Bitcoin gambling

[czechkid]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

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Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

dunno about the requirement so hopefully someone will clear that up for you. but what do you mean by "non-profit"? a non-profit gambling site sounds a little weird to me.

[ajareselde]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

You have a quite extensive answer about that issue here : http://www.gamblingcommission.gov.uk/Gambling-sectors/Online/Getting-a-licence/Applying-for-a-licence/How-do-I-apply/How-do-I-apply.aspx
This first part of it pretty much sums it up:

"You need an operating licence from the Gambling Commission if:
you currently run or want to run a gambling service through remote communication (including online gambling) and any part of your remote equipment is based in Great Britain or
when the Gambling (Licensing and Advertising ) Act 2014 is implemented (1 November 2014) your remote equipment is based outside Great Britain and you advertise remote gambling to consumers in Britain through a British-facing business."

btw i think that if you move this to gambling section, you may receive better responses.
One think tho; how is it involving gambling, but remains a non-profit? You should include more details to enable us to understand and assist you better.

cheers

[czechkid]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

You have a quite extensive answer about that issue here : http://www.gamblingcommission.gov.uk/Gambling-sectors/Online/Getting-a-licence/Applying-for-a-licence/How-do-I-apply/How-do-I-apply.aspx
This first part of it pretty much sums it up:

"You need an operating licence from the Gambling Commission if:
you currently run or want to run a gambling service through remote communication (including online gambling) and any part of your remote equipment is based in Great Britain or
when the Gambling (Licensing and Advertising ) Act 2014 is implemented (1 November 2014) your remote equipment is based outside Great Britain and you advertise remote gambling to consumers in Britain through a British-facing business."

btw i think that if you move this to gambling section, you may receive better responses.
One think tho; how is it involving gambling, but remains a non-profit? You should include more details to enable us to understand and assist you better.

cheers

Thank you for the link its very helpful but my concern is about bitcoins involvment. Is bitcoin considered a currency and therefore i need the gambling licence? What if i do gambling site just about "internet points" do i need a licence as well? Non profit as that profit from gambling will be donated towards something therefore i as a creator wont keep anything.

[dothebeats]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

A non-profit gambling site would be impossible because a gambling site would generate revenues continuously and you can call it profits. Unless you won't bag the earnings for yourself (or you would donate the earnings to a charity or whatever) then you can say that your gambling site is non-profit.

[dothebeats]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

You have a quite extensive answer about that issue here : http://www.gamblingcommission.gov.uk/Gambling-sectors/Online/Getting-a-licence/Applying-for-a-licence/How-do-I-apply/How-do-I-apply.aspx
This first part of it pretty much sums it up:

"You need an operating licence from the Gambling Commission if:
you currently run or want to run a gambling service through remote communication (including online gambling) and any part of your remote equipment is based in Great Britain or
when the Gambling (Licensing and Advertising ) Act 2014 is implemented (1 November 2014) your remote equipment is based outside Great Britain and you advertise remote gambling to consumers in Britain through a British-facing business."

btw i think that if you move this to gambling section, you may receive better responses.
One think tho; how is it involving gambling, but remains a non-profit? You should include more details to enable us to understand and assist you better.

cheers

Thank you for the link its very helpful but my concern is about bitcoins involvment. Is bitcoin considered a currency and therefore i need the gambling licence? What if i do gambling site just about "internet points" do i need a licence as well? Non profit as that profit from gambling will be donated towards something therefore i as a creator wont keep anything.

Bitcoin is already considered an asset by most of the nations in the world so it's best to get registered before operating this gambling site. An excuse of only using "internet money" is not acceptable anymore because bitcoin already has almost $4b market cap. You wouldn't ignore that if you are a nation because you can still "tax" that business using bitcoins.

[czechkid]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

A non-profit gambling site would be impossible because a gambling site would generate revenues continuously and you can call it profits. Unless you won't bag the earnings for yourself (or you would donate the earnings to a charity or whatever) then you can say that your gambling site is non-profit.

Yup as i posted few seconds before your post

[dothebeats]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

A non-profit gambling site would be impossible because a gambling site would generate revenues continuously and you can call it profits. Unless you won't bag the earnings for yourself (or you would donate the earnings to a charity or whatever) then you can say that your gambling site is non-profit.

Yup as i posted few seconds before your post

You got me within a few seconds I guess. May I know what kind of charitable institution are you planning to give the earnings? Kinda curious in this one actually.

[czechkid]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

A non-profit gambling site would be impossible because a gambling site would generate revenues continuously and you can call it profits. Unless you won't bag the earnings for yourself (or you would donate the earnings to a charity or whatever) then you can say that your gambling site is non-profit.

Yup as i posted few seconds before your post

You got me within a few seconds I guess. May I know what kind of charitable institution are you planning to give the earnings? Kinda curious in this one actually.

Its just an idea and the charity is not choosen yet. Since bitcoin is taken as currency i have to decide if i want to really get into it and register the gambling site

[ajareselde]

Thank you for the link its very helpful but my concern is about bitcoins involvment. Is bitcoin considered a currency and therefore i need the gambling licence? What if i do gambling site just about "internet points" do i need a licence as well? Non profit as that profit from gambling will be donated towards something therefore i as a creator wont keep anything.

United Kingdom
Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.[123]

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#United_Kingdom

Maybe this helps you in understanding the legal status of bitcoin in UK.
imho, i don't see the future in running a service where all profits go to charity, because some of it must go to maintenence and security, to protect users of the service, so that
you don't do more damage than good.

cheers

[crazyearner]

Thank you for the link its very helpful but my concern is about bitcoins involvment. Is bitcoin considered a currency and therefore i need the gambling licence? What if i do gambling site just about "internet points" do i need a licence as well? Non profit as that profit from gambling will be donated towards something therefore i as a creator wont keep anything.

United Kingdom
Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves. However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.[123]

Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#United_Kingdom

Maybe this helps you in understanding the legal status of bitcoin in UK.
imho, i don't see the future in running a service where all profits go to charity, because some of it must go to maintenence and security, to protect users of the service, so that
you don't do more damage than good.

cheers

Beat me to it bang on with the info. With UK so long as under x amount do not have to declare unless hitting fresh hold. It is only when your dealing with personal details and fiat money you will need a form of a transmitters licence to send and receive funds, if btc only then all good unless they have changed this ruling again. You could also become VAT registered and also claim VAT back on energy used food for working equipment hosting and other things you pay for, that way you get a nice return or make some of the stuff up and claim some more tax back from the robbing fuckers they call TAX

[Andy4.4]

I think that there is no need to take licence for it.
Because I have seen most of the bitcoin gambling sites don't have gambling licence.
And also the site you are going to run is a non profit site, so there is no need for a license.

[ashour]

Hello,
I have a fun idea for bitcoin cummunity but it involves gambling. I live in uk...what are the requeirements to run a gambling website? (only bitcoin) do i have to be registered somewhere and pay taxes? Btw non-profit...

Thanks

It depends on how much btc profit you make and how much btc you transmit. You should perhaps ask a lawyer or an account for a detailed explanation of your situation.