Players flock to casino gambling for so many different reasons. Some players are on the hunt to win a jackpot and change their life, some play for the fun and enjoy casino gaming as a hobby, while other players just want some extra care-free cash to spend on luxuries.
Have you ever thought about what to do after your next biggest online casino win? Would it change your life if you have a big win casino bonus deposited into your bank account? It is fine if you don’t have answers to these questions – they can be difficult because generally not many players have the luck to rake in the biggest online casino win.
We compiled a list of helpful tips for:
- What to do after your biggest online casino win
- Paying tax on gambling winnings in Australia
- 4 smart money investment tips for your casino jackpot winnings
- Smart spending choices for your casino winnings
- Crazy ways to spend your casino winnings
Now, this isn’t a manual to spending your big wins. But our examples also include unconventional ways that you may not have thought of when deciding what to do with that biggest online casino win to date.
Do I pay tax on my gambling winnings in Australia?
Aussies are lucky compared to other countries when it comes to casino gambling and taxes. In Australia, players don’t pay any tax on casino winnings because the Australian government passed legislation that covers casino gambling winnings and tax – which are favourable to punters.
Thanks to this legislation, players don’t pay any tax and the casinos pay the taxes instead – this is because gambling is not considered a career in Australia. For the purposes of the legislation, winnings from casino gambling are derived from luck and therefore can’t be a taxable income.
4 smart money investment tips for casino jackpot winnings
We are going to share with you some good spending ideas, some ridiculously good (crazy) spending ideas, but we feel obliged to share these smart money tips to growing your winnings. Whether you win big at an online casino or in your local brick and mortar casino, consider doing the following:
See a financial planner
Obviously, this is for those real big wins, but set a date to meet with a financial planner. They will share with you all the tips to grow your winnings into a nice nest egg. A financial planner can also help you with information about improving your finances and reducing your taxable income to better your position for the future.
Having plenty of rainy day money is great, but it’s easy to fall down a deep hole; and you do not want to end up like those people you hear about that win millions on the lotto and then 5 years later they are on the street.
Heck, you might even come out of the meeting with a sweet new rate for your mortgage too.
Clear your debts and credit cards
Now, debts are not the worst thing in the world. Its all about how much your debts cost in repayments each month and not how high they are. Well, in the bank’s eyes that’s the case.
It doesn’t feel good to be drowning in debt, and paying down on those high interest credit and store cards is a great step to financial freedom.
Look at your spending while you are at it; are you using your private health insurance? Do you need that insurance for your pet dog that seems to be indestructible?
Don’t waste it all on impulse purchases
If you can’t get a hold of your massive impulse buys you will always be in trouble financially.
Seeing a financial planner will help with the strategies to reduce this but consider not buying that motorbike you will never ride or that third car you don’t need.
Term deposit and high-interest accounts
Passive income is really fun. It is fun because while you sleep, your money works with other money and becomes more money! It is a great feeling, which can also be easily achieved – especially if you are holding onto your biggest casino winnings to date!
Term deposits can be a great way to earn decent interest on your savings without having to put in any effort in the process. Yeah you can get a better return on investment with more active choices, but term deposits have a ‘set it forget it’ style to them.
If you do not know what a term deposit is – it is an account you have with the bank that you deposit your savings or cash into and leave it untouched for a period, say 6 months and then at the end of the period you will get interest added.
Smart spending choices for your casino winnings
Before we give you the outlandish ways to spend your casino winnings – let us share with you some reasonable and smart choices to spending your big win.
- Pamper yourself or your partner
Taking care of yourself is very important, now, taking this one step further and pampering yourself or your partner is also something worth doing occasionally.
Everyone loves being pampered, but it can be quite problematic trying to justify to yourself spending money that could be used on other (more “important”) things with your money. That is why spending your big casino winnings on a treat yourself day is a great idea.
Yes, you could paint your nails at home yourself and save $50, but it just feels so much nicer and relaxing sitting at a salon having someone do it for you.
Now, this public announcement is for the males. Not all males. The ones who think salon days and pampering yourself is silly or ‘girly’ – its 2019, you have plenty of other things to worry about instead of going to the salon with your partner. Plus, until you have sat in a massage chair getting a pedicure and calf massage your opinion doesn’t matter. Not to mention most likely the opposite of how you would feel after getting a pedicure and calf massage! It is life changing.
- Go to your favourite restaurant
Don’t have a favourite restaurant? Try a new one you might have heard people talking about at work or while grocery shopping.
Another way that you could use your big casino winnings smartly – head out to your favourite restaurant or a restaurant that you frequent and order something that you normally skip because of the price.
I live right near this popular steakhouse, and I always tell myself I am going to order the 1 kilo T-Rex steak again, but I always pull out at the last chance because I can’t bring myself to pay for the expensive price with my own money.
So, if I have had a nice win at the roulette or blackjack table (which are my favourite go to games) my partner and I always arrange a cheeky free date night courtesy of the table games at my favourite online casino.
This way I get to enjoy the steak without paying an arm and a leg, and my partner gets something she normally wouldn’t risk tasting.
I am very conscious about spending money and keep track of everything in a spreadsheet, so nothing surprises me. But believe it or not, I also enjoy being generous and shouting friends who are financially tight to dinner or a late lunch and drinks.
- Book tickets somewhere or try an expensive hobby
As a typical Aussie, I love going out to watch the football and rugby on the weekends, it just sucks that the prices of things continue to go up. The same can be said for going out to see comedy acts or music concerts.
All these things can be such expensive hobbies, and most times I will pass on something if it is not life changing. Now, when I win a few extra hundred at the Treasury casino here I always look at ticket master and check what upcoming shows are coming soon.
Just the other month I scored great timing with a decent win which coincided with snagging tickets to the legendary Daryl “horses” Braithwaite when he last visited town.
So, next time you get a big casino win think about using that cash to subsidise doing something that is on your favourite expensive pastimes list.
- Technology update
I am a sucker for one thing in this world: technology. Half the time I am convincing myself I need this new piece of tech for some obscure reason, the other half I am just rushing ahead and ordering things without thinking.
It’s a problem. With companies like Apple and Samsung among the culprits continually releasing more and more gadgets, they know just how to keep me on the hook, like hard drugs.
It doesn’t have to all be bad though. Having these extra winnings from your casino gaming can be used to upgrade that television you really need. Yes, you know the one – that television in your bedroom that randomly turns on and sits at the static screen for 10 seconds. Conveniently happening in the middle of the night while you wait for the girl from the Ring to burst through your tv. Don’t put your family or your life in danger mate, replace that damn television!
- Fuel a new hobby
I love this idea, use your hobby to fuel a new hobby.
Casino gaming is fun and a great hobby to have, unfortunately for me, it is not the only thing I like to do. I enjoy getting out for the weekend and heading to our favourite spot for a kayak and paddle up the river and back, fishing, lay out a picnic – the good life.
Just too bad these things are extremely expensive, and my kayak has a hole from doing a Titanic with submerged crocodile-like rocks and logs. With my next biggest casino winnings, I will get that fixed. Maybe I should just learn to enjoy exercise or walking more and become the best at walking – that’s cheap.
Crazy ways to spend your casino winnings
Are you living life on the edge? Feeling risky and want to just splash your big winnings on something ridiculous so that you can show off to your mates? Well, check out these crazy ways to spending your biggest casino winnings to date:
- Gamble it
Cash that huge cheque at the bank. Walk into that casino like the boss you can be. Slam it all down on the table and go hard on red.
If you win, you are going to look like one bad mother. If you lose: adrenaline-filled.
- Kit out your house with a den
Whether it’s a man cave or a retreat from the family and partner, kit out your house with a sick man cave and fill it with the tardiest stuff that your family laugh at you about, but you just love.
For the ladies, build yourself that extra bathroom or spa retreat that you desperately deserve! Just don’t forget to purchase a sign and a keycode lock.
- Give it to charity
Now, don’t just hand your big casino winnings over to any old charity. Find a cause that speak to you on a spiritual level.
If you don’t speak to anything on a spiritual level – when in doubt – give every cent to the poor dogs and cats among others sitting lost and alone at the RSPCA.
- Build crazy stuff in your backyard
Yes, we know the Aussie backyard is disappearing thanks to developers cramming too many houses into estates, but if you are lucky and have a nice yard – build some sick stuff on it! We have a few ideas you can run with:
- A water park that rivals Wet ’n’ Wild
- The best kids’ playground you’ve ever seen. This is the best idea and one we wholeheartedly support. Because once you amaze the whole suburb, you can selectively keep those stuck up parents from school pickup from ever coming around!
- Outdoor cinema with a 4K sound system that never sees its full potential
- 3D printer so you can spend your days printing cool stuff and parts to fix things you purposely break
- Massive 10 person spa with ‘kids keep out’ stickers all over it
- Sell everything and just go!
Sell everything you have, just ditch it all. Channel your inner destructiveness and liquidate everything you have, bundle that cash with your big casino winnings, and simply move overseas to start a new life. We hear Prague is an ideal place to start again!
Really, there is no wrong way and no right way to spend your big casino win. If you are still unsure what to do with your winnings or don’t want to buy anything, just funnel that cash back into your bankroll and give yourself that extra for your next play session. Either way, you are a winner and now its time to enjoy your luck – and take our crazy suggestions with a pinch of salt 😉.