years.
These are the rules for casual gamblers. You might think that Daly would qualify as a not-so-casual gambler but the burden to prove that you're a professional gambler for tax purposes is pretty steep. Daly's activities are less likely 'pursued full time, in good faith, and with regularity, to the production of income for a livelihood' as outlined in Commissioner v. Groetzinger, 480 U.S. 23 (1987), and more believably, as a hobby. Just ask Daly. Despite tens of millions of dollars in gambling losses, Daly doesn't seem to regret his behavior, saying, 'I had a lot of fun doing it.'
Although gambling might be a tempting activity that you enjoy, for many people around the world gambling can be a serious problem. From huge financial losses to the losses of loved ones and the breakdown of marriages to murdering one's own family, gambling addiction can have some truly negative and horrific outcomes. It is best to seek help as soon as you feel that you are losing control of your gaming and are unable to stop. There are plenty of organisations out there which specialise in helping addicts deal with their addiction. In our blog post today, we will share with you some horrific gambling stories with the hope to dissuade you from gambling and losing out on more than you bargained for.
Gambling Stories Losses
Curt's Story
Before checking in to the Lutheran Social Services' Gambler's Choice programme, Curt's addiction had driven him to suicidal thoughts. He described his addiction to gambling as a serious ‘hangover', which prevented him from stopping. Thoughts of suicide are severely serious and require instant attention. The fact that Curt wanted to die because he was losing out on so much money as a result of gambling is an indication that he couldn't cope with the situation. As soon as you feel that your gambling habit is starting to get out of control, contact an organisation such as GamStop right away. They will help you deal with your impulses to gamble and your gambling addiction. Today, Curt is attending Gamblers Anonymous meetings, working on regaining his family's trust, and is being much more careful with his money than he would previously.
Jodie Nealley
Jodie Nealley is another individual who truly suffered as a result of her gambling addiction. This time, however, she was forced to pay up for her losses and since she couldn't do so, she was sent to jail. She lost her husband after a sad divorce as well as a beautiful home and a job. Learning her lesson whilst in jail, Jodie is now an Intervention and Recovery Support Coordinator at the Massachusetts Council on Compulsive Gambling. She has been in recovery from gambling disorder for six years and in recovery from alcohol for 22. The combination of gambling and alcohol addiction is scary and requires a lot of effort to overcome. Jodie Nealley has truly committed herself to a strong recovery and is addressing the symptoms on a day to day basis.
Anonymous 1
According to Financial Spread Betting, Anonymous also has a horror story to share. This time the story is related to credit card debts while at the same time being unemployed. Anonymous started out as a shy gambler who would phone in to bookies and place his bets. However, his interest in placing bets soon turned out into an addiction that he couldn't control. This led to severe gambling debts being into the thousands of pounds, which he can't afford to repay as he is currently unemployed and still struggles with the urge to place a bet even though he doesn't have the cash to do so. Remember to seek help as soon as you notice any of these symptoms cropping up in your experience.
Anonymous 2
Anonymous 2 is another example of a sad situation where gambling has taken over someone's life and made things exceptionally difficult. In Anonymous 2's case, the situation led to divorce and having to ask his father for financial support. With four children in the mix, this situation really got out of hand when Anonymous 2 decided to gamble at a casino. With a lucky winning streak, he gambled funds that he thought he could double and even triple. Yet the situation turned out that he lost 15k in the drop of an eye and these were 15k which he didn't have. A grown adult asking his parents for financial help is an embarrassing situation, but gambling addiction isn't embarrassing and you need to seek professional help wherever you feel the need as you do not want to end up divorced, where your significant other doesn't trust you, and where you're digging into savings that affect your children's futures.
Tala's Story
Tala and her husband would go to casinos several times a year just for fun. However, Tala's love for gambling became a problem that she would hide from her husband and her family as she managed to withdraw all the cash she had available on her and her husband's credit cards. This led to a situation where her husband was denied credit after applying for it, telling his wife that she had ruined his 'good name'. To avoid situations where you're squeezing out your family's hard-earned cash, without their knowledge, and to resist the urge to gamble away money that you do not have, seek help as soon as possible.
Murder of a Family
Worst Gambling Stories
Losing money and your family's trust aren't the only terrible things that could happen to you as a result of your gambling addiction. There was a story of a North American man who ran a business whose grave he was slowly digging as a result of his gambling addiction. Things got so bad that one night he strangled his children three, and then shot his wife and then himself. This murder should send horrific tingles down your back as you contemplate this poor man's situation. Things had gotten so out of hand for him that he simply believed he couldn't go on with not only his life, but with his family either. There was simply no hope for him; no light at the end of the tunnel. This darkness can be defeated with the right help. If you feel that you've reached a point of no return, help is always available. Cool cat games. Please seek it out when you feel down! Murders of innocents can be avoided this way as can suicide.
Conclusion
As you can see from these brief examples, gambling addiction can have a range of diversely different consequences and they are all bad. You will be doing yourself a favour if you seek help as soon as possible. Gambling addiction is a very serious mental addiction that makes one think that he or she can make up losses by playing a little bit more or adding a few more dollars or pounds to the game. This assumption is incorrect and there is no evidence that this wrongly-held belief is correct. Better save yourself some trouble, money, and the loss of loved ones and seek professional help. GamStop, Gamble Aware, and Gamblers Anonymous are some important institutions that can help you and support you as you address the void that is created by gambling.
Gambling Stories Losses
Gambling Horror Stories – What Else You Need to Know?
The horror stories speak for themselves and we sincerely hope you can put them down to experience so that you never have to go through something like this. We give you the crux of the matter with this final section. Quitting gambling takes some doing, but it's for your own good, so you better start now if you're having problems controlling the urge to place wagers.
⚽️ Can I get in trouble for betting on sports?
Even shy punters can be in danger of developing a gambling addiction. All sorts of cases are reported daily to Gamblers Anonymous and GamCare. The most important rule if you can't give up on betting, is to do it in moderation. Use the limitation tools available on most licensed sports betting sites.
🔒 Has someone gone to jail due to gambling addiction?
Going to jail isn't out of the question, especially if we are talking about a significant debt. An important lesson can be learned from Jodie Neallyey's case who not only went to jail but also lost her husband, home, and, job while serving time.
🧠 What does gambling do to the brain?
There are a lot of experiments and tests that have been made to identify how the human brain reacts when a person is gambling. There are certain emotions that activate from the back of the brain that are really close to the feeling of happiness, euphoria and satisfaction or anger when the player wins or loses.
🤑 Is gambling addictive?
Gambling is proven to be addictive. People often start playing out of boredom or due to a tragic episode in their lives. Gambling addiction could be also triggered by drugs or strong influence from someone, whether a friend or a relative. Of course, it is not always permanent – there are a lot of ways and a lot of people that have cured themselves and now live a normal life.
💷 Why are casinos so addictive?
There are a lot of myths for casinos, including that there is something in the drinks or in the air in the facility. Both online and land-based casinos are addictive – there are a lot of triggers that get players to dig deeper in then their pockets and play more. This includes bright colours, triggering words and music or ringing when you win and other visual and sound stimuli.
👪 How does gambling affect relationships?
Bad Gambling Stories
When gambling becomes a routine, it might affect not only your life, but your relationships. There is a high percent of couples that split up because of gambling addiction and all the dept that comes consequently. According to tabloids, this is the main reason celebrities like Ben Affleck got divorced.
👉 Is gambling a mental illness?
Gambling could be considered mental illness. There are a lot of people that struggle with gambling addiction. Therefore, there are a lot of organizations that support online casino sites and prevent gamblers from playing too much. Same goes for land-based casinos. It takes a lot of time, but gambling addiction is curable.
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