Are the Big Gambling sites paying taxes?

[gilad215]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

[bajing]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

It depends on where the casino operates if they operate in a country that allows gambling there will be rules for it. i mean they have to give their earnings report so they will be taxed from gov but for crypto currency gambling, honestly i still do not know if there is a rule to pay taxes or not. maybe is not because most of the countries that has been legalized bitcoin, not allow if bitcoin used for gambling or criminal act.

[romero121]

I don't think that gambling websites were paying taxes. Majority of the gambling websites tries to operate over the countries were there are much legal issues. With cryptocurrency functioning gambling websites everything happens online, so that can operate in some other country based on the legal requirements.

[milewilda]

It actually depends since there are gambling site which are licensed and we are sure that they do comply all the legal documents on their country which is required to make such operation and i do believe they are paying tax too.I dont know on other gambling sites what are the system if they do follow this kind of obligation when it comes on operating a certain crypto gambling site.

[piloder]

Most of the gambling platform establish an offshore office in countries like Curacao where it is quite easy to register an office by just paying few dollars from sites like this https://www.gaminglicensing.com/ and https://www.gbo-intl.com/

Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/

The fees for a "master" gambling license in Curacao include a 60,000 ANG (or about $34,000) setup fee and then 10,000 ANG (about $5,600) per month for the first two years. After that, the operator can negotiate with the government of Curacao for fees going forward.

they only have to pay $5600 per month to operate.

[bamboylee]

They should be if they want to run legally without hassles. But there are also lots of online gambling sites that are running illegally so those sites can be also tax evaders. Like in my country, there are lot of offices running online gambling but they do not have proper papers, etc. Sometimes they get raided, sometimes they get away with it.

[gilad215]

They should be if they want to run legally without hassles. But there are also lots of online gambling sites that are running illegally so those sites can be also tax evaders. Like in my country, there are lot of offices running online gambling but they do not have proper papers, etc. Sometimes they get raided, sometimes they get away with it.

Interesting, can i ask which country are you from?
I don't see why they shouldn't get away with this since all the earnings are in bitcoins, unless they can detect the exchange they are using, or their personal information through the domain.

[roadbits]

Most of the gambling platform establish an offshore office in countries like Curacao where it is quite easy to register an office by just paying few dollars from sites like this https://www.gaminglicensing.com/ and https://www.gbo-intl.com/

Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/

The fees for a "master" gambling license in Curacao include a 60,000 ANG (or about $34,000) setup fee and then 10,000 ANG (about $5,600) per month for the first two years. After that, the operator can negotiate with the government of Curacao for fees going forward.

they only have to pay $5600 per month to operate.

Hoo is it then if we want to open a new online casino this the basic investment. But is there any other place that we can register with low price. In my country, if we want to register an online gambling site our governament will ask a big ram some amount, and the casino owners must pay more than 50% of their profit. Right now a real casino owner is registered one online gambling site and running. This is the first legal online gambling site in our country.

[mrcash02]

Usually registered casinos have to pay very expensive taxes to the country where they are hosted. If the casino isn't hosted anywhere some countries don't allow their citizens to use the services of those casinos. Other countries don't let their citizens even to gamble on casinos, doesn't matter is it's legal or not (on the internet). But most Crypto-Currency casinos are out of vigilance radars, so people can gamble normally.

The taxes bring safe for the casino, so there are advantages on it, otherwise casino owners wouldn't register their businesses officially.

[TravelMug]

Most of the gambling platform establish an offshore office in countries like Curacao where it is quite easy to register an office by just paying few dollars from sites like this https://www.gaminglicensing.com/ and https://www.gbo-intl.com/

Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/

The fees for a "master" gambling license in Curacao include a 60,000 ANG (or about $34,000) setup fee and then 10,000 ANG (about $5,600) per month for the first two years. After that, the operator can negotiate with the government of Curacao for fees going forward.

they only have to pay $5600 per month to operate.

I consider Curacao a safe haven for gambling casino's because they are very lenient in terms of putting one and get a gambling license there, I read that it will have to take 2 weeks only before obtaining one. They still charge tax though, but its only 2% of the total net profits so that is very low and highly favorable to a gambling casino site. So most of the gambling sites really pick Curacao as their base to operate.  That is why is easy to get a license from them as long as you have the money to pay upfront. Only negative impact though is that once the casino ran off, its really hard to track them because Curacao won't meddle on those kinds of affairs, they don't intervene. Maybe game-protect => https://bitcointalk.org/index.php?action=profile;u=87425 can shed some light as well.

[harizen]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

Yes especially when they are registered. No way they can operate freely without facing the terms of the said country where they operates. To become legitimate they need to comply with the rules and regulations since it's all about money.

Doesn't have an idea on the big crypto gambling sites today but big gambling sites here in my country (fiat gambling sites) are registered and can consider as legit business. So it's obvious they are paying taxes.

[Cherylstar86]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

Yes especially when they are registered. No way they can operate freely without facing the terms of the said country where they operates. To become legitimate they need to comply with the rules and regulations since it's all about money.

Doesn't have an idea on the big crypto gambling sites today but big gambling sites here in my country (fiat gambling sites) are registered and can consider as legit business. So it's obvious they are paying taxes.

Same here in my country those big fiat gaming sites really paid bigger taxes are in order to sustain their businesses. Legitimate gambling should have complied the regulations of the law so that closure will not happen, and if ever it will be failed their operations considered illegal and punishable buy law.

[Flor1982]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

I think if casinos are illegally operating they can avoided tax. Here in the philippines many illegal online gambling was raided mostly operated by chinese and koreans they hide their operations in high end subdivisions so that it would be hard to discover. If the online casinos are legally operating therefore govertment will impose necessary tax according to the national law of our amusement department.

[cjmoles]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

They may, or may not, be paying some, all, or none of the taxes they might be required to pay in their native jurisdictions; however, many sites open their businesses in offshore jurisdictions and pay their local governors a stipend, or donate to the communities, which can be unofficially classified as a taxes---> they do this for protection and/or to avoid gambling restrictions in their own native countries.

[Aamir1]

If a gambling site is totally crypto-related and does not accept any other currency for gambling then i dont think they will need to pay any taxes for it, as there will be no third party involved in deposits or withdrawals. But if there are casinos accepting other currencies beside crypto currencies then i guess they will have to do all these things as there may be deposits and withdrawals involving banks or third parties.

[shintosai]

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

I think if casinos are illegally operating they can avoided tax. Here in the philippines many illegal online gambling was raided mostly operated by chinese and koreans they hide their operations in high end subdivisions so that it would be hard to discover. If the online casinos are legally operating therefore govertment will impose necessary tax according to the national law of our amusement department.

and that's also the reason why president duterte chase those egames ending up being closed as the president might have some insight that those
company who's operating inside his jurisdiction is not paying taxes, they needed to impose certain amount being payed for them to continue their
business.

[michkima]

I think 90% of them don't pay taxes. I haven't seen a gambling site disclose their financial statements and they aren't expecting anyone will care anyway. The only time they will show it probably when someone demanded with authority that they show their finances and do an audit of their site. But generally I don't think anyone will care about it.

[kodes88]

I do not even know if gambling sites should pay taxes. Maybe it depends on where the site is built and operated. If gambling is legal and must pay taxes, then do not get tax free because it could be the government to close the site because it is a loss for the state. If in a country that prohibits gambling, then it must be tax free because the site should not exist.

[boyptc]

Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

Just like exchange, I guess they have to if they are operating as a corporation/business and they are registered locally.

What is the legal approach here?

I'm not a lawyer nor law expert but this type of thing is up to the gambling site, if someone working from a legitimate online casino can share his thought about it, then we'll know.

Is opening a company more profitable?

It takes a lot of time and trials to be at that state of "more" profitable. If you are up to challenge with the competition, you won't know if you won't try.

since paying company tax is usually lower than personal tax?

Taxes from companies are even bigger.

[Barcode_]

I think most of the gambling sites that operates with crypto-currencies instead of fiat money don't pay taxes to the government to their country they reside at, I have seldom seen a gambling site releasing their yearly financial statement about the sites profits and losses.