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Author Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide  (Read 992 times)
AOBTCT6 (OP)
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March 09, 2021, 08:37:41 AM
 #1

A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".

I decided to write an explainer for anyone in any doubt, feel free to give it a read here:
https://bitedge.com/blog/crypto-gambling-taxes/

Explained within are:

- Which countries tax for crypto gambling winnings
- Which US states are better to gamble as part of a business rather than personally
- How to calculate any capital gains
- Capital gains tax rules in different nations

Let me know any comments on the rules, or any experiences you've had which may benefit myself or others.

Hopefully this make crypto gambling a little bit easier for people!
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Timelord2067
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March 09, 2021, 08:55:46 AM
Merited by madnessteat (1)
 #2

A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".

I decided to write an explainer for anyone in any doubt, feel free to give it a read here:

You wrote that?

On the page it says the Author is "BitEdge" - is that you?  Welcome to the Forum.

(Did you know there's already a user here call "BitEdge" who's profile has links to that site already?   Roll Eyes


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March 10, 2021, 08:18:19 AM
 #3

A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
I don't know why such a question is asked in first place because winning money from lotteries or gambling is the same, either you win via fiat casinos or you win them through crypto casinos. It shouldn't change much and frankly speaking, hardly 10% of the players are paying taxes I believe who are playing at crypto casinos because otherwise they would be playing and enjoying at a fiat casino that offers larger benefits but requires KYC.

Good article nonetheless though and I think it might help some users who want to pay taxes on their crypto winnings.

Did you know there's already a user here call "BitEdge" who's profile has links to that site already?
Good catch but I guess OP might just be an author on the site because I have myself worked on a few sites as an author. Just my assumption.
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March 10, 2021, 03:12:52 PM
 #4

~snip~

Haha. Interesting note. It's not like a guy wants to get merit for someone else's work)




It seems to me that 99% of gamblers in whose countries winnings in casinos are taxed try to avoid paying them simply because cryptocurrency withdrawals from casinos are hard enough to track. As we know, some supporters of anonymity even use online casinos as a mixer.

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March 10, 2021, 09:57:16 PM
 #5

Uhh, I'm not sure that question is asked 'that much' here to  be discussed in its own right. Still, if you're the real BitEdge then thanks for it anyway. To answer the general questions of the people when it comes to taxation and gambling, you have to understand that it depends case per case, usually country of operation being the biggest factor and licenses as well.

\
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March 10, 2021, 09:59:22 PM
 #6

Depending on your countries laws if its included on the scope when it comes to taxation matters knowing that crypto gambling businesses arent always regulated
or even simply talking gambling business as a whole wether those places arent subject to tax but in most case those traditional places do really have big
part when it comes to tax.

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March 10, 2021, 10:28:35 PM
 #7

Taxation is differs from country to country, in our country I believe in general rule you have to pay taxes for your earning, however, if you can hide your crypto transaction (whatever it is) you can choose not to pay taxes. Maybe there's a risk and it could be serious if I get caught, but I'm so confident that I will enjoy gambling using crypto and just bag may winning free from taxes.

Most countries like US and UE maybe are strict with their crypto tax implementation, particularly in gambling.

Anyway get an accountant if one has trouble calculating his tax due, penalty is huge for not declaring the correct amount, whether it's an honest mistake.




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March 10, 2021, 10:33:09 PM
 #8

Here on my country, when i do win some serious amount then im not really paying up tax at all because those winnings would be converted to fiat
but not directly going into my bank account but rather those are converted first on a local wallet which would be next to be cashout on other
various ways or mediums that you do prefer which simply wont really be asking out some tax on their part but i do believe that sooner
or later those platforms that ive been using will surely be regulated and will be imposing those kind of reductions.

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March 10, 2021, 10:37:19 PM
 #9

I think those gambling sites are needed to pay the taxes not the players because in the first place they get a lot of profit from the players so even they millions of dollars as taxes it is very little percentage compared to their money they get. But in the some gambling games once you are winning on the games they deducted a tax to the player which is very unfair.
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March 10, 2021, 10:39:20 PM
 #10

~snip~

Haha. Interesting note. It's not like a guy wants to get merit for someone else's work)




It seems to me that 99% of gamblers in whose countries winnings in casinos are taxed try to avoid paying them simply because cryptocurrency withdrawals from casinos are hard enough to track. As we know, some supporters of anonymity even use online casinos as a mixer.

Could have been a good source of reference almost gave OP merit for a very good article, glad that I scroll down and just saw that he is busted, OP should prove why claiming something he doesn't own, and if he is the alt of the original creator then he better clarify it,
On the subject, our government has not yet place rules and regulations on how to proceed in paying taxes to our winning in gambling, maybe because they have not yet tap the potential source of funds in this industry.

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March 10, 2021, 10:39:49 PM
 #11

Since most cryptocurrency gambling platform are licensed it require some level of regulations which tax is among. But this laws differs from country to country.
Those gambling site will be the one to pay taxes for you, and they calculate it automatically so no need to file manually if you have winnings on any crypto gambling site. Many didn’t bother to look for how much taxes they’ll pay if they won, because its totally automatic and it will be deducted once you withdraw your funds.

Though, I think some country are requiring their citizens to declare their income from any market so I think if you’re honest enough and don’t want to experience any problem, you have the option to declare your profit in gambling or not at all.

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March 10, 2021, 10:48:08 PM
 #12

Since when I was a kid, I've already saw those lottery winnings and they have to pay for the taxes. And there's always those notes on the screen about "taxes excluded".
And just as the same with crypto gambling wins, they're also the same as the typical gambling wins just as you have said on your article. Unless you're country tells you're exempted or no need to, then you're good, otherwise, you need to file.
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March 10, 2021, 11:40:11 PM
 #13

Since when I was a kid, I've already saw those lottery winnings and they have to pay for the taxes. And there's always those notes on the screen about "taxes excluded".
And just as the same with crypto gambling wins, they're also the same as the typical gambling wins just as you have said on your article. Unless you're country tells you're exempted or no need to, then you're good, otherwise, you need to file.

It depends from country to country as the tax laws differ from each other. So if you don't want any trouble, you need to know what is the current regulations in your country. No one can do it for you, so you need to know those specifics so you will not face any issues later on with the government. Better learn it ahead of time rather than fixing your financials at the end.

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March 11, 2021, 12:35:19 AM
 #14

I don't know who is the real author. One user has stated about bitedge as the true author, because the article is published in his own blog. Anyhow thats secondary, the article gives a good briefing in a simple way about the taxes on cryptocurrency used gambling.

In US it is possible to collect taxes using the social security number, but this isn't possible with every country. Maybe they have got different processes similar to this, because it is quite easy to hide the winnings or losses from the authorities when played with cryptocurrency.

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March 11, 2021, 01:00:14 AM
 #15

In real life, though, it is quite hard to keep track on your gambling bets and winnings and the prices of BTC, ETH, LTC, XRP, or whatever cryptocurrency you are using at the time you placed the bets and by the time your prize was deposited. It's easier to those who place single bets every once in a long while.

There was a time when I place more or less 6 bets in a single NBA game alone when I do live betting. I usually made tens of bets a day at that time. Add to this the deposit and withdrawal that one makes every now and then. Not to mention the fact that a lot are using several gambling sites, probably a couple for dice, another 3 for casino, 1 for poker, 2 more for sports betting, and so on.

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March 11, 2021, 01:22:09 AM
 #16

I’m surprised to learn that some countries don’t tax gambling winnings. I may have to see that somewhere more official to believe it. I guess being from the US I’m used to considering everything taxable. Most of the time this isn’t an issue though because gambling houses aren’t in the business of losing money.  Wink

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March 11, 2021, 02:31:57 AM
 #17

Sad to say in my country they prohibiting having a withdrawal to our wallet with the use of the gambling platform else they are going to give a warning to your centralized wallet and possible close your account because of having a suspicious activity but on the part of the exchange they are allowing this but to that large amount still there are a lot of questions and verifications needed to make a withdrawal which is feeling bad about and not fair to our part too.

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March 11, 2021, 02:39:55 AM
Last edit: March 11, 2021, 02:52:25 AM by acroman08
 #18

- Which countries tax for crypto gambling winnings
wouldn't it be better to have all the list of countries that don't tax gambling winnings? also, it is surprising that the United Kingdom doesn't tax gambling winnings knowing how heavy they regulate gambling over there I would assume they would tax gambling winnings.

A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".

I decided to write an explainer for anyone in any doubt, feel free to give it a read here:

You wrote that?

On the page it says the Author is "BitEdge" - is that you?  Welcome to the Forum.

(Did you know there's already a user here call "BitEdge" who's profile has links to that site already?   Roll Eyes

OP could be part of bitedge team or something like that. this isn't the first time OP posted a link from the website and claims that he is the author of the article on that website but that doesn't prove he is the actual author of the article. I guess the only way to know is if bitedge confirms it or OP provide proof that he is the author of the article.

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March 11, 2021, 02:58:49 AM
 #19

Uhh, I'm not sure that question is asked 'that much' here to  be discussed in its own right. Still, if you're the real BitEdge then thanks for it anyway. To answer the general questions of the people when it comes to taxation and gambling, you have to understand that it depends case per case, usually country of operation being the biggest factor and licenses as well.

Some countries doesn't regulate the taxation in a gambling platform that well so it always depends on your location.

We all know that some countries are prohibiting all forms of gambling, online or physical, fiat or crypto, it doesn't matter as long as there will be no gambling happens.

So it is much better if you will use a licensed gambling platform and it is okay even if you need to pay for taxes with your winnings so that you can continue playing with it.

Taxes are normal and it is needed for the country's economic situation.

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March 11, 2021, 03:38:20 AM
 #20

So far, when I play crypto gambling and win some money and transfer it into my wallet, I don't have to pay the tax because the tax in my country is from what we got from a job that we did in real life. Besides that, when I sell at the exchange or local sellers, I only need to pay the fee for them, and although I pay the taxes, the taxes are not too big, so I don't mind paying the taxes. But I guess my government doesn't apply taxes from people who play gambling, but the government applied the taxes for people who can make money from their job.

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