Bitcoin Forum

While ago it just hit me when i won more then usual that in the future if bitcoin goes parabolic, these wins in btc can be huge and i have to tell my banker where i got the money from and i guess i have to keep how much i spend it to make it for tax purposes too.

I was thinking that i need to start to keep a journal/spreadsheet on my wins and losses soon. I've been stalling and avoiding it because i might not like what i see, i don't even know if i am on the plus side anymore. I am not sure how crypto gambling taxes go in here but i thought that it wouldn't hurt to have a record of my transactions in it while i am studying it.

So, i guess my question is that are you keeping a track of your wins and losses and for what purpose are you doing that?

I haven't done anything like it. Even if I gamble seldomly I didn't record my loses and wins. I don't have problem with taxes because my country accepts cryptocurrency. I have read some that they record their wins and loses to determine how much they lose when using a strategy and use another strategy and see the result by comparing the first record to the new one. If you need to pay taxes then you should record it.

You can't easily track your wins and loses if you didn't make a spreadsheet for your wins and loses but if you ask me for what purpose then I really don't know what it's purpose and in my opinion it can be used for any purposes like the post above and for taxes like you mentioned. It is very helpful in my opinion.

I don't track my bets since I feel like its too much of an effort and my total winnings are still small if its for taxing purposes. I've seen other gamblers specifically those who gamble on sports saying tracking bets in a spreadsheet helps them be more aware and cautious of their bet placements. I'm thinking of trying it in the future once i'm able to start or build a decent bankroll.

When you're going to do that, be sure to make it consistent, because it kinda boring to have in record of several loss instead of seeing many wins. Much better if we don't record the history of it, and whether what strategy you can make in the future; still gambling gives a lucky winning results and not an assurance of 100% wins.

No, i not doing such thing but if you are that worried about taxation matters yet you do know that your government do have possibilities of computing those expenses and winnings then
its better to tally it up for you to avoid future problems but if i were to say, as long your government doesnt require any tally or list then i dont see a reason for you to
write up everything unless if your doing it on your own will or interest.

The main reason i use crypto gambling platforms is to avoid the sniffy nose of Government  ;D so keeping records of winnings and losses is useless to me. Secondly i have never connected my crypto activities to my bank account and i don't ever plan to do so. When you connect the two. That's when trouble begins.

You have a good purpose why you do that and if you think that is necessary and beneficial in your future, continue it. But as for me, I am not tracking my wins and losses. I dont think there's a need for it and its not really a practice for me.

It takes time and effort too to make one but I dont really see that I have to do it. Also, I dont want to remember my losses.

When you have enough in crypto, you will connect them. Or are you going to buy your houses with cash and hope that no one asks questions? I want to be ahead of trouble, that's all.

online gambling isnt tax here on our country but im not sure if its really taxed on others  ? or maybe local/offline gambling are the ones that being tax the most  . i also dont keep track on my losses and wins but i remember it if ever i won or loose big  .  on every gambling site that you play ( online ) you have your stats , by there you can see your losses and your wins   .it didnt bother me too much to see if my stats are poor or good   . i dont gamble too much anyway , so my losses are only minimal as well as my wins  . so nothing special to keep track them  .

I don't make a spreadsheet to track my wins or losses because I don't use gambling for making money. If you don't want your banker to know where the money comes from, you can keep your bitcoin in your wallet. You don't have to withdraw all of your winnings and send them to your bank account. You can withdraw some money like what you did every month, so your banker will not ask about big money that arrives in your bank account. I think if you do that, your banker will be fine, and you will have more bitcoin in your wallet.

But if you still want to make a spreadsheet, you can make it one sheet and keep it for you, and that will be good for you. But I think you will need to have consistency in writing the result in that spreadsheet because sometimes, we are too lazy to write the last time result.

I personally don't do so because I don't gamble very large amounts, and the chances of an audit are exceptionally low for most people if you're in the U.S. However, it's probably a good idea to do so and you should be reporting gambling winnings and losses for taxes to be completely safe depending on where you live, of course. I suppose if you were to make a spreadsheet for this purpose, you'd be putting down the dollar value of the Bitcoin or whatever you're gambling at that exact moment and losses at the exact moment of loss.

To be entirely safe, you could always just consult an accountant. Can't hurt.

I think the only used of spreadsheet is to track your loses and wins and by using spreadsheet it help sort data, arrange data easily, and calculate numerical data. But still depend to players if they do that, if they want to monitor their loses and wins then spreadsheet is the good way to used to help them.

I mostly gamble for fun and focus less on profits. I think this will make gambling more enjoyable and less stressful if you will just enjoy it. Gambling is a good way to relieve stress after a long day work and I only do it occasionally and in my free time. 

Creating a spreadsheet is only convenient for those who are really focused on profit when gambling. That way they can monitor their finance.

I have never done something like that,
Since I started, never in my life that I think of needing to have a spreadsheet since my country do not prohibits and there is no law that crypto is taxable.

One more thing, if you will show the bank that your money comes from gambling, isn't it be more questionable on your part? Like maybe they keep on asking you to provide more proof than usual.

As per my country's taxation system, whatever happening in my gambling activities will not be bothered by tax department but only what hit my bank account. So, gambling in cryptos will not trigger anything related to tax. I gamble in crypto and when I cash out cryptos, I do get paid in my bank account which may result in taxation when I incur some big amount.

Interestingly I asked about taxes with few of my friends who trade stocks and cryptos and it seems they also not need to worry about tax as they will get paid only after taxation. But, income tax rules may become applicable to them when they sum up into some big money.

I have made similar thread (https://bitcointalk.org/index.php?topic=5198883.msg52990083#msg52990083) before but I close it already because someone replied to me and he has a point. But it always depends on the person. I guess it is good for some gamblers but for others not.

From: @swogerino

I did not do that because I have never had a significant won that can be included in the taxpayers.

Does your government accept tax payments by crypto? if not, it's mean you have to exchange your crypto to fiat for pay taxes.
In my opinion there is an easier way see how much money added in your bank account after exchange crypto to fiat and that is what will be taxable.

Record win and losses in spreadsheet requires discipline and can see how much losses can affect our mentality.

If possible then better to keep the spreadsheet because not only for tax purpose but also for your profit or loss at the ned of the day could be managed and known . This is very helpful for one to keep a track of their gambling activities and accordingly can plan the future course of action. This should be a good strategy to apply.

I normally don’t because where I live right now no one cares at all about cryptocurrencies,they have a whole lot more problems to focus on.Also if I kept such spreadsheet I would see that I am losing more than I am winning and I would not gamble all that convinced anymore.

Why would you do that unless you are living in a country where gambling is legal and you are getting money directly in your bank accounts. If you gamble online and store your money in crypto, no government will be able to know that you posses any assets. If you need to cash out in local currency, do not do it all at once. Try to cash our slowly and in small amounts and you will be save. You do not have to declare in your tax returns that you are a gambler.  ;)

I think they need to have calm to check the data because if they get lost in gambling, and they write in that spreadsheet, I am afraid that they can feel sad, and they will have a feeling to revenge the loss. We don't know what impact that they can get from checking the spreadsheet every time they want to see or calculate the data.

But that can also help gamblers to know how big his chance to win in gambling because he can see how many times he win and lose, so that can be a consideration to him to decide. Perhaps, after he knows his winning is not too big in gambling, he can have an answer not too often for playing gambling because that will be a waste of money.

It never crossed my mind to create a record or journal of my wins and my losses, if I do that I'm pretty sure I will be disappointed because I have more losses than my winning I will see my huge losses and my small amount of earnings after I gamble, I just move on and tried to forget my winnings and my losses, in the first place I have a good source of income for my tax income declaration I have not made a decent earnings from gambling so no profit can be derived there.

I am not keeping anything like this. But if I do, it will not be for tax purposes. It would be mainly for my own consumption, particularly to simply track whether I am on a positive or on a negative in my gambling hobby. Also, it is hard to keep one considering that my gambling games include offline and online games. It is easy to track online gambling expenses but it is not offline. I do cockfighting, card games, lottery at times, sports betting with friends, and so on.

I don't think this is necessary mate because taxes is our obligation so no matter how much we need to pay still it is obligatory.
and also i don't want to have a record of how much i lose same as my winning because i consider my Gambling money as risked amount that i can lose at any chances so for what that i need to have a sheet?
but anyway this is depend on our personality because there are people that loves having their funds recorded.

but i am sure,there are so very few here that doing the same thing because gamblers attitude is not for this one.

It's not bad to make some spreadsheets to track down our losses and wins. But for now, I don't wanna do that as I know from myself that I have huge losses than my wins. But if it has a good purpose like tax purposes then, why not? However, this spreadsheet will be a good tool for us gamblers to monitor our wins and loses. In this way, we can also make some good management for gambling. If there is a good impact, we can try to make one.

I think as long as you keep that bitcoin in the wallet, your banks will not know if you win the bitcoin amount from playing gambling because you don't withdraw the bitcoin into fiat. Your banker will know about your money when you send the money to your bank account, so you should tell your banker about the situation. They will investigate you from where the money, and maybe they will ask you some questions.

I don't have to make a journal to track my wins and losses because that will no use for me. I don't play gambling more often like other people, and even I don't win some money, I feel that it is not necessary for me. But it might help some gamblers to track down the wins and the losses so they can compare the percentage of the win and the loss.

Everyone can do this but I think it depends on you. There's nothing wrong if you make a spreadsheet and write down all your funds spent on gambling. As I said, it depends on you and which country you are, because in my part my government is not strict when it comes to taxation.

Aside from the tax purpose, you will also know or you are aware of how much fund you have been spent in gambling. But for me, all of these are consuming your time tracking down all your expenses in gambling and probably you can't move on when you find out that your losses are big then your winnings.

It depends on us to know what is not in winning or losing gambling so you can better know which percentage you want to know it.
To be honest, I didn't do anything like that to make a sheet of my gambling record because for me it was not important, obviously I always consider the risk before playing gambling, well, there I always count my winnings if I win and don't play anymore, stop to calm my mind and don't be too ambitious if you've won big.
There is also good to win beyond reasonable then saving his money for other purposes is very good.

No I don't like to keep track of my bets and games,
The last time I did it just makes me regret it when I saw how much I lost on gambling,
If I just saved it all I could have bought so many things that is useful to me right now.

I think most of us here are not playing taxes.
Personally I am not keeping a spreadsheet for tax purposes but to only monitor my performance, that is necessary especially if you are serious with gambling but I only do it with my sports betting, crypto gambling in our country is not yet regulated, therefore there's no liability in my part.

Same LOL. If you will track your win and loses you will just feel bad about yourself haha, and it's really hard if you are keep losing and keep betting even though you know that it's very hard to win back your money. Let's just enjoy the game and bet without tracking those loses haha.

---

About the tax, I didn't even know that if you win gambling money it is still included at your tax? Thank's for the info OP  :) Good for me, I am just betting online and I think there's no way Government can track my money through crypto  :)

It's very crucial to talk on tax issues, personally I am not aware if I am required to pay tax or not, but I believe as long as I don't receive a letter from the tax collector, I am not liable to pay any tax out from my income in sports gambling.  I do gamble anonymously, so that would mean they'll not be able to track if I win or not since most of the gambling sites that I am playing with are operating outside in our country.

This may be unfair if you do not pay the taxes form whatever source you earn money and gambling is no different. I do no keep spreadsheets and all these stuff but whatever is the final winnings from the gambling after a month, I do add them in my earnings and pay the tax honestly.
I do understand that this may varies from region to region but apparently we should all pay the taxes.

I never done it before because there is no taxed from gambling income in my country so whether it lost or win people never asked how much money they spend in gambling and for tax purposes even if i made a spreadsheet for my gambling journey then i'm sure my losses was pretty much higher than my winning

No, because there is no tax regulation for cryptocurrency in our country. But in real life gambling, we have this law that we should report all gambling winnings since it is taxable.
The reason why I don't keep a record is because I hate tracking my gameplay especially my losses. I have the feeling that if I keep it on a spreadsheet, I might chase my losses and that will make me more addicted to gambling.

I do not track or list my activities on gambling.  It is quite tiring if I have to list my winnings and keep a record on it on excel.  I am kinda lazy when it comes to recording stuff, and besides, I always convert my cryptocurrency winnings to fiat cash or invest it to another altcoin in hoping to get profit from that trades.

Aside from that our country has not yet finalized its regulation about taxing cryptocurrency so I think all the winnings during the time when taxation on cryptocurrency is not yet implemented is exempted from taxes.

but you said offline gambling is taxable  . and if its taxable we should record our gambling earning first before we pay our tax ?  gee i dont know that this is how taxing/taxation work  .  i havent have an idea with it because i never payed my own tax but i think my tax were been payed automatically before when i still have my own office job  . just keep in mind that your only recording your wins or losses on gambling because of the tax and not because you wanted to chase your losses so that it cant fcked you up   .

Same here, we don't have any tax law yet regarding crypto gambling. And since I am playing in online websites anonymously, how can they track my winnings in case we have regulations here. Remember, most of the online casinos here don't require KYC especially if you are a low roller so tracking your winnings would be too tough. And on a personal note, I don't track my winnings or losses, it will be another headache for me.

Same scenario on my case which im not really that too worried when it comes to taxation matter into my gambling profits.
So far my government doesnt still imply or do have laws on taxation so i dont make any tallies or list on my gambling activity.
If they do start on asking or implementing it up then that might be the time i will make up some spreadsheet.
We dont have any choice but to comply if you dont like to be charged up with penalties.

I think for someone who's making a living with gambling needs to do this. He can track all of his losses and how much does he have to recover within the day.
I don't have to do this because I don't want to and there's no need for me to track everything that I can. For big bettors, this might be one of their practices to monitor their progress.

I do keep track of my wins and losses, but I do not do it for tax purposes, I keep track just to have a very clear idea of how I am doing when I gamble and to never spend more than what I am willing to lose, as you may guess I am losing some money but not much since I am close to breaking even, my favourite game is poker and even if am not good at all I try to play only against people of my level and that even things out so my losses are kind of small.

This used to be my concern for about a few years of gambling but knowing that I frequent on online cryptocurrency gambling sites, I stopped since there are no known and definite regulation of crypto gains here in the country I'm staying in. I, however keep tabs on my crypto trading ventures more than my gambling habits if ever the tax dept questions where am I getting my eztra income in the future. Besides, I only won once with a substantial amount so I guess the little wins I get every weekend doesn't even matter.

How do you know which tax laws apply to crypto gambling in your country?
It's still very new and I think most of countries don't have specific laws for crypto gambling. So it's the laws for crypto taxation or gambling taxation you should apply?  ???

Don't know what's the regulation on your country about crypto but no need to be literally honest about where your funds came from when asked by your banker. In my knowledge, your gambling profits will go through a crypto exchange first before withdrawing it on your own bank. I'm sure banks there are already aware of crypto and if they see that your funds came from a legit exchange, it will not be questioned. Or if they asked about it, then just say you get it through trades or freelance works. We are already being taxed in crypto exchanges because of fees. The government will not ask for any taxes to our funds unless crypto there in your area is regulated as legal currency working like a fiat.

For listing my wins losses, I did this before but not because of tax purposes. I did it just to have a reference on myfinancial progress doing gambling.

Question is what if you are not winning but losing, will you still keep your record when this has no bearing when you file an income tax, since you are not gaining anything here, it's a bad idea to include gambling as a source of income when in fact it is not a steady source of income.

Well it’s good that you have a tracker of your winnings and losses if incase you’ll need it in the future but for me, having a spreadsheet or tracker can stress me out especially when reviewing it, the data shows you have more loss than wins and it will make you realize you are spending more instead of getting more. Anyways, if you have a very big win then don’t place it in one bank account to avoid questions you can divide it into different account or digital wallet.

When we can feel okay with the win or lose, having a spreadsheet about the result in the gambling will be good, so we can track down how much money we already used to gamble. That's kind of reminder to us that if we see the loss is too big than the winning, we can reduce the money which we use to gamble, and we can put that money for another thing. But if we cannot calm down when we see the spreadsheet, and we want to come back in the gambling games just to try to win back the lost, I am afraid that can attract us to use more money. We can lose control of ourselves if we want to get the money back in gambling.

Eh? I don't lol. Overall I'm in loss so if they want to deduct tax, they should get negative tax and offer me money lol xD because that's how it should be as if they want a part of my winnings then they should share loss with me too haha more like a rakeback. In general I don't keep a record because it's too much of a head burden.

No I am not.

Our country remains neutral when it comes to cryptocurrency. I also don't know if they know that there is this kind of activity on it. For now, keeping my losses in a spreadsheet is not needed due to this reason.

Maybe one day if the government will implement the law regarding the addition of tax for the income of crypto gambling, I might do it.

Me too i will not keep my spreadsheet on my winnings and losses for tax purposes because as of now and my country gambling with a involved of cryptocurrency is not prohibited under you are just remain neutral about it actually my country doesn't have any tax payment about gambling or they are not implementing on taxes on the money that we have winning on the cryptocurrency gambling but just like as you if our country will implement some law about paying taxes on the amount of winning of a gambler then probably i will keep my spreadsheet of winning and losing.

If i am a active gambler?for sure i will create my own ledger like what i am doing in our budgeting and records.

because this will prove how responsible gamblers are we and how we manage life accurately.because in gambling we just did not realized how much amount we are spending because all we know is enjoying and not aware we are above the budget for betting.

In Past i try recording my Gambling expenses and winnings,i remember that my wins are much more than my losses so i am pushed to play even more by chances.but as time goes by?the luck starts to fade and in years i find it always lose so i stopped the records and just play whenever i want as i have also learn how to control my emotions in gambling.
now i can say that there is no need for sheet instead what we need is our own self being managed and controlled.

I don't record my wins or losses on gambling sites because I don't spend/win large amounts. But when trading on exchanges, I necessarily save all my trading operations, as well as information from which wallets I deposited funds to the exchange and to which I withdrew. This is necessary not only for paying taxes, but also for some exchanges that make sure that your money is clean.

I never make any document of my gamble activities
Here in my country we need to declare our cryptos, but we don't need (yet) to inform the origin of cryptos
I gamble in small amounts of money and never gained a substancial prize, one day, IF i win, I'll have to look how to declare to be totally legal, but otherwise I'm just having fun giving money to the house  :D :D :D

Same here, it's kinda weird for the government/bank there that you will need to record even your losses and wins in gambling and especially even using cryptocurrency such as Bitcoin.
It's really depends on jurisdiction of every country. But I think even it is not required by the government of banks, it is still useful just for personal records and also it will help to assess your gambling activities.

The only record I have when I'm gambling is the record on the website I am playing in. I don't really tally my losses nor wins and not even for tax purposes since crypto earnings are not taxed here in my country. I only track my losses and earnings just by my  profile nothing at all

You dont need to keep tracks because crypto gambling are anonymous, if it uses peer to peer transaction. Also some gambling sites doesn't ask for personal info like email or KYC. My recommendations are: Luckydice, Kawbet and OneHash.
You just have to use those when you gamble that way you'll be off the hook and before overthinking things, does your country have laws regarding taxing crypto earnings ?

I haven't done this keeping record of your wins and losses in a gambling. I will feel regret in case of tracking all my big losses. It will just reminds me the amount I spent in gambling instead of buying important stuffs. In my country there's no need to document the income from crypto since it does not requires for tax declaration.

If you have a history or spreadsheet to calculate losses and losses experienced. That's just for yourself, so you see how much you spend on gambling and how much you have won. For me, I have never done that, as long as I have money. Then I will try to play gambling to get the victory. And for taxes, in gambling there is no tax that I spend.

I would not even think of that we file income tax because it's a source of our income, we should never treat gambling as a source of income, because you cannot guaranty that you will always win and this will put you in big trouble with the tax officer, and besides some tax bureau will not include that, unless you are a gambling operator.

I really don't get the sense of making a spreadsheet for the winnings and losses for the sake of tax, Listing your winnings or losses can make you realize different things and most of the things you will possibly realize will have a negative impact to your gambling experience.

If we gamble online using cryptocurrency, I don't think we need to compute our taxes for the sake of banks. I understand that the bank will think about where did you get the money you have but having a spreadsheet for the winnings and losses on gambling will make the situation worst, especially if the bank is a hater of cryptocurrency.

I personally don't have spreadsheet to track my winnings and losses because it will certainly upset me and make my gambling experience worst.

To be honest it doesn't makes sense on making the spreadsheet of your winnings and losses even though the banks required it because it will just make you realized that you have been lose all the time because if you compute your losses I am sure it is more than the things that you have already won. So it would be better if you will not just compute and make a spreadsheet about your income or losses in gambling because it might really have a negative impact especially when you are currently still playing until now.

Usually, many countries have a tax on gambling winnings, so I would recommend that you check this in your country. The penalties for non-payment of taxes are quite serious, so it is better to double-check everything once again.

It was also what I was thinking I don't really want to keep track of my gambling games.
Most of the time I would lose all of the money that I have deposit so I don't want to record it so it doesn't make any sense at all.

Since i only gamble sometimes , i don't need any sheet to summarize about my win and lose. I just let ut go whatever the result, if i won , i will stop and if i lose, i will stop too. But it seems OP is often to bet big so it's affect with his tax report

I am not a big gambler (gambling with capital above $ 7k), I am only a gambler with small capital so I think there is no point in record my wins and losses, and my country only taxes if the person has income above $ 5k / month..  I think only a small proportion of gamblers record their wins and losses.

He is maybe making a lot with it and that's why he has thinking about the tax. He has a clear vision why he's doing that but many here doesn't do that and if it's the declaration of tax, before continuing and telling that you have earned your money there.

Know your laws if online gambling is allowed in your country.

I don't do that kind of thing. I gamble seldomly but i never track or record my losses and wins.
For me you will be having negative impact if you track it. Because what will you do if you lose? You will be encourage to gamble more to regain what you've lose.

Taxes may be important if your country legalizes gambling and gambling houses, but what are the benefits of documenting winning and losing in gambling activities if not because of financial controls.

Now many people like online gambling games because they want to play anonymously and are unknown to others including the government through identity. Crypto gambling site has provided facilities anonymously and it doesnt make sense for me to tell the government if I pay taxes on gambling wins because when gamblers lose nobody cares or guarantees gamblers. So whats the point of telling the government to pay taxes on gambling wins?

I do save some of them but that is just when I am using my money, I don't use my cryptos most of the time just to save them.

I am also doing that for the sake of the losses so I could stay track of it though I am not doing that for 2 months now since I've been busy with thr OTs in my job. Another thing is that if the government do not know my wins and I just say that I lost a lot, I would not have a problem. That is something taught by us by our taxation teacher.

In my case, I didn't keep a track of records for my wins and losses. Except for the reason that I don't often play gamble, for me, listing records for wins or losses is just a waste of time. You will know for yourself if you are winning the game or losses without jotting down your records. The advantage of listing the records is that you can monitor, how much money you've spent in the game.

Do you mean from gambling site > crypto exchange > bank? Generally, your crypto earnings will not be subject to tax*.

First of all, exchanges, in most of the cases do have terms about funds came from gambling. You should not mention those if that's prohibited. Fortunately, crypto exchanges can't track easily if those funds came from gambling sites. So if ever there's a question, just say it came from your freelance or trading activity.

Now with the banks, they are really strict for the account that suddenly received a big funds. It will trigger the alarm and that's normal. If there's a question, just do the same thing I have mentioned above. After all, your bank will negotiate with the crypto-exchange where the funds came from.

Anyways, my statement can't be applied generally to all since different countries have different legal views regarding the use of bitcoin. In my country, no doubt a crypto-friendly so somehow that problem of yours isn't really a problem here. But as much as possible, I stay away from bank transfers during withdrawals even they are the most convenient method when cashing out a decent amount.

I have not tried this at all, but if you usually use a be wallet address for funding and deposits (taking your profit) you would be able to track your winnings on it by checking all the transactions, it would be of course better if you only use that address for gambling related purposes.

Taxation of bitcoin is not yet a topic of discussion in my country, but if one won a very huge amount of money, it would raise some eyebrows when it's being converted to fiat currencies.
I think OP was not discussing the taxes on gambling wins, but those made with Bitcoin in countries when Bitcoin is a taxed commodity. A huge win in Bitcoin would be a little bit of a trouble to convert especially when you've not converted such an amount before.

I have never done this before and dont know if its true that we can get tax cuts from gambling loses.
For tax purposes its only if a CRYPTO trans is done that I must report to my taxes

Correct, I dont see any necessary thing to have a spreadsheet for tax purposes. Once it will transfer into your main wallet, that is a perfect time to save for the tax purpose if needed. The negative side of making a spreadsheet in gambling is maybe when you know how much your losses and maybe you will become frustrated and more chase your losses.

I never make spreadsheet for my gambling because I only use free money from faucet, airdrop, give away and bonus deposit. Always disciplines with rules to avoid addicted because the main problem is not about win or loss but about addicted. This problem only can reduce by disciplines and I must say also giving positive impact into my trading activity. Use gambling to train your psychology, experience and money can get at the same time.

Of course not, why would I do that,  as far as I know there is not tax in gambilng in online, so for me there's no reason to pay a tax because no government involve to it. I do spreadsheet  for my wins and loses but not for tax purposes but only for monitoring. Spreadsheet is one way to you to know if your too much loses encounter, also if they record all their wins and loses it helps to players to limiting themselves once they experince huge loses.

For a person who is addicted to gambling, it would be useful to fill in the spreadsheet and specify all the amounts that he lost on gambling. Then at the end of the month, you can sum up and count how much money was irretrievably lost for the month. This can sober a person up and make them stop gambling.

For those who play very normal and not addicted to gambling, they also often do not store data on spreadsheets, so expect a gambling addict to be able to store their achievements on a spreadsheet, that would definitely not be possible when they were lacking in awareness and alert when engaging in gambling, they will never stop gambling with this method, if this method can be successfully implemented, the number of gambling addicts has decreased significantly. Another reason for not storing on a spreadsheet is that countries seem to be putting gambling on the blacklist, gambling is against the law and no one who wants to store materials can bring them to prison

Keeping a record of all of your losses and winnings in gambling will definitely make a gambler sobs and regret. Buy i don't think that will be enough to stop a gambler to stay away from gambling because he will still  tempts to play no matter what happens as long he finds gambling as a hobby and makes him greedy.

My government doesn't charges me any tax when I'm playing in casinos overseas. There's a limit on how much I can take with me while going aboard and they look at the source of money when I bring them back. As I'm using digital tokens that are not money, it doesn't count as the money I'm taking aboard as I'm not going aboard but still gambling in casinos overseas and not brining that money back home. So, there are no taxes to be paid.

In my opinion it is imperative and a must to keep track of all the money you spend regardless of the reason, this is the only effective way to create a budget and begin to save and time later to begin to invest, I know that for some this is going to take away some of the fun of the games as you are treating now one of your hobbies in such a way but it is necessary, besides as soon as you begin to spend more money than in the past you will notice immediately and this will help you to reduce your gambling expenses.

Not really making any sense if you do tally in regards to expenses or on the money you had spent towards gambling.If you are aiming for investment then better focus into this field
rather than considering or including gambling into your list.

In some circumstances if it do already involves taxation then you wont have any choice but to tally it up but its my first time to hear that someone is being required to include
your gambling expenses towards on your tax matters?

I don't think I've ever seen a country where gambling wins are considered taxable, while gambling losses are considered tax deductible?

That said, I have heard about people getting taxed after winning the lottery in the states? Does that mean these people can also claim tax relief if they fail to win the lottery or lose a big amount?

Seems only fair.

In any case, I don't bother keeping track because I only wager small amounts, so even if I add it all up the delta between wins and losses would be so small its not even worth the time and effort.

This is everyone's business. Personally, I would recommend running a spreadsheet to see your results from all gambling games. It is also useful for people to realize how much money they are losing. I would not worry about the fact that your tables will be available to the authorities, there is no need to write specific names, game names, etc. and then no one will know what expenses and income you are counting.

---

If a person is only at the initial stage of attachment to gambling, then seeing how much money he loses in a week/month/year and comparing what useful things he could spend them on is a good cure for attachment. If a person has a serious addiction to gambling, then of course a simple calculation will not stop him.

I am not doing that since I could stop and the thing is that I am addicted in the past, the problem I have with that is that it might trigger the depression I have. I am avoiding myself from sticking to that past because that is really hard for me. I gamble just because I want to, I stop because I had to, that is what I am always thinking when I am gambling.

Exactly and this is similar to how some people manage their house budget as they will always write up how much money was spent on what and they will review it every month for example if someone notices they are spending 20% of their monthly budget in shopping, movies, etc they could easily tighten up and save more.

Similarly in gambling when you have a record of how much you are loosing it gives you control over gambling and another thing to note is how much time you are spending into gambling because not just money but the time spent on gambling and other entertainment activities needs to be monitored and hence controlled. For someone who doesn't keep a spreadsheet of their losses they cannot control their addiction let alone the tax purposes and other aspects.

I did not calculate or write down my winning and my money that I lose now but before I compute it because I want to know the total I earned or I lost. But I realized once I saw the calculation is not good I have mindset that I need to play more to go back of what I've lost so right now once I lost I move on and once I play when I win Im happy and contented.

I doubt he will stop gambling after he sees how much money he win and loses because if he loses, he will try to get his money back by playing more round in gambling games. They never try to stop gambling, no matter if they lose, but the spreadsheet will help a gambler to know how much money he uses in gambling. But making a spreadsheet will give us information about the percentage of the winning and the losses that we got in gambling.

Makes sense but let's think like the government takes tax of what you earn but that doesn't mean if you don't earn or actually pay someone then the government would pay you tax for that, right? The government takes tax for the services and conveniences you got for the services offered by them even though it's actually the gambling site that is providing services.

But there are countries like where I do live, huge tax applicable just on winning from gambling and lotteries. But, no one will bother when we book losses. But with cryptos, we can gamble anonymously hence never need to worry on taxes. Also, I rarely win from gambling so taxes are not my concern so far.

same as a trading diary/journal.

keeping track of it is mandatory if you want to study your behavior, learn with it and improve your gains in the future.

This is a big no. It really is hard to take notes of your wins and losses. It does not work simply. And yes, who would do that anyway?
Maybe the best thing to do is to find an alternative way to put your wins into something like businesses. That is the best way and you would not explain anything to your banker. Nevertheless, you just have to make a few sales^ on your business's account and that is it. But remember that gambling is not a business, it was created just to have fun for us as a bettor.

This is not necessary for me, at least not for the tax purposes, in my country gambling profit is not treated that way, unless we talk about really huge sums.
However, it's not a bad idea to have records on your wins and losses, at least to have the insight in the ration between these two and to be aware what is your exact position, that might open your eyes and maybe make you to change the strategy.

I wouldn't do that to be honest. Betting with crypto is hard to trace back to a real person's ID and I would guess that a government would never bother unless there's some really serious indications towards money laundering. I'd only track some gross earning if I'd wanted to cash out a big sum in FIAT but otherwise, if it's below tax limits then it'd keep it... No reason for government to know.

That was pretty cool and it was really helping us individually to track our winnings and as well as to know how much we lose. But generally, it never helps us to increase our chances and recover our losses. Because for me, the more I saw my losses, the more I've got into trouble and make me not gamble anymore. It gonna be some sort of changing mind when a look into the record, that is why I don't make that one so I can just think in my mind and just counting my winning and forget about the losses I've to get.

If you wanted to improve your status in trading right now, following all steps that will benefit the progress of your growing asset. In crypto holdings, the government is always separated from decentralized spending towards centralized fiat currency. There's no need for detailed information just for tax purposes. Confidentiality must be applied for this certain position.

So your taxation teacher is teaching you corruption. As a nation and great citizen, you shall not hide your assets or gambling profits. Well just to evaluate yourself and your strategies of gambling, it is always recommended to keep track of your losses and rewards. There is no other way than this to assess yourself.

Definitely no, it will reminds me of how much I lose when I'm into gambling. It does not comes in my mind to create record to track all of my wins and losses even for tax purposes. Well, we have different behavior when it comes to gambling. Some being cautious every detail must be recorded.

That is not what I am saying, what I am saying is that since gambling is an expense we need to keep track of it no matter what and do it in the same way we keep track of other expenses and as such once you do that you will have for the first time a clear idea of how much money you are actually using for gambling, and once you do that then you will be able to establish a budget for your gambling activities and if you have the inclination you could use the money you have left to invest in this market.

I never think keeping a spreadsheet just to record all of my losses and winnings in gambling because it won't really change my mind and have regrets because of it. I really just wanted to gamble for entertainment or for leisure time, and i always separate all of my tax bills and other things before i gamble, so i don't worry nothing even i lose.

I never thought of it too. I'm not conservative with my losses and if I win, I just celebrate it alone and not listing it to any spreadsheet or even a blank notepad.
The losses that I'm making as I gamble, don't matter to me and it's not needed to be recorded so there's no actual record that I must do.

Corruption? Are you kidding me?

So you want cryptocurrencies to be taxed? Are you kidding me? That is the usual reason why a lot of people are using cryptocurrencies because it is not being taxed. Anonymity is the reason I am using it, and you want me to not hide my assets and gambling profits? If I am corrupting then I think you are, we all are since you are not paying for those Bitcoin and cryptocurrencies you've earned here.

Keeping spreadsheet of your winnings or losses will give you a headache because you will see that you will have more losses than winnings.  ;D I am more than positive, very few gamblers are doing this task as it will add more stress to them but if you really want to see where you spent your money, this is a good one to track your expenses especially in gambling. Maybe if you see the real picture of your gambling habit, it would be easy for you to change your lifestyle.

You are right. When we keep that spreadsheet and look at that spreadsheets, that can make us become sad to see how much money we already lost in gambling games. Besides that, if we see the number of losses that we made before, that can make us feel I will try to get the money I've lost back, but the fact is we will hard to do that. But I don't know if some countries will need spreadsheets from gambling for tax purposes because the regulations for every country will be different.

i think depend in which country you live mate?because i believe that in some places taxation from gambling wins are required though it is not in mine specially for Online activities.

but yeah including our fun activities with luck for taxing is not necessary unless you won a really Big amount that will be questionable if ever someone finds out.

and also if time comes there is a winning big?let us try not to seek for another bigger instead lets take this as a very lucky day of our live to be treasured and not to break even more.

Personally I don't think of taxes when I am gambling because I am not paying taxes in any way.
Gambling in our country is pretty much prohibited, that's why I use crypto gambling to evade that prohibition, so there is no need for monitoring to pay taxes. I have spreadsheet, yes, but that is only for the purpose of analyzing my bets, and to determine if I am still effective as a gambler.

If this happens to typical gambling, I don't see why it won't be tried on cryptocurrency trading Does this happen in real life in countries? I guess you only get receipts for big purchases (especially where I live). Besides, the small purchase are normally taxed indirectly.
I prefer the indirect tax, by the way. I don't think it's a good idea to keep track in such way of things we purchase in both physical and online worlds. It should be based on choices.

Sometimes if I knew I'l be taking a lot of time gambling to keep track at least in my bet or if I even gain from such time. I gamble but not as usual as other gambles out there that's why I don't really rely much on spreadsheet, records and etc 'cause in my side it is just a reminder depending on a total time I'll spend playing. May be those who use spreadsheet, is a big time gambler who happen to have a big fund, and big bet on the line that's why they can't keep up using a mere mind, memorization. Or may be people who are totally into gambling.

I have a friend who is active in gambling. As far as I know, he is not tracking his wins and losses. No journals, no spreadsheets. He just go with the flow of his wins and losses. He don't often win but if he win, I say he almost or he gets back all of his losses. In the long run, that journal that have made may tell you either how much money you lose, how much money you won or if you just get back all the money you used.

It's the actual feeling if you have more losses which we certainly do have.
Everyone has the experience that the loss is more than our winnings. It's the dominated result for everyone so if you want to track yourself from the bottom to another bottom or a success, you have all the means to do it or not.

Sometimes, when we have that journal can make us sad to know the amount of the money that we've already used to playing gambling. But good for your friend, and I think he won't feel that so he can still playing gambling without knowing about the result. Some people make a journal of his activity in gambling, but some other is not make that journal. The journal itself will help us to monitor the money, and if we think that we should reduce the money we used, that will help us to manage the money itself.

Keeping a spreadsheet for tax purposes might vary depending on which country you are in, in my case, I am in the Philippines and we have a certain range of income wherein, that is the only time you should pay taxes based on your income. So with that regard, it isn't necessary for me to create and keep a spreadsheet since I am not betting that much amount and not winning big amount as well. What I am just doing is to screen capture whenever I receive a decent amount of funds from gambling just to share with my colleagues. Though, I think having a personal spreadsheet without considering the taxes we need to pay is still essential to keep track of our gambling activity, thus, make sure that we are still not breaking our limits in gambling.

It’s a good thing to keep a track of amount spend and earned from you gambling beacuse at times this can help you to know in a year how you being doing . Unless if you play occasionally for fun then it would differ else for those who are into full time or addicted to it this spreadsheet may act as an eye opener for them when they realise how much they have being losing the actual money or otherwise .

I am from the Philippines as well, and yes you are right there is a bracket on income tax but you don't need to pay taxes for your gambling income because gambling is illegal in the Philippines, you don't want to get caught, don't you?

I should have done this years ago before i totally become addicted,but lucky even that i did not make spreadsheet still i managed to escape the call of addiction and make my way to changes.
now i am happy playing small bets and just feeling the excitement of gaming.
well we are lucky that in Our country there are no taxes needed in gambling but in other parts of the world there is and not small but Big part of their winnings are going to taxes.

If I had to pay taxes for my gambling income I would have but there is 2 lethal points that causes me to not pay at all.
One : It is against the law to gamble online in my nation, so there is absolutely no way I can pay taxes on that, I mainly gamble on crypto so that nobody knows I am gambling, I rather not let the government know about it let alone pay them about it. That is the big real reason, the second reason is not that important.

Second reason is : I do not win all that much when I am gambling and in the long run I do lose money so it is not really all that much of a thing for me to pay taxes since you do not pay taxes when you lose money. Maybe I do win time to time but I reuse that amount to keep gambling so I end up with never withdrawing and only depositing.

Most casinos offer the possibility to see the history of your account so you can see how much you have lost without using the spreadsheet, however I think making use of the spreadsheet is a good exercise that will allow you to have a clearer picture of your finances and how they are affected by your gambling activities, in most of the cases even with the losses your finances will be fine but if that is not the case then you have found something that must be corrected immediately.

In my case, the situation is a bit complex. Here in India, gambling (both online and offline versions) is not legal. So I am showing the gambling profits in my income tax return as "gifts from abroad". That said, I normally gamble with small amounts, and cumulatively I have lost more than what I have won. I have a few low value transactions to take care of, and this helps me to stay under the radar of the tax authorities.

I have never kept a record of my gambling profits or losses for tax purpose the reason is the same as yours. There is only one option and that is showing them as gift from friends. Now since the band has been lifted you have to show them as profits as exchange will not be processing payments using P2P service.

Not on my wins and or losses, but it did strike me about six weeks ago just how much money some of the signature campaigns are paying out per post, or, per week ( US$ $6 per post in one SigCamp's case).

I had been mulling over my overall tax position if I were to join such a high paying signature campaign from a purely hypothetical perspective of what do I need to keep a note of (who paid me, how much in BTC, the US$ equivalent and then the exchange rate into AUD).  It then occurred to me that instead of just thinking about joining, why don't I actually join?

---

---

Likewise from a hypothetical perspective I'm guessing you'd really need to talk to a Tax agent - the questions they will ask you are you a regular gambler and if so, do you have a set amount out of your wage devoted to gambling?  If you just go out on a Saturday night once in a while and have a small wager, then is that *just* a social thing, or, is it earnings (or losses)???  (the same applies to any online Casinos or Gambling Dens)

Same in my country, well the only legal gambling is the lottery,,, not casinos which we do not have so any type of online gambling that is not from my country is illegal. Though I have never heard of people going to jail for it. The most that happens is a house gets raided for playing poker or something;)

So far, I haven't done such thing of taking or keeping any records of my wins and looses on playing gambling because it will be needed to exert an effort to do such and I do not really want to take note of those because what will I do on it if ever I will make it? I think it serves no sense for me instead it might just trigger frustration on me seeing how much money I got loss than wins. I am just keeping myself aware and limiting my budget on playing gambling to avoid loosing so much money. I think by that way, it will enough to monitor if I am still playing on my limitations. Also, I just tend to enjoy playing that is why I do not mind to keep on track with my wins and looses to avoid frustrations if ever I have more looses than wins.

I highly doubt most people that gamble Bitcoin are going to keep track of their wins/losses. Not supporting tax evasion but honestly, who is meticulous enough to log each deposit and each withdrawal and then track how much their profits or losses are. If you cash out your cryptocurrency into fiat, then in that case, paying taxes are easy to calculate and are unavoidable if you do it on an official exchange with KYC. The IRS can't enforce Bitcoin casino deposits with almost all of them being based out of Curacao.

They dont, that is why they are gamblers. If they did that then the losses would become too evident in front of their eyes. ;D

Sports betting, spot traders and similar other risk-reward schemes. They need to keep track of what is happening and how much they are losing vs winning. They come under that group is not that charged up like addicted gamblers but wise enough to assess their situation.

By all means, do pay taxes if you are cashing out or not based on local rules about bitcoin and gambling related income. Also use a wallet in between sending from the casino wallet to exchange wallet because sending directly only increases the risk.

I do keep it and better to keep because at the end of the month and year you should be knowing how much you have spent for entertainment and if it has being loss or profit and how much approx. Also beneficial for the tax purposes and if gambling on the sites then you might get the data directly if the sites maintains the history of activities and bets.

In my country, this is very easy to deal with. All earnings in cryptocurrencies that I make by investing in new projects, trading on exchanges, gambling - are not taxed if I withdraw cryptocurrencies to Fiat on specialized exchanges located in my country. This became possible after the legalization of cryptocurrencies at the legislative level.

I've never thought of that and I guess I am not going to do that, it's quite depressing to know that you lost a lot compared to what you've won, I feel that my losses are higher than my losses and I don't want to know the exact figure, I just want to play and forget my winnings and my losses.

Right now I play gambling not as a job, I do gambling for fun. So I did not make a spreadsheet of my gambling results. Actually I have
thought about making a spreadsheet for the gambling results that I have done. But not for the purpose of paying taxes,but to judge my
own ability in playing gambling. By making a spreadsheet I can find out the amount of profit or loss as long as I play gambling.

and that is sucks having sheet?that is for addict in which has no control over their addiction thats why they need some mind blower.
seriously?have you?or just another nonsense story here.
yeah looks like legit Lol,anyway playing for Fun but having spreadsheet?

No, gambling is fun, not a way of earning for me. As it is so, I am not gambling with very high amounts of capital. I really wonder if there is anybody who created such a registry. I also know that if we assume that cryptocurrencies are being gambled, taxing cannot be done because no state can learn the source of money. Of course, this is valid when the paid gambling service does not report this information to the states. On the other hand, I do not think that anyone will record all the game records one by one. After all, gambling is risky and there is no guarantee of winnings.

I am not keeping a spreadsheet for my gambling expenses, neither for my personal use nor for tax purposes. I am not spending large amounts for gambling that is why I don't think I need to keep an organized record for it. As far as tax is concerned, I am not paying any from my small gambling wins.

I'm just confuse a bit on the tax matters because AFAIK, we pay tax when we make money, just like a business, we need to be in net profit for us to be required to pay taxes, in gambling, I guess most people are losing in overall, so why pay taxes on that?

I don't because to be honest I don't pay taxes on cryptocurrency and that includes crypto gambling. My coins are not connected in any way to my identity as they weren't purchased at places that required KYC. They aren't mixed but could as well be, there's no way of linking them to me and my bank account. I also don't pay taxes on any of my cash transactions for the same reason.

I have not even think about making a spreadsheet with my gaming activities. I don't really think that it is necessary when we don't gamble that much. We have the same thing, I don't put too much capital into gambling since I don't want to waste and risk my money. You're already lucky if you can win enough with small capital. But even some big gamblers, I bet they also don't make a spreadsheet about it.

Keeping a record is just an increase in work, so I don't really monitor it as well. It will also just bring us frustration. Monitoring my wins and losses for tax purposes doesn't really necessary for me since I have not won such a big amount of money.

One day you might regret some of those decisions. At least the point is to start monitoring your habits so you know where you are losing out more and in a more broader sense for tax purposes/income-expenditure purposes. It is painful too look into but similarly for a trader they have to maintain excel sheets to keep track of trades. If you wish to become a wise gambler who knows when to stop betting then you need to start charting your wins and losses.

However this is more applicable to sports betting like I have already said, which can be compared to Spot Trading being an EV+ type of risk/reward scheme.

I haven't think of doing it since today. Well, even knowing that I might have a problem with documenting on banks the details if ever that I have a huge winning, it won't change the fact that the bank will probably freeze my money even if I have documents stating of where I got the money because when it comes to gambling, banks in our country will surely give you trouble.

You can always lie actually, banks will not freeze your money without reason and they won't know that you money is coming from gambling if you will not tell them, just tell you get it from your family as remittance, actually they don't have the right to ask unless you are suspected of something illegal.

i do not keep a spreadsheet with wins and losses, think that it is not required in my country
although, i know that i do not have surplus in my gambling, usually just losses in bets made for fun

Since bitcoin and crypto money is not legal (or illegal) in my country, so no one declares how much crypto they have and hence no taxes on crypto. However if i convert my crypto into fiat, then ofcourse i have to pay tax on that fiat money. For this reason there is no need for me to create spreadsheets to calculate how much i earn from gambling.

There is a big difference of not legal and legal.. not legal could mean that crypto is not yet regulated in your country, because if its illegal then you would not have to explain below.



If you will convert it into fiat and you still don't win, you don't have to pay taxes on it, I am not sure if the government could really go after you even if you will not declare your winning as we are gambling in different sites that could be operating outside your country, I'm referring to crypto gambling sites of course.

Banks need customers you know. If you think the banks dont know what you are doing with the money then you are mistake, they already know, but then you still fall into any trouble. The reason is that banks know that gamblers are also good customers for them. They will need loans from time to time. Deposit some big wins if they are wise enough and so on.

Hence lending organizations keep close contact with gamblers as you can understand one needs the other to survive. Tax purposed may be a different issue here since that is pertaining to the government and its link with users money. If bitcoin becomes illegal then you are at risk of using it, though most countries are not doing any such thing yet.

Here in India, online gambling is illegal and no gambling sites are operating from here. So I can't show the returns from gambling in my tax returns. So what I normally do is to show any gains as gift from abroad, or revenue from software sales. But that said, most of the time I don't have to show anything (because in an average year, my gains are lower than my losses  ;D).

As long as you don't claim to have crypto to your government, I guess they will not be suspicious with your account ;D

Usually, they will check our bank account to find out about each transaction that we made so they can ask or investigate where the money comes. So if you don't make a strange transaction that can make them curious, you will be fine ;D

Are you sure that gambling in India is prohibited?

Some states made games like lotteries as illegal but other than that online betting platforms are still legal there and even many sports events in India is sponsored by those service providers.

I did not do this, because my country does not have strict tax rules

tax is indeed an obligation but not in all countries have strict rules, maybe in your country, you must record your wins and losses in the spreadsheet for tax purposes, you are very tax-obedient

Same situation here on my country on where they arent that strict when it comes to tax as long it would really be out on their borded.Usually the ones who get taxed
are those businesses out there, government employees and all sorts but when it comes to gambling industry matter then they dont care that much.
Come to think that even national lottery is tax-free.So the answer in regards about keeping some spreadsheet for wins and losses isnt part of my routine.

If that is the case, I think we don't have to gamble because we should report the spreadsheet for the tax to the government. Or we can use crypto gambling online to playing gambling, and we don't withdraw for some time the win money, and we could withdraw by the help of someone who will send the money to our bank account. People will find a way to hide their money to avoid the tax.

We have similarities in terms of tax rules, in my country there is no need for each individual, we do not have that much tax for gambling but I guess in every country, once you start getting money and you are not declaring it then the tax bureau in my country will raise some eyebrows in your direction. In my opinion, you don't have to keep a spreadsheet for that, I think there should be some kind of exemption present in your country. Do not worry about that as long as you are not getting your money from illegal activities, unless gambling and cryptocurrency in your country is illegal then you might have a problem at hand.

Lol even Bigtime gamblers don’t do such thing (not unless maybe those businessmen where they need to have record for their own managing) but I believe that gamblers usually deny to learn how much they lose instead loving their winning amount.
I have been gambling since i was young but never imagine recording my money for gambling .

The first thing we do is understanding the tax law relating to gambling, every country there's a different law on gambling and in my country the law on gambling is not define, and therefore most people are not paying their tax when they win. Also, I am just a gambler who gamble on sites that is operating within my country and I think the closest that would pay their taxes are those who are constantly gambling in a physical casino.

See there are loopholes in every system and they exploit those to cover up their business. If you have the urge to gamble then dont worry, you will also find a place to gamble. Take for example the Delta group who runs a monopoly business there with their offshore casino ship in Goa. The rules say "no land-based casino" - so they used it as a loophole and built a casino on water. Search for it and you will find to too.

One of the reason why bitcoin is used is for them to evade the taxes, like it or not. But governments earn from taxation so you have to comply or face consequences in many countries. Bitcoin is still a grey area and so they are likely not getting enforced. But best to keep a track so that in case it becomes taxable you can back up yourself.

I wonder how many people here are really keeping their record in gambling? The OP should have made a poll regarding who is keeping a record of their gambling activities or not, so we know basically what is the percentage of those who are keeping a record. My guess is that it will be very small percentage.

I am, but I am not consistently doing it, and just for a selective type of game only, especially for sports betting.
I list my bets and the outcome of the game and analyze based on the percentage result, it's actually easy to do it, it's not necessary to do it online like other gamblers do, just use an Microsoft excel app then you can make a record of your own.

However, for tax purposes, I don't think as a gambler I'm required to pay.


Agree with that, but I'm guessing in advance majority of gamblers are not making a spreadsheet.

I only tried it once of keeping a record or spreadsheet for my wins and losses in gambling, so I could track my money on how much I spend my money in gambling that everytime I make a bet I always record it in my phone, andd it only makes me realized that I really spend a lot of money in gambling and it is so disappointing. But I still gamble though for only entertainment and leisure time, but I can now control myself that I avoid spending too much money in gambling.

I am not keeping any track of spreadsheets because i do not want to record my win or loss. I find it time wasting to record such things. This won't help you to recover your losses and also it won't help you to win more games. So why do the hassle of making the spreadsheets on wins/loses ?

THere's no reason for me to do that for the simple reason that there is no receipt that can prove that you won and you lose in a betting site and they will suspect you that you are manipulating your income here, so it's better not to include it in the filing, it's different if you won in a lottery, it's already taxable, no need to file it. 

It is in fact a responsible thing to do as a gambler to keep track of your plays in order to make sure that you can pay taxes well, but for me, as a small bettor or not a big-time gambler I can say, there's no need for me to do this as I am not earning too much. But the only reason I think when I should do the same thing is when I want to keep track of my losses, to discipline myself, and to learn more in gambling. Up until now, I am not aware of any cases regarding tax evasion through gambling with cryptocurrency. As what I know, I already utilize taxes when I use my local exchange through transactions and e-commerce.

Our National Tax Collection agency has no announcement about Cryptocurrency taxes even though Cryptocurrency has fast becoming very popular here in our country, they are taxing establishment and exchanges not individual, maybe in the future we will be taxed bit right now we enjoy our tax free profit from Cryptocurrency.

The government does not regulate crypto right away, they will first check the market and when they see that the popularity is already growing, that is the time that they will start to tackle and make regulation to it, I like to think that crypto in your country has not gained many users yet but expect if your government are not against crypto, sooner regulation will happen, and that means we have to report even our gambling transactions.

I am pretty sure , you might or might not keep it but The government would sure do.
If it is legal for you to do Gambling in your country you do need to be very careful of what and where you are doing it and at the same time avoid the sites which asks for KYC. I have seen a couple here on the forum.

I do think every Gambler should Gamble in Bitcoins since this would mean you won't have to pay taxes for some countries.

But unfortunately ok the other hand there are countries asking for as high as 10-20% . If you win something then you have to pay them WHEN THEY ACTUALLY DID NOTHING but create problems for cryptocurrencies. Nor do they support it in most countries .

As a responsible citizen one should try and keep a spreadsheet and but I don't think one should pay taxes regarding winning things in cryptocurrencies since, it is not something which government is technically supporting or even using.

But being a responsible citizen who does not want to have problems one should always keep .

Well, that will depend on the place where I live. If my government force you to declare you're earning to pay tax. It would be better to follow them and not abide by rules. I did not experience this but sometimes there are gamblers than willing to spend their precious time just record everything about the result that they'd lose or perhaps win. Indeed, different people have a different perception on how they handle the way they spend money and for the purpose of gambling also.

---

Indeed, we have nothing to do if they are willing to spend time for staking their personal gambling records.

If they are businessmen, they must report their tax to the government. But I don't know if they gamble, they need to report it to the government too or not. I think they will hide their activity on gambling because maybe they don't want to add more taxes to their report lol. I am playing crypto gambling but I don't report my money for gambling too ;D

We are all required to report to our income to the government, whether we are businessman or not.
Tax laws are almost similar in terms of implementation in any country, so it's a basic rule that we play income tax for our income.

the only difference is some countries are good with their monitoring, while the other are lax.

At the early time of the gambling, I just wage and make a lot of earning, of course, there are some losses on it but most of these do not have a record I just know is if I make an investment on gambling then I wage and at the end of the day and gambling is there is a change on my balance like if I gained profit or loss some funds but it is not good and appropriate I realize than I just need to have a spreadsheet to monitor how much earning I get every time I gamble.

For my new start into the world of gambling with the use of the spreadsheet, it's easier for me to identify how much money enter on my balance every game is listed and every time frame because it is easier to have concrete details of your information at the end of the day I saw that I earned a profit on my total income which is good but not all the time I win my games with the help of the spreadsheet it's gives me a detail that I already loss of almost a hundred dollars because of that now I made a note on my spreadsheet and after I analyze what's the problem why I lose I make a conclusion on it so it cannot do the same mistake again.

I cannot and will not be able to keep up with recording all my losses and winnings and I don't want to remember how much I lose in a given date and besides you don't want the tax revenue clerk to think that you are making money from gambling that is why you included it, it's better to do away with it, you are safe than including it.

Taxing does not matter to you if you regularly pay taxes.
In addition, the tax authorities will find out about your records unless you yourself show them to them.

Making profit and loss is always useful, if not in gambling then in ordinary life.
This is just a tool to keep things in control. If it hurts you to see the loss figures, then you probably may have some addiction problems because you are too emotional about losing, and meaning winning can be critical to you.

Never did this way. I gamble for fun and not seriously for money. I assume that people who record their wins and losses on a spreadsheet, totally gamble for money only. In this way, someone will count regularly how much he spent money and how much earned money. It is too serious for me, and will be useless even I know to have more losses than profits. I am aware that I never expect to earn regular money from gambling because it is almost impossible. So, I don't care about how much money I spent. You know, making a list of losses in a spreadsheet will actually stress us out!  :D

Same, the winnings and losses do not matter to me as long as I'm having fun and being entertained with my friends. Keeping a spreadsheet or tracking your gambling history will just stress you out for knowing that you've spent a lot for nothing. Gambling isn't a good way to earn a lot of money if they want to have a lot of it, then they should practice and find a decent job.

but some do that and some of them succeed right?
as with any trading or job that takes too much risk, there are some people who keep doing it and making it a source of income.
so I guess it doesn't hurt as long as they do it right. :D

I think it also depends on the country you live in. While you might need to tax any large winnings you receive, it's also just Bitcoins you win and maybe keep. For me personally, I would only record a profit when I actually sell my bitcoins and realize any gains. For as along as I am just holding my bitcoins I would not pay taxes as the prices can always fall again. So if there is actually more money in my bank account I would add it to my tax slip.

As an investor I also keep track of my money invested and current price levels. For gambling I just do a rough estimate monthly on how much money I spent. Micro managing your winnings and losses in gambling kind of takes the fun away.

I have never done this...
My country's government does not require low-income citizens to pay taxes, this is the reason why I have never tracked my win/lose in a spreadsheet. I don't play gambling too often, so tracking my wins/losses is not useful.

If your government or bank does require you to have records as you gamble, you'll be forced to record it from time to time. But the same as you, if there's no need to, then we don't have to. We do pay our taxes and there's no need for someone to record it like this because it's also us who's recording it. I mean, that they haven't thought that you can keep your own wins or you'll record losses. While, you can just declare it one time for the whole year.

Tax is a responsibility, everyone has to pay, otherwise we will face the consequences of violating the laws, and I think only in big countries where the government are so strict with that since in my country, I never heard or read anyone filing a tax for their income from gambling. Therefore, if the taxation law in your country is not that strict, there's no need for you to pay taxes.

Yes, we knew about tax obligations. Anything that you earn online or offline, if you are certain with it then you should file that voluntarily and declare your income. I disagree about not paying even if the taxing method in country isn't strict.
As you have said, everyone has to pay regardless of being wide or not.

Even if the taxing method is not strict, it does not mean that we should take advantage of it so that we can save a lot of money. When a crisis like this current pandemic comes, it will definitely be a matter of concern, and the tax that has not been paid from the beginning will be brought to you. Taxation is a good way to elevate your country's economic status, and it's a shame if someone benefits from improving society but does not pay taxes.

But this case is related to gambling which I don't think there is a steady income in gambling unless he is a casino developer or owner then obviously, taxes are very much mandatory for him. Some gamblers only gamble with a little money and even many of the gamblers use a lot of money just to have fun with it, there is no fixed income from a gambler and I think those who are taxpayers are those who have fixed income, in contrast to gambling that is basically not a source of income because gambling is about fun.

It's why I disagree to him to take advantage of having not strict rules with taxation. Payment of tax should be practiced and it's your own will that should be pushing you to follow. There's always a good cause where our taxes go, I don't want to think like the others that are thinking of bad distribution of tax. We have no idea on that but regards to taxation through gambling, you have to do it even without supervision or pursuance by the local government.