MiliMil (OP)
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March 27, 2023, 07:54:44 AM Last edit: March 27, 2023, 09:42:19 AM by MiliMil |
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There was an old forum thread about the same subject. Perhaps you could search the forum instead of creating new threads about old topics. Anyway, all gambling operators in my country pay a 15% revenue tax and all gambling winnings are treated like income, which is a subject to a 10% income tax. I guess that Australia doesn't have specific gambling taxes, but the gambling winnings have to be declared and taxed as income. Risking your own money doesn't mean that they should be tax free. Many countries have capital gains tax, investing your capital in stocks and bonds can also be considered "risking your own money".
Losses on stocks and bonds are tax deductible and in some instances you can use the losses to offset against future capital gains so that part of your argument is irrelevant. I wouldn't bother gambling if I had to pay taxes. It's hard enough to be profitable, and to be expected to forfeit a percentage of your winnings to the government would be a joke that would turn many people off of gambling.
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tusandii
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March 27, 2023, 08:14:33 AM |
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There are some taxes that are required by the government of the country where I live in relation to gambling but the tax that is required is not a tax on gambling winnings but a tax on local casinos or existing local gambling establishments. The government asks for taxes in exchange for being able to guarantee the security of casinos or gambling places so they can escape the clutches of applicable law and argues that tax money is used for state budget revenue because the country where I live actually prohibits gambling. I don't know whether the government's motive is to make taxes a source of state revenue or just for itself without anything being included as a source of state revenue. Usually casinos pay state taxes from the cost of every withdrawal or deposit transaction that gamblers make.
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Z390
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March 27, 2023, 08:24:37 AM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
There is one reason why I still feel like I may never travel to America one day, the tax part is the reason why, they tax almost everything that brings in money for their people, is this how America survived? Because it's like they are living off this people with tax, yet many things are happening in the country, some people are still treated unfair and there are some hate on black people too, I am sure that gambling companies in America, especially in Las Vegas are all paying big taxes.
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Twentyonepaylots
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March 27, 2023, 08:36:23 AM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
In our country, any winnings from gambling that is below 185 USD is non taxable. If you exceeded with that, it is subjected to 20% flat rate that is based on the net value of winnings that considers the losses. I think there is tax since most of the gambling institutions are regulated by the government so they automatically deduct the taxes upon release of winnings. But in other cases, I think most people don't declare their winnings. I think it is right that government should tax it since it is still an income. Yes, you are risking your money, but then it is still considered as income since you might use it for your needs and wants. Well, that's just my opinion, but I can't blame those who complain on taxes since corruption is rampant and you can't really tell if it is worth to pay your taxes anymore.
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AHOYBRAUSE
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March 27, 2023, 08:54:37 AM |
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My country wants to , but I left it years ago. It's ridiculous what they are cooking up in Germany.
I mean 5% since some years ago on any sports bet was just the beginning. That made Betfair exchange leave the market, what a shame. But even making this for poker is just ridiculous. Pokerstars made special rules/tables for Germans, what a joke.
Of course they just want to get the tax, win or lose. And obviously it's not deductable if you lose anything, just like investments.
You win, they want to take a cut, you lose, well....bad luck.
That's a real scam in the casino business.
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gabbie2010
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March 27, 2023, 09:15:29 AM |
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In the country where I live there is no tax on gambling winnings, unless they are professional gamblers and make their living from the casinos then they have to pay taxes as if they were running a small business and just like any other small business. and gambling winnings are taxable, and the amount that can be won before taxes are paid may vary by country and type of gambling.
My country also operate on no tax on gambling winnings except the gambling sites that are taxed annually by the government revenue service, gamblers are expected to transfer their winning from their gambling wallet to their bank accounts without any tax deductions, I read stories about tax deductions by US government on gambling wins which mean that is how there government operates and revenues generated are judiciously used by the government to provide basic infrastructures for the country which is highly commendable, however professional gamblers in US would have to relocate to a tax-free country.
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Oasisman
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March 27, 2023, 10:08:24 AM |
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There's gonna be a law to most countries in the world regarding the taxation of income including the winning in gambling. In my country the government will impose a tax for a winning above $200. Above that amount, they will cut 20% tax from your winnings, and yeah I know it's ridiculously a huge amount of tax. It's even more ridiculous when it's your hard earned money getting taxed and you don't see any significant improvements in your country lol.
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Wiwo
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March 27, 2023, 10:22:30 AM |
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I don't think the government in my country is taxing gambling winning since I have not heard anything of such, I don't know maybe it is subject to only big winning.
-But we have what we call income tax, this tax is a deduction of a certain amount whenever your bank account gets credited with funds.
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nimogsm
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March 27, 2023, 10:26:06 AM |
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Yes, in my country (Ukraine) there is also a tax on profits from the game.There are several types of them,like lottery slot machines and sports betting,etc. The tax is 19.5% on profits and is effective from the amount of 1500 dollars. For slot machines,the tax is 10% on winnings + 19.5 if the amount is more than $1,500.On lotteries 30%
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Crypt0Gore
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March 27, 2023, 10:59:26 AM |
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In my country only those who have a gambling business are paying taxes, they players or gamblers are free to play, even if they win big amounts of money they are free to take it all, but I prefer gambling on my phone without anyone knowing how much I am making or losing, because if you win and it goes out in the public you are in for some possible danger, some gang lords will come knocking at your door or cross you on the street, they will ask you to give up some money for them.
This reason was why I wasn't into gambling because there was no online gambling at the time, you will have to visit the gambling den and if you win any money some people will want to forcefully take a part of the money.
Avoid going to any gambling location, it is not safe.
People are poisoned here after they win some money and decide to celebrate it among their friends, there was a case that a friend posing is other friend who won big money through bet and he was caught and arrested, he later confessed he did it because of jealousy.
When you win a large amount of money, keep the good news to yourself.
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piebeyb
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March 27, 2023, 11:00:26 AM |
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I don't think the government in my country is taxing gambling winning since I have not heard anything of such, I don't know maybe it is subject to only big winning.
-But we have what we call income tax, this tax is a deduction of a certain amount whenever your bank account gets credited with funds.
maybe in other countries because every country has different regulations, it's actually strange that big wins are subject to individual tax which in my opinion should only be borne by the casino, but sometimes there aren't exactly the same rules so what we think is strange but the rules it really does exist in certain countries. Income tax exists in my country too and it makes more sense than gambling winnings tax ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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kenshi222
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March 27, 2023, 11:40:44 AM |
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It was good news for the gamblers in Australia,Australian government made a good tax importance for the people interested on gaming.Because gaming and gambling are important one,government should allow the people to involve in such activities,because it reduces the stress of the people in their country.When the stress level of the people was reduced,they automatically involved in money giving occupation.Which further increases the economy of their Nation.So this tax reduction should be done on gaming platforms.This also includes the offline betting of the betting included the animals.
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Helena Yu
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March 27, 2023, 12:35:47 PM |
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I think any countries which have a taxation rule about gambling will be charged high because the government think it's easy to make money there since it doesn't need a lot effort, although they're not quite right because not all gambling games are lucky based, the other games e.g. poker, sports etc need to have a skill and analysis. There are also countries which ban gambling, they can gamble on the crypto casino because the country isn't blacklisted, but the country is blacklisting about gambling. So it doesn't make sense if they want to pay gambling tax since he might go to jail.
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CarnagexD
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March 27, 2023, 12:38:57 PM Merited by Casdinyard (3) |
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I know the USA has gambling taxes and I think it's ridiculous.
Lucky for us here in the Philippines that we don't have such a law of taxing gambling winnings. If the government decides to tax our winnings then probably most of us will stop gambling or maybe corruption will arise because many will bride the tax collector just to pay small amount as tax. In our country where cockfighting is legal and some cockfighting enthusiasts will win a couple of million of pesos within a day then that could be huge money for the government. I think you've got it wrong. Cockfighting here in the Philippines is subject to 5% final tax. The 5% amount of their winning is withholded by the establishment therefore the amount given to the winner is already net of tax. Even online sabong winnings is subject to final tax. But it becomes complicated in collecting taxes from illegal cockpits since those are not regulated by the government. In my country only those who have a gambling business are paying taxes, they players or gamblers are free to play,
It does look like that but in reality, it is the players who pay the taxes that the gambling business owners submit to the BIR. Business owners deduct the amount of tax payable to by the winner before giving their money from winning. Failure by the business owners to do this will cost them penalties.
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wiss19
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March 27, 2023, 01:15:22 PM |
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That's nice to hear OP, that only means that you can enjoy all your winnings especially if you win big amounts like in a lottery because here in our country, the cut for a jackpot win is crazy. They promise that a portion of the winning will go to a charity but I think they don't show any solid proof like a receipt that it really go to a charity.
I am talking about the local lottery here but crypto gambling here must be free from taxations, this is why I only gamble on crypto casinos. One of the advantages of winning huge in a crypto casino is that you can get your winnings in an instant. You can get ask for a KYC but you are still anonymous from the public. This gives you a sense of security.
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xSkylarx
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March 27, 2023, 01:27:08 PM Merited by Casdinyard (2) |
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It is also tax-free here in our country because if you win the lottery here, you can claim the exact amount you won without any fees or taxes, but when you spend it on assets like land, a house, or a car, those will be subject to tax. I am also not sure why other countries are asking for tax on it; it is like you can't feel like you're winning because you thought you won that exact amount but not because tax still needs to be deducted.
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kamvreto
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MAaaN...!! CUT THAT STUPID SHIT
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March 27, 2023, 01:44:52 PM |
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~snip~I am talking about the local lottery here but crypto gambling here must be free from taxations, this is why I only gamble on crypto casinos. One of the advantages of winning huge in a crypto casino is that you can get your winnings in an instant. You can get ask for a KYC but you are still anonymous from the public. This gives you a sense of security.
Gambling using crypto is quite popular now and it provides the advantage of faster withdrawals. But when it comes to taxes, they are usually deducted on the Exchange used to make exchanges with Fiat. However, for the gambling website itself, there are several policies regarding the taxes or fees required. and for KYC, some crypto-based online casinos do not require any KYC, but with a maximum withdrawal amount specified.
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Strongkored
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March 27, 2023, 02:19:33 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
That's good for you, especially if I look at the other threads that you made, you are not a small gambler because it involves quite a lot of money so because your country doesn't taxes gambling, so you will receive full profit. As far as I know, there is no tax for gambling in my country, but because there are other regulations regarding taxes, for example, income tax and luxury goods, it means that it is still possible to pay taxes if the income is very large and reported, but we can still be tax-free if we don't report it at the time when it is mandatory to report it, but goverment now trying to make regulations for taxable online gambling, both for online gambling owners and players but what percentage and how it all works are still being studied, the government understands very well the amount of money circulating in gambling which, if taxed, will provide large income for the country.
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goldkingcoiner
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March 27, 2023, 02:21:45 PM |
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I live in Australia and we have no taxes on all gambling winnings (lottery, hose racing, sports betting and casinos). I know the USA has gambling taxes and I think it's ridiculous. You are risking your own money and if you win you are penalised. I'm curious as to how many other users have to pay taxes on their winnings.
My country taxes everything and everyone and then everything again. I am not sure how it taxes gambling winnings or how much but I am 100% sure there is a tax. I am actually quite surprised that there are countries that do not tax gambling profits. I understand if there is a minimum that is not taxed but if you are a multi millionaire who wins hundreds of thousands or even millions of dollars every day, then how is it that your government does not expect a piece of the pie? I know for a fact that in Australia the casino is taxed, so perhaps the casino demands some kind of charge from their customers to even out the profits?
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noorman0
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March 27, 2023, 02:32:29 PM |
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-snip- I wouldn't bother gambling if I had to pay taxes. It's hard enough to be profitable, and to be expected to forfeit a percentage of your winnings to the government would be a joke that would turn many people off of gambling.
If taxation was the norm for a player to comply with for all sources of income, it probably wouldn't be a concern to be tax compliant as long as it was within a reasonable percentage limit, say no more than 10% of winnings. Some countries tax gambling winnings relatively high which is frustrating for some gamblers, such as the US where it can tax up to 30% for non-resident gamblers.
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