Online gambling is often seen as a lucrative activity, but it usually represents only a small part of a person’s income.
In this article, we will discuss the topic of gambling as a form of income in the long term, as well as the financial risks it poses. We will also discuss the rules in force in New Zealand on the taxation of gambling profits.
We have spent five hours researching this topic and collecting opinions on internet forums. We have used sources such as nra.bg, moneydigest.com and minfin.bg to help you form an informed opinion on whether it is possible to earn a living from online pokies.
This is essential information that gamblers should know in order to avoid expectations and illegal behaviour.
What casino games could gamblers make a significant income from?
Despite the variety of options, only a few card games (e.g. poker and blackjack) or games with a low house edge (e.g. baccarat) are considered to be profitable.
Generating basic income by playing card games.
In particular, professional players often choose card games such as poker and blackjack as their main form of income generation. This is because they are not only based on luck, but also on extensive knowledge and experience.
In New Zealand, poker is one of the most popular games used as the main form of income generation in gambling. Names like Alex Kulev, Dimitar Danchev and Fakhredin Mustafov are at the top of the professional poker game.
Many of our poker experts are also world-class players. These players rely on gambling as their main form of income. To achieve this, they dedicate around 100 hours a week to the game and are always refining their strategies to generate consistent gambling income.
Many games require excellent knowledge, strategy and understanding of the psychology of the game, as well as the ability to bet under high pressure.
Even then, competition still exists and even the most mathematical approach cannot guarantee a consistent gambling income. Sometimes the player is unable to overcome the house edge and his own luck.
When discussing the house edge, another way to succeed in the long run is to choose games with a low house edge.
These games are also known as blackjack and baccarat. However, players still need decades of experience to develop a gambling system and discipline.
Stakes where the main income is disputed income
It is important to mention that sports betting, which requires extensive knowledge of the world of sports and the ability to handle statistics, is also a popular source of income for experienced bettors.
In today’s world of technology and statistics, sports gambling pools are available that are capable of long-term success against bookmakers.
This is how people like Tony Bloom, with his Starlizard money, have managed not only to turn gambling into a substantial income, but also to become rich. Tony Bloom is the creator of Starlizard and the owner of Brighton & Hove Albion F.C., a football team that plays in the Premier League.
However, gambling can turn into a significant income, and it requires education, ability, practice and the right psychological attitude.
That is why we believe that gambling as a main form of income is not for everyone. Even if you have a one-off win, remember that gambling carries risks of loss and addiction.
Is it possible to rely ononline pokies machines as a primary income?
Online gaming machines should not be the primary source of income for players. This would be too ambiguous and dangerous, as the only winner is probability.
In particular, the outcome of slot machine games is based on RNG random number generation, which does not involve any strategy or skill. Moreover, all slot games are designed with RTP (return to player), which contributes to the long-term profitability of the casino.
Interestingly, this is still the case despite the fact that slot machines sometimes award large casino prizes thanks to a jackpot or game mechanism.
Of course, this does not mean that all players have large winnings. The inability to understand how a slot machine game will work makes this form of online gaming an unpredictable source of income.
As a result, we do not advocate or recommend the use of online pokies as a primary form of gambling.
What proportion of gambling winnings are taxed?
Both cash and material winnings from NRA-sponsored games (according to Article 13(1)(20) of the VAT Act) and random games played are tax exempt.
According to nra.bg, prizes awarded as a bonus game or as small winnings from amusement machines are also considered tax-free.
This includes small prizes (up to BGN 100) won in games of chance, minfin.bg adds.
Always consult your accountant if you are unsure about the taxes payable and the returns to be filed.
Top 10 online pokies revenues
When it comes to casino games, every player wants to win big. Everyone wants to hear the sound of money falling or watch their account balance grow. The accounts of these lucky winners are commendable and worth talking about.
The Guardian reports that the biggest casino winners often come from countries such as the USA, England, Australia, France, Italy, Germany, Canada and Sweden.
However, the Guardian team do not understand the reality of the New Zealand labour market, their minimum wage is BGN 780, they won BGN 437 681.10, which is a young person’s dream, a real miracle.
Despite the fact that the probability of simply ‘making the fish’ die in this way is extremely low, the stories of these lucky people are extremely apt. That’s why we’ve decided to bring you a list of the biggest casino profits in gambling history.
For our research, which took 20 hours, we used a number of different sources including The Guardian, Whatgadget and Casinoblog to find these extraordinary moments when gamblers hit big jackpots and experienced incredible casino winnings.
Stay tuned for these incredible stories. Who knows? Maybe you’ll become the next big winner in the world of New Zealand online casinos!
The success of the «Arabian Knights» theatre with a cash value of USD 11.7 million.
The world of online pokies is often the one that amuses us the most with incredible prizes and unexpected twists. One example is a young man called Peter, who is 20 years old. He loved spending time in the casino at night, so he decided to play the popular slot game ‘Arabian Knights’ at Betsson. This slot machine, which depicts the magical world of Arabian stories, not only has an exciting design, but also a unique advertising message: «Anything is possible».
Like many players, Peter may not have believed in the effectiveness of this slogan until he witnessed the miracle. After another spin of the slot machine, «Winner: €11.7 million» («Winner: $11.7 million») appeared on his screen. From an ordinary young man who might have worked in a student kitchen or a café, Peter quickly became rich.
After the contest, information about him is limited, but one thing is clear: Peter’s life has been completely transformed thanks to his casino winnings.
$12 million in casino winnings for Megabucks.
When 50-year-old postal worker John Tippin decided to play the slot machines at the Gold Coast Casino in Las Vegas in 1996, he probably didn’t know what would happen to him. With one spin of the reels and a lot of luck, John won the big Megabucks jackpot, worth $12 million.
While most people associate this win with both opportunity and a settled life, for John this casino win was a double-edged sword.
After the win, he was faced with a reputation for costly success. He had gone from being a humble letter sender to a man who had amassed a fortune and lost it all. His new reality included loneliness, loss of companionship and even paranoia.
Even with great profits, John was unable to keep any of it because his new way of life had taken everything from him.
Some people cannot withstand the pressures of big money, and in some cases their wealth has increased but their lives have deteriorated. It is strange, but we have no way of knowing what it feels like to be in their shoes until we are in a similar predicament.
Mega Moolah winnings of €17.8 million.
In October 2015, the stars over the Cheshire skies proved particularly favourable to John Heywood. The British soldier did not know he was about to meet his fortune and had never noticed any online pokies accepting bets, so he registered at Betway online casino. Exactly 25 minutes after playing, his life changed irrevocably.
In a slot machine called «Mega Moolah», John won the incredible sum of €17.8 million! At the time, this was a Guinness World Record for the biggest win in the history of online slots. They broke that record in September 2018, winning $18.9 million in the same game.
Many of these lucky winners choose to remain anonymous, but John is sharing his story. He becomes the embodiment of many articles and interviews in which he willingly and eagerly tells his story. In an interview with Betway, he announced that he had given €4 million to one of his best friends.
Wow… Help anyone who has a friend like that!
The casino’s monetary profit was estimated at 21.14 million US dollars.
There have been many magical moments in Las Vegas, but this story is worthy of a movie because it features Elmer Sherwin, a World War II victim with a blood debt of two million dollars.
The story begins in 1989. Las Vegas welcomes guests to the newly built Mirage Hotel and Casino. Within 10 hours the casino doors are open, Elmer is speeding through the «Megabucks» slot machine and is about to break out in a cold sweat. And so — he reaches his first million-dollar prize of $4.6 million! It changes his life: he goes on adventures all over the world, but his inner thrill for the game never stops.
Elmer’s consistent dedication knows no bounds. At the age of 92, he goes to the slot machine again, hoping to win more money at the casino. Many of you may be asking yourselves… this old man, why he doesn’t just live out his years and take up gambling at such an early age. After all, his happy ending has reappeared, making him a millionaire with a total of 21.14 million US dollars!
You are probably wondering what he did with that money at the age of 92. The truth is, nothing, he gave away benefits to his whole family. He died the following year, in 2007, at the age of 93. However, not everyone is born with Elmer’s good fortune.
The question is: where is the line between foolishness and optimism? Every sensible person will have to answer this question for himself.
The value of the casino’s profits in monetary terms is 22.60 million dollars.
Imagine a peaceful morning, which includes a simple breakfast at the hotel where you are relaxing. There, the aroma of coffee combines with the anticipation of a new day, and a random thought crosses your mind that you would love to play a slot machine in a casino for the first time.
This is the behaviour that Johanna Hondla exhibits during her holidays in Bali. This woman had no knowledge of the big prizes that come with winning big casino winnings, so she chose instead to sit down at a slot machine. Incredible as it may seem, she put 170 dollars in the bank. Some of you might think $170 is a big bet, too complicated for a first try, but Johanna’s determination to follow her instincts was evident. After one spin, she won the scary sum of $22,618,156.67!
Our team spent so much time testing and analysing the machines, but never once did they win the full amount.
The casino’s profit is worth $27.6 million in monetary terms.
Another incredible story of a million dollars from the Megabucks slot game, most of you may have wondered what makes this casino game special. This is a casino game based in Las Vegas and since its launch in 2005, more than 20 people have managed to become multi-millionaires.
During a quiet time of reflection and relaxation, a 67-year-old former steward found time to visit the Palace Hotel casino in Las Vegas. This lady decided to place a small bet of 100 dollars on the Megabucks slot machine. However, life shows her that luck is with her, and after raising her bet to $300, her life changes forever. The machine drops a staggering $27.6 million!
Who would have thought that, standing in heaven, her fortune would actually follow her into the world of money? This elderly lady proves that life can often surprise us when we least expect it.
The casino’s monetary value of profits was USD 34.95 million.
Experiencing the story of the fight is like reading an old legend that describes the ups and downs of the main character. Cynthia has to attend her step-daughter’s birthday party, but before leaving she decides to try playing the slot machine game ‘Megabucks’. Cynthia tries nine times, and on her ninth try the slot machine awards her 34.95 million dollars.
After winning the money, Cynthia decided to quit her professional career and go on an adventure. She married the man she loved and they set off on a trip around the globe.
However, as many of us know, life has its goals and they often differ from what we expected. It was after this incredible stroke of luck that Cynthia was the victim of a car accident, which resulted in the loss of her beloved sister and paralysis of her chest.
Life is full of unexpected twists and turns, but it is important to remember that, despite them, it is human courage and spirit that define who we are as individuals.
Excalibur reaches USD 39.70 million at the box office
A 25-year-old is given the opportunity to hang out at the Excalibur casino while he waits to play basketball again. He tests how to kill time by sitting at a slot machine, then becomes rich for almost 40 million dollars on a budget of only 100 dollars. Most likely, you can deduce the probability of this kind of scenario. The young man appears to be skilled, instead he chooses to make 1.5 million dollars every year for the next 25 years.
Despite the unbelievable story, it is not always beneficial to choose a similar method of leisure.
Poker has a cash value of $40 million.
The story of Archie Karras is like an ancient legend, filled with grandeur and tragedy. This fearless poker player, after having spent 2 million dollars in a poker game in Los Angeles, now heads to the city of debauchery, Las Vegas, where he has his last 50 dollars. There, he chose instead to capitulate to fate by taking $10 000 from his bank and playing in one of the most famous poker games. After an incredible stroke of luck, Archie turns the loan into an incredible $40 million! Hoping to continue on this path, he refuses to stop. However, as many of us know, greed is often not a good advisor.
After several games, his luck had run out. Archie started to lose money on craps, baccarat and poker. This millionaire’s odyssey ends with him losing all his casino profits.
Archie’s life is a whirlwind of excitement — from the high point of his casino winnings to the low point. However, his narrative shows that even when we are lucky, we still need to remember how easily the scales can tip.
Casino revenues increased by USD 590.5 million with the launch of the Powerball lottery.
There are stories that should be told in front of a flame that have a certain amount of magic and faith in fate. Such is the story of Gloria Mackenzie, an elderly woman from the small Florida town of Zephyrhills, who has a substantial casino win.
In May 2013, Gloria made history by winning the Powerball lottery’s biggest jackpot — the astronomical sum of 590.5 million US dollars — at a probability of 1 in 175 million.
But do you know the secret of this incredible success?
Rumours describe an incredible gentlemanly act. While Gloria was waiting in line to buy her ticket, a stranger gave her a pass to the front. This act of honour probably cost him 500 million dollars.
Luck and generosity are often linked, and luck often comes where we least expect it.
Last words from the casino.
Life is full of random twists and unpredictable changes that often upset our usual patterns and question our faith in fate. This article discussed the 10 biggest casino winners, but mostly 10 incredible stories of people who changed their lives because of their courage, consistency or just incredible luck.
Each of these stories proves that even in the most difficult situations there is light at the end of the tunnel and that every obstacle has the potential to transform. But we also need to know when to stop and be prepared for any twists and turns.
These examples show that if we are prepared to accept the uncertainties of fate, it can take us to places we would never have thought of.
There are no guaranteed wins in online pokies, but to make the most of them we must always play cautiously and enjoy ourselves.