Are You Tax Efficient With Your Gambling Habbits?

[Assface16678]

Paying taxes is the business owner's responsibility, or the business itself is the one that will do the taxes. But I don't think that requiring a gambler to pay tax whenever they play is a good idea. Supposing gambling or playing in a casino is tax-free, and also withdrawing the earned money is tax-free. If, for instance, taxes are also implemented in both online and physical casinos, then I'm sure a lot of gamblers will protest and won't agree about that. The government's in charge of collecting taxes, and I think they can only require the business, not the gamblers, as they are only the customers.

But if, for instance, it is forced to be implemented, we can't do anything about that; just make sure that they will not add and add the tax over time because we know how the economy works right now; goods are increasing in price because of the tax.

[Hirose UK]

You have a point, which is why there are countries in which your gambling profits are not subject to pay any tax, but there are some silly governments which say that you are supposed to pay some money out of those profits, however this is a very difficult rule to enforce, especially when we talk about physical casinos in which the majority of the bets are made in cash and you can decide to receive your payment in this way as well, making very difficult for the government to know that you earned any money unless it is a big amount.

Taxation only affect the gambler with less profit from the game or the gambler who never get a chance to win the game in the gambling.If the gambler made the enough win from the gambling sites,it’s enough for the gambler to pay the ten times of the taxes for the gambling sites.When the gambler receive the regular money.He can pay the taxes to their government by the way of the bank.So the bank can easily monitor the winning of the gamblers based on their transaction with the gambling sites.The gambling sites also help the gambler with the immediate deposit of the winning to the game.So they huge money in the wallet of the winner of the gambling to pay taxe

However, actually imposing taxes on gamblers even if they only win is not a fair tax because even though gamblers get big wins, in reality these wins are not commensurate with the amount they lose while gambling from the beginning until now.
More taxes should be applied to gambling site owners who are business people with definite income from gambling. Moreover, I sure that if such tax is implemented, most gamblers will hide their gambling history and winnings so as not to be asked for tax.

The government should be more tolerant of every gambler because they are just someone who comes to gambling sites to spend money as a form of entertainment and pleasure, not to make certain amount of profit.

I know that some countries impose tax revenues to be allocated to disadvantaged communities, but 50% of gamblers are people from lower middle economic levels so if there is too much emphasis on taxes on gamblers it can also make things difficult for them financially.

[ethereumhunter]

Paying taxes is the business owner's responsibility, or the business itself is the one that will do the taxes. But I don't think that requiring a gambler to pay tax whenever they play is a good idea. Supposing gambling or playing in a casino is tax-free, and also withdrawing the earned money is tax-free. If, for instance, taxes are also implemented in both online and physical casinos, then I'm sure a lot of gamblers will protest and won't agree about that. The government's in charge of collecting taxes, and I think they can only require the business, not the gamblers, as they are only the customers.

But if, for instance, it is forced to be implemented, we can't do anything about that; just make sure that they will not add and add the tax over time because we know how the economy works right now; goods are increasing in price because of the tax.

It will only make gamblers hide their gambling activities from the government so they don't have to pay taxes. For example, the tax will be imposed on gamblers who win as is done on lottery winners. Maybe that is a normal thing but not for gamblers who lose in gambling. They have already lost their money and won't want to be asked to pay taxes. Maybe they will continue to use crypto casinos that can hide the transactions they make to their gambling accounts.

But the government could impose taxes on everyone, including gamblers, because the government wants to get additional income from what is in their country. But it would not be wise to apply it to everyone, even losing gamblers. The government should think about what needs to be taxed so that it won't cause problems later.

[Negotiation]

Why many of us rooting for casinos to deduct taxes from gamblers' funds before their withdrawal this makes it better and easier for the tax remittance and if you think that,  casinos won't be sincere in their dealing as regards to the tax remittances to the government then that is another thing entirely to worry about at some point and the government should already have systems in place to checkmate such possible lapses that may come up from time to time and how best to properly collect all the taxes and put them good use for the benefits of the general populations.

The government has no integration with tax deduction reports from the gambling system, but casinos may have to attach financial reports for tax payments to the government, bad casinos will take advantage of the benefits of tax deductions and they only pay half of the tax funds to the government because the government does not know the actual amount of taxes paid taxes must be paid from the casino, but some countries are not transparent about the use of tax funds for community needs, so I think some of the tax funds are donated to poor communities or trusted charities distribute donations to the community.

We should know this that government don't joke with anything that deals with the way we handle our tax payment, especially the regulated industries under the control of centralized institutions, they will come to us in making demands even when we fail to make payment to them, except if what we do is what tht does not need a physical appearance or registration proof for both gamblers and the gambling organization, for every state, zone or business appearance, there's a stipulated amount assigned under each category for nthe tax payment

Taxation in the case of centralized establishments is normal only in the case of gambling establishments and not taxes from other establishments. In any state people will pay tax on their income and in that sense the state will carry out its expenditure and provide various services to the people. It is supposed to be the general rule that the more services a state provides to the people the more taxes the people will pay. There is no problem here in the case that the centralized gambling organizations have fixed the taxes of the government.

[Natalim]

But the government could impose taxes on everyone, including gamblers, because the government wants to get additional income from what is in their country. But it would not be wise to apply it to everyone, even losing gamblers.

It's our government, so it's our country, and therefore the tax that will be collected will be used for the improvement of the country if the government is not corrupt. Taxes nowadays come from different activities, and since gambling isn't a necessity, we can't complain if the government imposes an unjust taxation, in our view. We have no choice but to follow it, or we'll face the consequences.

The government should think about what needs to be taxed so that it won't cause problems later.

The only problem it would cause is that they won't be able to collect, as gamblers would eventually stop gambling since the taxation law is discouraging.

[ethereumhunter]

It's our government, so it's our country, and therefore the tax that will be collected will be used for the improvement of the country if the government is not corrupt. Taxes nowadays come from different activities, and since gambling isn't a necessity, we can't complain if the government imposes an unjust taxation, in our view. We have no choice but to follow it, or we'll face the consequences.

But unfortunately, there are still many people from corrupt governments who use tax money for their own interests. Taxes are actually for the development and progress of the country but in practice, they are used by corrupt officials who have created problems in the country. Yes, we can't complain because the government controls its taxes, and even though we can protest against the government, it won't have much effect if the corrupt officials are not caught and punished.

The only problem it would cause is that they won't be able to collect, as gamblers would eventually stop gambling since the taxation law is discouraging.

Gamblers will not stop gambling and even though tax laws are against it, gamblers can still gamble in secret. Moreover, the internet is now very advanced, which makes it easier for gamblers to gamble online. They can gamble as usual without any problems, especially as many of them are familiar with crypto, which can hide their identity.

[noormcs5]

It will only make gamblers hide their gambling activities from the government so they don't have to pay taxes. For example, the tax will be imposed on gamblers who win as is done on lottery winners. Maybe that is a normal thing but not for gamblers who lose in gambling. They have already lost their money and won't want to be asked to pay taxes. Maybe they will continue to use crypto casinos that can hide the transactions they make to their gambling accounts.

But the government could impose taxes on everyone, including gamblers, because the government wants to get additional income from what is in their country. But it would not be wise to apply it to everyone, even losing gamblers. The government should think about what needs to be taxed so that it won't cause problems later.

I just do not understand how you think that the gambling who are losing will have to pay tax or not ?
Usually the people are taxed after every year on the income / money which they have at the end of the year. Now if a gambler have a lot of money, and he wins even more in gambling but if he loses all of this money before the year end, at the time of calculation of the tax, he would have no assets / money and therefore he will not fall under the tax net.

Even if you say that tax is on the income earned every month and calculated at the year end, this only applies to the balance that is left on the gambling site. If anyone earn a 1000$ in a month in gambling, but did not withdraw and keep on playing until he loses that 1000$, then he is not obliged to pay the taxes on this amount to the government.

[ethereumhunter]

I just do not understand how you think that the gambling who are losing will have to pay tax or not ?
Usually the people are taxed after every year on the income / money which they have at the end of the year. Now if a gambler have a lot of money, and he wins even more in gambling but if he loses all of this money before the year end, at the time of calculation of the tax, he would have no assets / money and therefore he will not fall under the tax net.

Even if you say that tax is on the income earned every month and calculated at the year end, this only applies to the balance that is left on the gambling site. If anyone earn a 1000$ in a month in gambling, but did not withdraw and keep on playing until he loses that 1000$, then he is not obliged to pay the taxes on this amount to the government.

I don't think losing gamblers should pay taxes because they have already lost at gambling and lost their money so they don't have to pay taxes. And I also agree with you that people are taxed at the end of every year on the income/money they have. A gambler who loses much money before his annual tax calculation may not be taxed because he can show his gambling history and savings account. But I don't know, maybe the tax calculation for gamblers is different from one country to another.

Maybe it was a way for him not to pay taxes on the winnings he earned from gambling. But he may still be subject to income tax from other places because he might still have other places to make money. The government will know where the money he gets comes from and if he loses on a gambling site but his savings account grows a lot, so there is income coming into his account and maybe that is what the government will tax. The scenario may be like that, but we don't know what route each government will take.

[Rabata]

Paying taxes is the business owner's responsibility, or the business itself is the one that will do the taxes. But I don't think that requiring a gambler to pay tax whenever they play is a good idea. Supposing gambling or playing in a casino is tax-free, and also withdrawing the earned money is tax-free. If, for instance, taxes are also implemented in both online and physical casinos, then I'm sure a lot of gamblers will protest and won't agree about that. The government's in charge of collecting taxes, and I think they can only require the business, not the gamblers, as they are only the customers.

But if, for instance, it is forced to be implemented, we can't do anything about that; just make sure that they will not add and add the tax over time because we know how the economy works right now; goods are increasing in price because of the tax.

Taxation is only possible at the institutional level especially in the case of casino gambling. A casino owner has a certain minimum income but a gambler has no guarantee that he will make profit. In that case how will the government collect the tax from him which I think is impossible. But maybe if a person wins a big prize like a jackpot than government can collect the tax from that particular person. The government must only tax the casino business or else it will be almost impossible to collect the tax. If the government still wants to impose the tax, it will pose a threat to the casino gambling platform.

[noormcs5]

But I don't know, maybe the tax calculation for gamblers is different from one country to another.

By the way, we are talking about the honest persons who will declare all the winnings income from the gambling site and willing to pay the taxes.
However majority of the gamblers will hide the gambling income as the the government cannot check the money stored on the gambling sites. Some gambler may keep the money at the year end on the gambling site and once the tax paying period is over they may cash our and bring the gambling income to their accounts.

In case of crypto, they may not convert to fiat and keep them in their bitcoin/altcoins wallets or in the form of USDT where again the government has no access to verify anything.

[Natalim]

It's our government, so it's our country, and therefore the tax that will be collected will be used for the improvement of the country if the government is not corrupt. Taxes nowadays come from different activities, and since gambling isn't a necessity, we can't complain if the government imposes an unjust taxation, in our view. We have no choice but to follow it, or we'll face the consequences.

But unfortunately, there are still many people from corrupt governments who use tax money for their own interests. Taxes are actually for the development and progress of the country but in practice, they are used by corrupt officials who have created problems in the country. Yes, we can't complain because the government controls its taxes, and even though we can protest against the government, it won't have much effect if the corrupt officials are not caught and punished.

Regardless of how they'll manage it, we are still obliged to pay taxes as that is the lifeblood of a country. The crucial thing here is choosing the right leader. If we don't want a corrupt one to run our nation, we should choose wisely. In our country, vote-buying is very rampant, and that's the root cause of corruption. Hopefully, it's not happening in other countries.

The only problem it would cause is that they won't be able to collect, as gamblers would eventually stop gambling since the taxation law is discouraging.

Gamblers will not stop gambling and even though tax laws are against it, gamblers can still gamble in secret. Moreover, the internet is now very advanced, which makes it easier for gamblers to gamble online. They can gamble as usual without any problems, especially as many of them are familiar with crypto, which can hide their identity.

Yes, they could do that, but it's too risky because if they get caught, they might face jail time. It's a decision to make on how far they're willing to take the risk.

[ethereumhunter]

By the way, we are talking about the honest persons who will declare all the winnings income from the gambling site and willing to pay the taxes.
However majority of the gamblers will hide the gambling income as the the government cannot check the money stored on the gambling sites. Some gambler may keep the money at the year end on the gambling site and once the tax paying period is over they may cash our and bring the gambling income to their accounts.

In case of crypto, they may not convert to fiat and keep them in their bitcoin/altcoins wallets or in the form of USDT where again the government has no access to verify anything.

We don't know who will honestly state how much income they earn in one year but maybe people will. However, it is true that the majority of gamblers will hide their income from gambling and may only show their losses for one year in order to get a break from tax payments. Maybe they won't even pay any taxes because they lost at that time even though they hid their winnings

In the case of crypto, we can save the winning money in the form of bitcoin or altcoin or even stablecoin and store it in a separate wallet from other wallets. Yes, as crypto gamblers, we have many ways to keep our winnings and only pay taxes as necessary.

Regardless of how they'll manage it, we are still obliged to pay taxes as that is the lifeblood of a country. The crucial thing here is choosing the right leader. If we don't want a corrupt one to run our nation, we should choose wisely. In our country, vote-buying is very rampant, and that's the root cause of corruption. Hopefully, it's not happening in other countries.

Yes, you are right. Choose the right leader who can lead the country so that it can run according to plan and can develop the economy so that it can be better. The leader may be right, but the officials below him also have to pay attention because it is these officials who often play around with their tax figures and hide their income from the public. These are the ones who must be monitored first and if they do carry out illegal activities, they really must be punished severely to have a deterrent effect on other officials.

Yes, they could do that, but it's too risky because if they get caught, they might face jail time. It's a decision to make on how far they're willing to take the risk.

They must be imprisoned for a long period and have their property confiscated by the state. The government must be truly fair to everyone and impose harsher punishments on state officials who abuse their power for their personal interests.

[Russlenat]

But I don't know, maybe the tax calculation for gamblers is different from one country to another.

By the way, we are talking about the honest persons who will declare all the winnings income from the gambling site and willing to pay the taxes.
However majority of the gamblers will hide the gambling income as the the government cannot check the money stored on the gambling sites. Some gambler may keep the money at the year end on the gambling site and once the tax paying period is over they may cash our and bring the gambling income to their accounts.

In case of crypto, they may not convert to fiat and keep them in their bitcoin/altcoins wallets or in the form of USDT where again the government has no access to verify anything.

That assumption might not be accurate. If the gambling site cooperates, the government could indeed find out how much we're holding, especially if they are regulated by our government. However, if they don't cooperate, there's no way the government can know. But when you cash out to fiat, you might face questions about the source of your funds since local exchanges are regulated by them.

So, it's a good idea to be prepared for that. You really need to be savvy to avoid taxes on gambling. Just because the government isn't currently keeping a close eye on things doesn't mean we're in the clear when it comes to tax obligations. That's not how it works.

[Salahmu]

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 times of gambling, paying taxes depends on the country you domiciled because i know fully well that not all the countries that normally charge there gamblers so however were I come from gamblers doesn't pay taxes but however the only people whom are liable to pay taxes is the betting company so there taxes cover up for the people gambling on there platform.

Perhaps gamblers shouldn't suppose to be paying taxes because there chances of winning bet is not certain so what if after paying the taxes and end up losing the game who will balance him, however preferably taxes should only be done by the betting companies instead of the gamblers.

[Litzki1990]

We pay extra tax on everything we use but paying tax on gambling seems a little surprising to me. I'm already tired of paying extra tax on everything and then again if we have to pay tax on such a risky site like gambling it will be a very bad thing for us. Gambling is already very risky, money can be lost when gambling. Paying taxes from a platform where there is no guarantee of money is really ridiculous. Even if I pay taxes for everything else, at least I'll never pay for gambling. I will turn off gambling if necessary but I am not willing to pay taxes for gambling. Every gambler, not just me, will say that and they certainly don't pay the government taxes for their gambling.

[angrybirdy]

We pay extra tax on everything we use but paying tax on gambling seems a little surprising to me. I'm already tired of paying extra tax on everything and then again if we have to pay tax on such a risky site like gambling it will be a very bad thing for us. Gambling is already very risky, money can be lost when gambling. Paying taxes from a platform where there is no guarantee of money is really ridiculous. Even if I pay taxes for everything else, at least I'll never pay for gambling. I will turn off gambling if necessary but I am not willing to pay taxes for gambling. Every gambler, not just me, will say that and they certainly don't pay the government taxes for their gambling.

As far as I know, Once you win in any gambling, you won't get the whole value prize because there's a limit amount that is subject to tax. so better to Make sure you keep good records of your gambling activities; losses as well as gains. I as well doesn't want to pay taxes for my gambling activities but it is stated in the law.

[South Park]

We pay extra tax on everything we use but paying tax on gambling seems a little surprising to me. I'm already tired of paying extra tax on everything and then again if we have to pay tax on such a risky site like gambling it will be a very bad thing for us. Gambling is already very risky, money can be lost when gambling. Paying taxes from a platform where there is no guarantee of money is really ridiculous. Even if I pay taxes for everything else, at least I'll never pay for gambling. I will turn off gambling if necessary but I am not willing to pay taxes for gambling. Every gambler, not just me, will say that and they certainly don't pay the government taxes for their gambling.

As far as I know, Once you win in any gambling, you won't get the whole value prize because there's a limit amount that is subject to tax. so better to Make sure you keep good records of your gambling activities; losses as well as gains. I as well doesn't want to pay taxes for my gambling activities but it is stated in the law.

I suppose it depends on the country where you live, as there are some countries in which you will receive the full amount and the casino will leave it up to you to pay your taxes, however there are in fact some places in which your taxes will be paid automatically on your name by the casino and you will receive less money than what you won that way, without a doubt the most practical is the latter, but if you know a good accountant maybe it will have been a better option to pay those taxes on your own as they could find a way to reduce the taxes you will have to pay on that money.

[maydna]

As far as I know, Once you win in any gambling, you won't get the whole value prize because there's a limit amount that is subject to tax. so better to Make sure you keep good records of your gambling activities; losses as well as gains. I as well doesn't want to pay taxes for my gambling activities but it is stated in the law.

That's true because there will be a winning tax that must be paid, either to the casino or even some that must be paid to the government, depending on the regulations of each country. We can only follow the rules that have been regulated by law, and if they don't want to pay taxes for gambling, they can start to stop gambling instead of having to pay gambling taxes. Not many people who keep records of their gambling activities will do it because they think that this is gambling that does not need to be recorded. Moreover, if they experience loss, they will be disappointed when they see the numbers.

[Lucasgabd]

if you live in a place that has high taxes for gambling earnings you're probably better setting up an offshore company in a tax free zone for gambling

or using your gambling losses to offset taxes depending on the country
c'mon let's be fair, are there gamblers winning longterm?

[LUCKMCFLY]

We pay extra tax on everything we use but paying tax on gambling seems a little surprising to me. I'm already tired of paying extra tax on everything and then again if we have to pay tax on such a risky site like gambling it will be a very bad thing for us. Gambling is already very risky, money can be lost when gambling. Paying taxes from a platform where there is no guarantee of money is really ridiculous. Even if I pay taxes for everything else, at least I'll never pay for gambling. I will turn off gambling if necessary but I am not willing to pay taxes for gambling. Every gambler, not just me, will say that and they certainly don't pay the government taxes for their gambling.

As far as I know, Once you win in any gambling, you won't get the whole value prize because there's a limit amount that is subject to tax. so better to Make sure you keep good records of your gambling activities; losses as well as gains. I as well doesn't want to pay taxes for my gambling activities but it is stated in the law.

I understand that there are European countries like Spain that have to establish or declare almost everything, the thing is that they do not charge the fee for the air that is breathed because it is closed or they have found a way, however Spain is a country that can evade taxes if you go to another country and play, for example a neighboring country, like Portugal, if you are going to play in Portugal the policies are different, they should not charge you tax, because you are outside of Spain, it is an option, now If the person is told that they have to pay taxes because they play in a crypto casino, I think it is not appropriate, because if we assume that crypto is for us to establish an agrable time to have fun, why should we pay taxes to a government? I don't know, sometimes the laws are a little strange, because if I want to play from outside Spain I don't have to pay, the regulations in the countries are very different, they can change from one moment to the next and they can make a difference if you take into consideration the sperosnas decision, what happens if they don't pay?

If I register from Spain under a pseudonymous coaulquer, but they deposit the money into my bank from another country, how will the country realize that I am person X? If I can say that someone entered my account with my internet and played, then how can they determine what they should pay? Those are the things that I don't understand sometimes, because every user in their country has a way of evading taxes, and I say evade because I am a supporter that when you use crypto and in a casino you should not pay anything to any government, let alone pro sar crypto or bitoin, because they do not give any type of benefit and that is what we can exercise when we are in a country like this, for those reasons it is that we must be very emphatic with the rights, we cannot allow ourselves to be trampled on or pay for a government that imposes only its rules where it uses and takes away, but that is my personal opinion.