Are You Tax Efficient With Your Gambling Habbits?

[danadc]

Gambling is not a business and shouldnt be seen as such bud, though running a casino is sure a business, don't confuse the two, anybody can start  a business with $100 and make profit off it in one month or two, as long as they know what they are doing, but not very many people will start gambling with same $100 and return with the money in one month or two, even when they were so sure about the games they were betting on, and this is because, most games in gambling is purely luck based, that is based on luck.

What in the world are you going on about? Casinos are businesses that offer gambling as a form of entertainment to gamblers around the world and they earn through the house edge etc while the gamblers earn through luck etc.

The casinos earn way more than gamblers in the long-term which is why they deserve to be taxed while gamblers shouldn't.

You say it with great propriety and you are right, things are like that, there is no way it can be anything else, the casinos are the ones who have to comply with the tax obligations, but the players do not, a player can comply with the tax obligation from a casino that is with money made from a bnaoc, or from a transfer, but the same bank charges it at once, and not for a cryptocurrency casino, but a currency casino like dollars, euros, there they may want it charge the person, because they may consider it as something of a luxury, but I do not agree, a cryptocurrency casino player should not pay any tax to anyone.

[Gozie51]

It's not right for we to pay for the fun that we're having when we're gambling using casino, for those countries that their government is taxing their profits, they should protest because it isn't right, will the government pay them compensation when they lose while gambling.

I agree with you we shouldn't pay tax when gambling using casino or better still the government should have a moderate form were as after paying the tax for winning and when we losses there should be some sort of compensation to make it on a equilibrium patterns at least with these it will be a bit fair instead of paying tax on our winnings while the government doesn't care about our loss, but on a serious note the tax payment should have only impose on the casino company and not for the gamblers were as the tax paid by the casino should have covered  for the gamblers as such giving the gamblers tax free Because there are countries that tax only there casino company instead of both casino and the gamblers.

Why can't you pay tax when you're gambling, the intention for paying tax is when you engaged doing anything that source income for you, so if you earn in making something, then you're indirectly entitled to pay tax by the virtue of law because you earn, you can agree with me that some are earning a living through gambling, aren't they making money? the request here is not on those that pay for tax while staking, but if you win, can you still pay or not, am not suggesting one should pay honestly because having such discussion on wether to pay or not is the cause for this discussion.

It will be a deservice to mandate someone who relies on luck for winning a game to pay tax from it, what about if he doesn't win, is he going to be taxed? I'm thinking tax is made out of the profit of a business and not of the losses. If this is the legal position then gamblers are not suppose to pay tax especially if in total sum of their gaming activities they are lose because companies declare their income statutorily and that is where they are taxed. Gambling is not a business and not a source of income so people gambling shouldn't be made to pay tax. But casinos must have to pay, they are business ventures that generate some percentage of money from the staking of their customers.

[Viscore]

Gambling is not a business and not a source of income so people gambling shouldn't be made to pay tax. But casinos must have to pay, they are business ventures that generate some percentage of money from the staking of their customers.

This should be the scenario: they say we can never win in gambling, so we are on the spending side, and we shouldn't have to pay taxes. Casinos are the ones making a lot of money, so to simplify things, they should be the ones obligated to pay taxes. Actually, taxes should not be complicated, as complexity can lead to issues where people fail to pay taxes due to a lack of understanding. We are aware of the high penalties for non-payment, and we might even face jail time for tax evasion, which we certainly don't intend.

[Porfirii]

Usually, if we get income from our work, the government will ask us to pay income tax, where the tax money will be used for the benefit of the citizens and the country.

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The truth is that I would like to Live in a Country where taxes are destined to end, to fix the things of the day, because yes, everyone in the world pays taxes and it is about doing the best so that they can do the best From this, it does not matter to me if the government is bad, or that the government is full of thugs, it matters that as long as the laws are well enforced and they can generate work and things as they are, then in this order of ideas, if the things are well Controlled , you will pay Any type of tax and up to date, but even if I am with the best country in the world, I will never accept paying for crypto esuar or casinois that are crypto, because for me it makes no sense that my fun is controlled by governments , then these types of things are already Innate , they are things like I don't let nobody get involved in my Finances , because that's why I'm in crypto, it only happens when you are in the purely FIAT System , where obviously you have the complete record of things and can Generate whatever it takes to maintain the country.

In fact, I have always agreed that many things Must be Done so that taxes are paid, I disagree with the accountants who evade taxes with theoretical tricks to do so, in this sense things can be better so that a country can move forward, but as I say , Only in the FIAT World where all things have a real meaning, ideal so that they can be done well, while the other things are not about how to do to have a better understanding of taxes, it should never be Asking someone who deals with crypto, deals with Crypto casinos and with Crypto trading, I won't agree with paying tax for it, so that's up to me, maybe I'm very pro-technologist, or very Pro-Crypto, I'm not I accept the intersection of a third party to benefit from crypto and unless it is from my crypto, which incorporates my fun, my Money, my Effort.

Dear LUCKMCFLY, although I don't fully share your point of view, I can understand your feelings. But part of the problem is that most people don't deal with cryptos and they wouldn't agree to make them tax free, so the utopia you are proposing is just that, a utopia.

I would settle for clear and reasonable rules on how to pay taxes. If I earn money, I have no problem in sharing a part for the common good. The problem is that nowadays in many countries we haven't got clear rules, and the ones we could invent by analogy don't fit well with the extreme volatility of this market, because they were not created with it in mind.

[wiss19]

You say it with great propriety and you are right, things are like that, there is no way it can be anything else, the casinos are the ones who have to comply with the tax obligations, but the players do not, a player can comply with the tax obligation from a casino that is with money made from a bnaoc, or from a transfer, but the same bank charges it at once, and not for a cryptocurrency casino, but a currency casino like dollars, euros, there they may want it charge the person, because they may consider it as something of a luxury, but I do not agree, a cryptocurrency casino player should not pay any tax to anyone.

I believe countries where gambling is legal and online gambling platforms including cryptocurrency casinos are regulated, players will also have to pay taxes on their gambling winnings, but I'm not really sure if the authorities will actually find out if one has won or lost, however, if a casino is regulated, the casino might let the authorities know about the players that have got significant wins in a particular period so that they can ask for them taxes.

If a country has no regulations for cryptocurrencies or cryptocurrency gambling platforms, they will most probably not be able to find out if a player has won something significant within a month or not if the players themselves aren't filing their winnings and willing to pay taxes which barely happens.

[mak013]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country your loses it is your problem, and your profit - is "our profit". So you can lose everything, but when you win - you have to pay taxes. If you stopped the game and move you money back to credit card - you have to pay taxes from the difference between you deposit to casino and withdraw from it.

[Mate2237]

You say it with great propriety and you are right, things are like that, there is no way it can be anything else, the casinos are the ones who have to comply with the tax obligations, but the players do not, a player can comply with the tax obligation from a casino that is with money made from a bnaoc, or from a transfer, but the same bank charges it at once, and not for a cryptocurrency casino, but a currency casino like dollars, euros, there they may want it charge the person, because they may consider it as something of a luxury, but I do not agree, a cryptocurrency casino player should not pay any tax to anyone.

I believe countries where gambling is legal and online gambling platforms including cryptocurrency casinos are regulated, players will also have to pay taxes on their gambling winnings, but I'm not really sure if the authorities will actually find out if one has won or lost, however, if a casino is regulated, the casino might let the authorities know about the players that have got significant wins in a particular period so that they can ask for them taxes.

If a country has no regulations for cryptocurrencies or cryptocurrency gambling platforms, they will most probably not be able to find out if a player has won something significant within a month or not if the players themselves aren't filing their winnings and willing to pay taxes which barely happens.

Countries that gambling is not accepted, casinos would not pay tax and they the casinos will not also taking tax from their customers because if they do, the authorities will know that the casino company online is operating, and they will arrest them. So with that fear, everything will be in the low key. And no country in this world is not playing gamble be a legal and illegal countries. People play gamble in the country that gambling is illegal. But they gamble it online and not in physical centers but I still believe that events centers, clubs and hotels will have some specific casinos to entertain their customers for free or they pay small amount of money to play.

And I believe the owners of those places didn't pay for tax because it part of their advertisement in the company or investment. They only pay tax for the investment and not the casinos.

[maydna]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country your loses it is your problem, and your profit - is "our profit". So you can lose everything, but when you win - you have to pay taxes. If you stopped the game and move you money back to credit card - you have to pay taxes from the difference between you deposit to casino and withdraw from it.

The loss was our loss, and we did not pay the taxes. And even if we win, we might just pay winnings tax to the casino. But using a credit card to gamble is not recommended because it is as if we are using borrowed money and have to pay it back on time. Otherwise, we will experience problems, and we may have to give something to the credit card company to pay off the money.

But to pay taxes on our gambling, it seems it depends on where we live because some countries will not ask for tax money on gambling, but countries will ask us to pay for other things. And it will depend on the policies of each country.

[EarnOnVictor]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country your loses it is your problem, and your profit - is "our profit". So you can lose everything, but when you win - you have to pay taxes. If you stopped the game and move you money back to credit card - you have to pay taxes from the difference between you deposit to casino and withdraw from it.

The loss was our loss, and we did not pay the taxes. And even if we win, we might just pay winnings tax to the casino. But using a credit card to gamble is not recommended because it is as if we are using borrowed money and have to pay it back on time. Otherwise, we will experience problems, and we may have to give something to the credit card company to pay off the money.

But to pay taxes on our gambling, it seems it depends on where we live because some countries will not ask for tax money on gambling, but countries will ask us to pay for other things. And it will depend on the policies of each country.

Of course, the payments of taxes depend on where an individual lives, and in countries where it's been demanded, they are reasonable enough to ensure that the payers are not cheated in any way, but this can't still be entirely fair. Although my country does not demand taxes from individuals, it's the operators themselves that are taxed, yet I still prefer no tax for everyone because it's not an easy thing to gain from gambling which is never uncertain. This is another proof that world leaders see things differently and it's causing some citizens to suffer from their policies if it's bad. I wonder how some countries would be able to track it fairly whether someone earns regularly with gambling or uses loan money for the tax to know if they are fairly taxed or not.

Thanks to the various ways we can gamble these days, and gambling with an offshore casino by using a payment system that is not linked to any government-controlled institutions like crypto is the best way out in this regard.

[davis196]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country, there's a 10% income tax over gambling winnings. The casinos/sports bet platforms are paying between 15 and 20% revenue tax from all their revenue. So far, I haven't paid any tax over my gambling winnings, because I never had any total winnings. All my small winnings get spend for betting and I lose them eventually. Gambling losses cannot be deducted from the taxes where I live.
Most of the online casinos I use aren't located under the jurisdiction of my country, so I'm not sure whether do I have to pay taxes or not.
Are there any gambling taxes in Quracao or Costa Rica?

[iv4n]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country, there's a 10% income tax over gambling winnings. The casinos/sports bet platforms are paying between 15 and 20% revenue tax from all their revenue. So far, I haven't paid any tax over my gambling winnings, because I never had any total winnings. All my small winnings get spend for betting and I lose them eventually. Gambling losses cannot be deducted from the taxes where I live.
Most of the online casinos I use aren't located under the jurisdiction of my country, so I'm not sure whether do I have to pay taxes or not.
Are there any gambling taxes in Quracao or Costa Rica?

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

[Fivestar4everMVP]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country, there's a 10% income tax over gambling winnings. The casinos/sports bet platforms are paying between 15 and 20% revenue tax from all their revenue. So far, I haven't paid any tax over my gambling winnings, because I never had any total winnings. All my small winnings get spend for betting and I lose them eventually. Gambling losses cannot be deducted from the taxes where I live.
Most of the online casinos I use aren't located under the jurisdiction of my country, so I'm not sure whether do I have to pay taxes or not.
Are there any gambling taxes in Quracao or Costa Rica?

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

[cafter]

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

if we win a lottery or a large sum of money in a crypto casino that doesn’t know who we are because of the privacy of cryptocurrency, we can hide this amount without converting it into fiat and spending it on shopping by paying in cryptocurrency.

but if you won in a fiat casino that mostly requires KYC and need to withdraw your funds in a bank account where banks or financial institutions can track your winnings, then you can’t hide your winnings and you must pay the tax on your winnings..

[maydna]

~snip~

Of course, the payments of taxes depend on where an individual lives, and in countries where it's been demanded, they are reasonable enough to ensure that the payers are not cheated in any way, but this can't still be entirely fair. Although my country does not demand taxes from individuals, it's the operators themselves that are taxed, yet I still prefer no tax for everyone because it's not an easy thing to gain from gambling which is never uncertain. This is another proof that world leaders see things differently and it's causing some citizens to suffer from their policies if it's bad. I wonder how some countries would be able to track it fairly whether someone earns regularly with gambling or uses loan money for the tax to know if they are fairly taxed or not.

Thanks to the various ways we can gamble these days, and gambling with an offshore casino by using a payment system that is not linked to any government-controlled institutions like crypto is the best way out in this regard.

Usually, it is the operator who will be taxed while the gamblers are not taxed. Of course, we choose not to be taxed for our gambling, regardless of the results we get, especially if we lose more often than we win. World leaders will respond based on what is happening in their country and not because of what is happening in other countries because that will be irrelevant. But perhaps for certain countries, a regulatory body will supervise someone who gambles so that when that person wins, the regulatory body will ask for tax on the winnings. That person must pay it according to the tax stated in their report. The state can track how gamblers gamble and know how much they win and lose so that the state can adjust its taxes accordingly.

[Viscore]

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

if we win a lottery or a large sum of money in a crypto casino that doesn’t know who we are because of the privacy of cryptocurrency, we can hide this amount without converting it into fiat and spending it on shopping by paying in cryptocurrency.

but if you won in a fiat casino that mostly requires KYC and need to withdraw your funds in a bank account where banks or financial institutions can track your winnings, then you can’t hide your winnings and you must pay the tax on your winnings..

Speaking of winning in a lottery, I'm assuming we are talking about a huge amount of money here, and I don't think you will not be eager to convert your winnings into fiat. So there's still a trace in case you will do so, and even if you use a peer-to-peer trading platform like what is present in Binance, you will still need to declare your receiving platform. It could be through a physical bank or a digital bank, and creating such will require KYC information.

What I'm trying to convey is that if tax authorities make an effort to trace a certain transaction, they can do so because they have the resources.

[dezoel]

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

When you say that it's our money and the profit should be ours only, where do you think the money comes from that people use to start businesses or make investments? It's also their own money, but they are bound to pay taxes on their income even if they have used their own money. The government doesn't give people money that they can use to do business and then pay taxes with that money, so it's not really about who the money belongs to.

However, a lot of people don't really declare their gambling winnings so that they can pay their taxes on them unless the authorities find out about their winnings and send them a notice about declaring their winnings and paying the taxes that they owe the state, and this happens only when gambling is legal in your country.

[Rabata]

Gambling is not a business and not a source of income so people gambling shouldn't be made to pay tax. But casinos must have to pay, they are business ventures that generate some percentage of money from the staking of their customers.

This should be the scenario: they say we can never win in gambling, so we are on the spending side, and we shouldn't have to pay taxes. Casinos are the ones making a lot of money, so to simplify things, they should be the ones obligated to pay taxes. Actually, taxes should not be complicated, as complexity can lead to issues where people fail to pay taxes due to a lack of understanding. We are aware of the high penalties for non-payment, and we might even face jail time for tax evasion, which we certainly don't intend.

Tax is definitely a good idea that everyone should pay. Those who provide taxes are considered as a good citizen of the country. However, many people are confused about paying taxes on gambling winnings. Some people think that what a person does when he loses money when gambling winnings are paid out? Moreover, since everything is uncertain in gambling, there is disagreement on the matter of when the tax will be paid. Before looking into various issues, it appears that it is not possible to pay regular taxes to gamblers, but if the government demands taxes from the casino sites, it is a suitable way.

[uneng]

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

When you say that it's our money and the profit should be ours only, where do you think the money comes from that people use to start businesses or make investments? It's also their own money, but they are bound to pay taxes on their income even if they have used their own money. The government doesn't give people money that they can use to do business and then pay taxes with that money, so it's not really about who the money belongs to.

However, a lot of people don't really declare their gambling winnings so that they can pay their taxes on them unless the authorities find out about their winnings and send them a notice about declaring their winnings and paying the taxes that they owe the state, and this happens only when gambling is legal in your country.

Then the government should charge the same percentage of taxes from businessmen and gamblers. The point is that gamblers have to pay much superior tax rates than everyone else inside the society. It doesn't encourage anyone declaring their winnings. Quite the opposite, such regulations only encourage gamblers to hide their winnings from authorities. And I really don't blame them for that, because I would be mad to risk my own money with a chance in one million to win a prize, and even if I won I had to pay 30% of my prize to the thief government.

[dothebeats]

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

When you say that it's our money and the profit should be ours only, where do you think the money comes from that people use to start businesses or make investments? It's also their own money, but they are bound to pay taxes on their income even if they have used their own money. The government doesn't give people money that they can use to do business and then pay taxes with that money, so it's not really about who the money belongs to.

However, a lot of people don't really declare their gambling winnings so that they can pay their taxes on them unless the authorities find out about their winnings and send them a notice about declaring their winnings and paying the taxes that they owe the state, and this happens only when gambling is legal in your country.

If the government does not provide everyone with services that are paid by the taxes of the people, only then can one say that they will not pay for taxes. But even then, you will be required by the law to pay your taxes. There's no other way around it. Either pay your taxes or be jailed.

As for filing taxes on winnings, there are still some countries wherein they don't impose this. These countries do have capital gains tax, but gambling winnings are something that isn't always considered as capital gains.

[rachael9385]

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

In my country, there's a 10% income tax over gambling winnings. The casinos/sports bet platforms are paying between 15 and 20% revenue tax from all their revenue. So far, I haven't paid any tax over my gambling winnings, because I never had any total winnings. All my small winnings get spend for betting and I lose them eventually. Gambling losses cannot be deducted from the taxes where I live.
Most of the online casinos I use aren't located under the jurisdiction of my country, so I'm not sure whether do I have to pay taxes or not.
Are there any gambling taxes in Quracao or Costa Rica?

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

I don't buy the idea of paying tax when I win a bet. To pay tax when we win a bet is just another way of just dashing the government our funds, if we should pay the government tax from our winning that means we are supposed to pay taxes when we also lose bets too.
As we all know, we don't always win bets, and the only time we win from gambling by then, either the gambling company or the government diminish some amount of money from our winnings. That means customers will be leaving the gambling company to bet in other casinos.