Casino vs. Stoc,Forex&Crypto Broker: Who's Really Playing You in the Money Game

[delfastTions]

Yes, it is so. But i think that casino must be interested in new gamblers. Cryptocasino is the most international casino and i think that it would be better to have an opportunity to calculate his money in USD(T). But of course if casino don`t want to have problem with tax services it must have a local currency.

Of course, the international casino market involves the use of international money, that is, $USA.  But in many ways, international and cross-border payments were helped, of course, by cryptocurrencies.  First of all BTC of course.  Such payments have initially become quite simple and do not cause problems with cross-border transfers.  There is perhaps only one problem with Bitcoin, this is the tense state of the mempool and the need for large commissions or, as an alternative, a long wait for confirmation of the transfer transaction.  This problem significantly hinders many players.  But here immediately there are options for integrating LN payments or using other cryptocurrencies with small commissions, or USDT.  So it turns out that any international casino still uses these several payment options, and all in parallel.  And all casinos are forced to use them to increase their client base.  So balances still have to be maintained and calculated separately and only then recalculated into $.  And here it is important to fix the rates of cryptocurrencies in relation to $ and the transfer commission.  This is where confusion and sometimes misunderstanding on the part of regulators arises. 
Sometimes this creates unnecessary troubles or even bans for the casino.  But when fighting for clients, you still have to bypass them.

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

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[mak013]

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

It is the easiest way to be good both for tax services and for gamblers. During the game - gamblers have their BTC and tax services don`t know how much money casino has in cryptocurrencies, but it doesn`t matter - if casino use cryptocurrencies, it has to recalculate it every moment due to the price changes. And casino just one time fix price of cryptocurrencies during withdrawal for taxes. The casino at that moment has no cryptocurrencies and don`t cares about it price.

[EarnOnVictor]

Yes, it is so. But i think that casino must be interested in new gamblers. Cryptocasino is the most international casino and i think that it would be better to have an opportunity to calculate his money in USD(T). But of course if casino don`t want to have problem with tax services it must have a local currency.

Of course, the international casino market involves the use of international money, that is, $USA.  But in many ways, international and cross-border payments were helped, of course, by cryptocurrencies.  First of all BTC of course.  Such payments have initially become quite simple and do not cause problems with cross-border transfers.  There is perhaps only one problem with Bitcoin, this is the tense state of the mempool and the need for large commissions or, as an alternative, a long wait for confirmation of the transfer transaction.  This problem significantly hinders many players.  But here immediately there are options for integrating LN payments or using other cryptocurrencies with small commissions, or USDT.  So it turns out that any international casino still uses these several payment options, and all in parallel.  And all casinos are forced to use them to increase their client base.  So balances still have to be maintained and calculated separately and only then recalculated into $.  And here it is important to fix the rates of cryptocurrencies in relation to $ and the transfer commission.  This is where confusion and sometimes misunderstanding on the part of regulators arises. 
Sometimes this creates unnecessary troubles or even bans for the casino.  But when fighting for clients, you still have to bypass them.

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies.

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

[LUCKMCFLY]

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

Well, I think that at an international level when large amounts of money are handled, it causes some surprise to many, except for governments Because they supposedly have the right to handle large amounts, but this is something that is not correct, because things have to be equal. for everyone, especially in the private economies of Each person, you just have to see when international transfers are made from one Bank to another, if you go over $1k they start to generate much more astonishment and I don't like it, it's something with which I do not agree, however things with people Always look for sources of funds and all that , so if they Apply this to Crypto then that is why these types of Problems are generated.

[mak013]

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies.

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting.

[delfastTions]

Yes, it is so. But i think that casino must be interested in new gamblers. Cryptocasino is the most international casino and i think that it would be better to have an opportunity to calculate his money in USD(T). But of course if casino don`t want to have problem with tax services it must have a local currency.

Of course, the international casino market involves the use of international money, that is, $USA.  But in many ways, international and cross-border payments were helped, of course, by cryptocurrencies.  First of all BTC of course.  Such payments have initially become quite simple and do not cause problems with cross-border transfers.  There is perhaps only one problem with Bitcoin, this is the tense state of the mempool and the need for large commissions or, as an alternative, a long wait for confirmation of the transfer transaction.  This problem significantly hinders many players.  But here immediately there are options for integrating LN payments or using other cryptocurrencies with small commissions, or USDT.  So it turns out that any international casino still uses these several payment options, and all in parallel.  And all casinos are forced to use them to increase their client base.  So balances still have to be maintained and calculated separately and only then recalculated into $.  And here it is important to fix the rates of cryptocurrencies in relation to $ and the transfer commission.  This is where confusion and sometimes misunderstanding on the part of regulators arises.  
Sometimes this creates unnecessary troubles or even bans for the casino.  But when fighting for clients, you still have to bypass them.

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators.  
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies.

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

What we are saying here is that for the absolutely legal operation of absolutely any casino in a specific jurisdiction with its own requirements and its own supervisory authorities, the very use of cryptocurrencies creates difficulties in such matters as, for example, the conversion of bitcoins or altcoins into local currency.  This recalculation occurs through $ and here some inaccuracies and nuances may arise in the calculations, which greatly affect the accounting of income/expenses.  This makes it necessary to account for several accounts in different cryptocurrencies and then convert them into $ or local currency.  
This is what I wrote about above.  

If we talk about how a casino pays winnings in cryptocurrency to just a specific player, then such control tools as KYC / AML can well be used and often due to the reluctance of the casino client to go through full KYC for some individual reasons, he will not receive the winnings  cryptocurrency to your wallet.  But he will be able to continue playing and lose all this winnings.  It is clear that from this state of affairs the casino benefits from additional income, especially when the winnings that the player loses due to the impossibility of KYC are large.

[EarnOnVictor]

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies.

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting.

Now I fully understand. All my thoughts were that you guys were referring to the dealing between the gambler and the casinos only, and the way some casinos could make their deposit and withdrawal flexible for customers made me think that way, needless to say also that it is also happening elsewhere, at least it is happening in the world of trading and investment. However, for the tax payment, it is a very good bargain for the casino to be paying according to the agreement with the country they domiciled, anything other than this could lead to sanction. How many countries of the world would even collect cryptocurrency from you in this current dispensation?

Except for a few that are now focusing their beam on a thing like that for investment purposes. And I think El Salvador will be an exception though since such is a legal tender in the country. But the rest of the countries of the world, or should I say the majority, they will frown at that as they may only regulate your cryptocurrency activity but when it comes to payments, they either accept the hard currency like the USD or their local currency that they are used with.

[Slow death]

reality has shown us that exchanges have clearly been able to profit from trading fees, but also that a large part that buys and holds to sell later has made a profit, which is what happens in the case of forex or cryptocurrencies trading, despite the odds Even though they can make a lot of profit thanks to the trading fees they charge, people can also make profits. This is very different from what has happened in the case of gambling, where the scenario is that while the casino owners make a profit, the people who are playing are constantly losing a lot and have no great chance of leaving with any profit.

In other words, in gambling, in the long run the only thing people will be able to achieve will be losses, which is why gambling should be seen as just fun, nothing more than that. while in the case of exchanges, in the long run it is possible for people to come out with profits, although it is not an easy task to achieve such a thing, it is still possible to come out with a profit in the long term when trading on exchanges.. that's why In my opinion, gambling games should not be purchased with trade. casinos should not be compared with exchanges

[FortuneFollower]

reality has shown us that exchanges have clearly been able to profit from trading fees, but also that a large part that buys and holds to sell later has made a profit, which is what happens in the case of forex or cryptocurrencies trading, despite the odds Even though they can make a lot of profit thanks to the trading fees they charge, people can also make profits. This is very different from what has happened in the case of gambling, where the scenario is that while the casino owners make a profit, the people who are playing are constantly losing a lot and have no great chance of leaving with any profit.

In other words, in gambling, in the long run the only thing people will be able to achieve will be losses, which is why gambling should be seen as just fun, nothing more than that. while in the case of exchanges, in the long run it is possible for people to come out with profits, although it is not an easy task to achieve such a thing, it is still possible to come out with a profit in the long term when trading on exchanges.. that's why In my opinion, gambling games should not be purchased with trade. casinos should not be compared with exchanges

True, gambling is for fun only, but so many people use futures trading on exchanges with enormous leverage, and they have a higher chance of losing their money! They said that it's trading, but when you just decide up and down, it does not look like trading!

[mak013]

No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting.

Now I fully understand. All my thoughts were that you guys were referring to the dealing between the gambler and the casinos only, and the way some casinos could make their deposit and withdrawal flexible for customers made me think that way, needless to say also that it is also happening elsewhere, at least it is happening in the world of trading and investment. However, for the tax payment, it is a very good bargain for the casino to be paying according to the agreement with the country they domiciled, anything other than this could lead to sanction. How many countries of the world would even collect cryptocurrency from you in this current dispensation?

Except for a few that are now focusing their beam on a thing like that for investment purposes. And I think El Salvador will be an exception though since such is a legal tender in the country. But the rest of the countries of the world, or should I say the majority, they will frown at that as they may only regulate your cryptocurrency activity but when it comes to payments, they either accept the hard currency like the USD or their local currency that they are used with.

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

[LUCKMCFLY]

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

I understand, it is a shame that you have to reach these Levels where now to have crypto you have to pay high taxes, I don't see the point, However I have a person who will always start from the basics, if you are by not using FIAT money no no type of tax should be paid , because it makes no sense, things must be clear, if a government wants to put its nose and hands in people's pockets, then it will be in sperosnas if they let it, in the case of daddy I live is one of the most Corrupt on the planet, I think it is the most corrupt, without a doubt the government only mines, those who are inside the country and mine must register with a government organization, where they do not do so, they go to prison and They take away their machines and take them to the government, then this is the nerve.

[EarnOnVictor]

No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting.

Now I fully understand. All my thoughts were that you guys were referring to the dealing between the gambler and the casinos only, and the way some casinos could make their deposit and withdrawal flexible for customers made me think that way, needless to say also that it is also happening elsewhere, at least it is happening in the world of trading and investment. However, for the tax payment, it is a very good bargain for the casino to be paying according to the agreement with the country they domiciled, anything other than this could lead to sanction. How many countries of the world would even collect cryptocurrency from you in this current dispensation?

Except for a few that are now focusing their beam on a thing like that for investment purposes. And I think El Salvador will be an exception though since such is a legal tender in the country. But the rest of the countries of the world, or should I say the majority, they will frown at that as they may only regulate your cryptocurrency activity but when it comes to payments, they either accept the hard currency like the USD or their local currency that they are used with.

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

Of course, I understand the plight of the government in those countries, cryptocurrency is not such that is direct in payments and settlements as fiats currencies, so it is better that they only opt for the fiat currency for tax payments, especially in their local currency if the country is not multinational. Even if such is multinational, the end-exchange to the local currency is important to avoid more stress for the government. Also, I would like you to know that countries could allow cryptocurrency but still not a legal tender in their country. For those countries, you can't ever pay the government's tax due with cryptocurrency, you will have to pay with fiat currency depending on your agreement (local or foreign).

But for the countries that have made Bitcoin a legal tender like El Salvador, I believe they should allow such an opportunity in tax payments as well, unless they are not practising what they preach which will be so bad. It should be optional in this regard at the convenience of the country in question. As for the conversion for their customers, they do not have any right to do that, and in my opinion, they are even breaking the AML law. By doing that, they make it more difficult for auditors and investigators to locate, and I believe it is better they even send back withdrawals the way money was deposited into the customer's account.

[mak013]

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

I understand, it is a shame that you have to reach these Levels where now to have crypto you have to pay high taxes, I don't see the point, However I have a person who will always start from the basics, if you are by not using FIAT money no no type of tax should be paid , because it makes no sense, things must be clear, if a government wants to put its nose and hands in people's pockets, then it will be in sperosnas if they let it, in the case of daddy I live is one of the most Corrupt on the planet, I think it is the most corrupt, without a doubt the government only mines, those who are inside the country and mine must register with a government organization, where they do not do so, they go to prison and They take away their machines and take them to the government, then this is the nerve.

I think that it will not be a gambler problem. It is problem for casino, how they pay taxes and what about it think the tax service. But in my country i have to pay taxes even for profit i get from gambling, and the part of casino take it from my profit when i withdraw money. But i don`t sure that they pay it for me.

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

~
But for the countries that have made Bitcoin a legal tender like El Salvador, I believe they should allow such an opportunity in tax payments as well, unless they are not practising what they preach which will be so bad. It should be optional in this regard at the convenience of the country in question. As for the conversion for their customers, they do not have any right to do that, and in my opinion, they are even breaking the AML law. By doing that, they make it more difficult for auditors and investigators to locate, and I believe it is better they even send back withdrawals the way money was deposited into the customer's account.

It would be a right decision, but i don`t know how it works - local currency + BTC. I think that anyway BTC converts in local currency(just on paper) some moment to fix price. I think that one currency must be main, and the second will be counted using the first.

[Dunamisx]

I think we need to understand this from the whole thing, what if we should identify who is playing who, what are we going to do, the best thing is to accept everything the way they are, we cannot force them against their wish as long as no one is forcing us to either of them, we make our personal decision on using some of these platform to do what we want on either trades, exchange or bet whenever we are gambling.

[LUCKMCFLY]

I think that it will not be a gambler problem. It is problem for casino, how they pay taxes and what about it think the tax service. But in my country i have to pay taxes even for profit i get from gambling, and the part of casino take it from my profit when i withdraw money. But i don`t sure that they pay it for me.

Well, there are countries that are really very radical in what they want, they supervise anything and an example of that is Spain, I have friends in that country where things are like that and everything they do in the bank is closely followed by the Treasury. In this case it can be Understood that things are like this, although I am honest I do not like that, my country is very corrupt by its Rulers , but in reality they do not exercise any type of monitoring of that style. Maybe we will move forward if the economic situation It gets better, although I don't think that will happen.