#17: New Financial Year, New Poker Goals: Reset & Rise!

#17: New Financial Year, New Poker Goals: Reset & Rise!

The final curtain of the financial year is drawing to a close, and for us online poker players in India, it's a unique time. While others are crunching numbers and filing taxes, we're strategizing our next move on the virtual felts. Just like the fiscal year resets, so does our poker ledger. So, let’s dive into how to navigate this crucial period and set ourselves up for a winning new financial year.

End-of-Year Play: Navigating the TDS Maze

As we’ve approached the end of March 2025, it’s crucial to play smart. Remember, your profit and loss ledgers reset on online poker sites, impacting your TDS (Tax Deducted at Source) liabilities. This means your accumulated winnings and losses will be wiped clean, and a fresh start awaits. Here are some tips for you to follow during this time:

1. Strategic withdrawals: If you've accumulated significant winnings, consider strategic withdrawals before the financial year ends. This can help you manage potential TDS deductions, as platforms often deduct TDS on net winnings at the year's end. Now’s also a good time to withdraw any winnings you have if you’ve been in the negative through the year.

2. Review your records: Scrutinize your gameplay records. Calculate your net profits and losses accurately if you haven’t already. This will help you understand your TDS obligations and plan accordingly.

3. Play conservatively: Avoid high-variance plays in the last few weeks of the year. Focus on solid, profitable strategies to minimize potential losses that could impact your tax calculations.

New financial year, new poker resolutions

Just as January brings new year resolutions, April should usher in new financial goals for your poker journey. It’s a chance to reassess your strategies, refine your skills, and aim for greater profitability. That’s what The Gaming Grapevine will try to help you with today.

• Establish financial goals: This may sound cliched, but you should surely define SMART goals - specific, measurable, achievable, relevant, and time-bound goals. Do you want to increase your win rate, improve your bankroll management, or move up stakes? Write them down and track your progress.

• Bankroll management 2.0: Re-evaluate your bankroll management strategy. Ensure you have an adequate bankroll to withstand variance and play at your desired stakes. Consider allocating a portion of your winnings for reinvestment in your poker education.

• Skill enhancement: Dedicate time to improving your poker skills. Analyze your gameplay, study poker theory, and learn from experienced players. There’s no point going into the new financial year as the same player. The goal should be to get better results each year. Consider investing in coaching or poker courses to accelerate your learning curve.

• Platform specific adjustments: Different online poker platforms have varying player pools and game dynamics. Adjust your strategies accordingly. For example, if a platform is known for aggressive players, adapt a tighter, more exploitative approach.

Bonus tips for long-term success

• Maintain a detailed tracker: Keep a meticulous record of your gameplay, including buy-ins, winnings, losses, and session notes. This data will provide valuable insights into your performance and help you identify areas for improvement. A simple 2-column Excel sheet showing deposits and withdrawals on each platform, month-wise, is a good way to start.

• Log profits throughout the year: Don't wait until the year-end to calculate your profits. Regularly track your earnings and losses to stay on top of your financial situation.

• Aim for better numbers: Set ambitious but realistic goals for the new financial year. If you made 1 lakh profit last year, aim for a realistic goal of 2 lakh, not 1 crore. Strive to surpass your performance from the previous year. Whether it's increasing your hourly rate or reducing your tilt frequency, aim for continuous improvement.

• Stay updated on regulations: Keep yourself informed about the latest tax regulations and platform policies related to online poker in India. This will help you avoid any unexpected surprises and ensure you're playing within the legal framework.

The new financial year presents a fresh start for your poker endeavours. Embrace this opportunity to reset your mindset, refine your strategies, and achieve your poker goals. With discipline, dedication, and a strategic approach, you can turn this new year into your most profitable one yet. Good luck at the tables!

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