Sports winnings taxes

[FortuneFollower]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

Selling cryptocurrency and avoiding taxes isnt recommended or legal. In most countries, profits from betting that are converted into cryptocurrency still count as taxable income. The best approach would be to consult with a tax professional who specializes in cryptocurrency transactions. They can provide you with the correct guidance on reporting your income and ensuring you comply with tax regulations, which can vary significantly depending on where you live.

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[dimonstration]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

There’s no way to dodge taxes if you will use online services. If I’m on your situation, You should find a local P2P exchanger that can purchase your crypto in exchange for a cold cash.

It depends on your country but you can find a platform that has an OTC feature to sell your crypto. Avoiding the banks or any online transaction is the only thing you need to avoid if you want to dodge taxes. Your only problem is once an audit comes while you purchase things that is already above your total income while your bank statement doesn’t match. 

[Helena Yu]

First, did you gamble on a casino that you previously had submitted your KYC, if yes, then I can't answer. The casino own your ID card and they can report it to authority whenever your government ask it, so probably you need to wait until the casino has been closed.

If you didn't submit your KYC, then you can play by claiming the money you earn from "other thing" or you make it from "safe haven country" (but you need to show some proof, like live on there).

[LUCKMCFLY]

One of the things that we all always emphasize is the problem that KYC causes, sKYC will always be a problem for everything, I don't know what benefits a KYC can have within a crypto casino, and this can chain the taxes that they have to pay in governments , that is one of the reasons why leaving KYC anywhere is dangerous, I have always been very against KYC in everything, not only in casinos, but also in Exchanges, that is why when I trade in very few cases I completed my KYC, because I want to avoid things like this, the truth is that it seems very unfair to me that to play in a casino, you also have to pay a separate tax to a sincere government, these things are not right, and if you enter the casino and they charge you part of the tax, it is worse.

[Ever-young]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Well, its because the amount of taxes to be paid is not a joke, meaning the taxes will be determined by the amount you will cash out, so the higher the amount of money you will cash out, the higher the tax to be paid also. But the thing is, if the OP will sell its funds into an exchange, I don't think there will be a tax, maybe a fee, in order to sell that huge amount of funds into a specific currency, so don't bother with the tax because there will be no such thing as that if you will use an exchange, for example, Binance. But of course, it will be very hard to sell or convert a very huge amount of funds at once, so maybe partition it, to also avoid suspicions from exchange owners or security. That's the beauty of using an exchange in order to sell your funds into another currency without worrying about taxes.

Well that could actually work. If he's determined to evade taxation then using an exchange would be a very nice option, but I'll advice that the OP chose a very trusted DEX rather than a CEX. DEXs are a lot more trustworthy when it comes to comes to funds of such magnitude. And you're also right about selling the whole amount all at once because that's a lot of money and selling or converting it all at  once might raise suspicions. Even if the exchange itself doesn't raise a red flag, there could be serious concerns with banks or financial institutions handling the transaction.
But then again,, why don't you just leave the money in your wallet, it'll be alot more safer there than in the bank.

[Gozie51]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

I guess you won big and trying to evade paying your percentage of tax to your country which is also a part of your contribution  because of the amount of money to pay but that is not really proper. However, I think the way you can easily avoid that is through P2P. Selling to private persons is usually a way to conceal your transactions from third party to monitor what you have done and likewise government would not know except the casino is regulated by government agency directly where they can demand for winners periodically but if not that, you can sell to private people.

[shasan]

I thought the tax to be paid will be deducted by the gambling site or am I wrong?

Why not want to pay tax? It is better you pay your tax.

Some people are avoiding tax with decentralized exchanges and selling directly to someone.

Ta will be taken by the government of the Gambler country. So there is no way or reason to deduct taxes from the gambling site. The person wants to avoid tax as the person has to give a large number of money (taxes) to the government of his/her country.

@Op you can sell it locally in cash which may prevent you from paying taxes. I think as a citizen of the country you should provide taxes to your government.

[Nwada001]

Any government has never collected any taxes to the user through crypto casinos and I dont think its possible either because online casino customers come from all over the world.

It's true that online casino customers come from all over the world. It's also true that most of these online casinos also have regulatory bodies that they report to. Individuals might be taxed based on their country's tax law if it's required.
 
Even if you are able to escape it, there might come a time where you might have some financial issues with any local body, and the person will be asked the source of his funds. This could lead to those avoided gambling taxes, which he might still end up paying if the card is not played well.

[Crypt0Gore]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

This fella isn't back to answer the questions that people need to give the best answers, like Where are you from OP? This is very important to know because you can be from a country that doesn't care about paying taxes on gambling, there aren't many countries that ask gamblers to pay taxes.

We don't pay taxes when we gamble in my country, but some other countries closest to our border do pay taxes, even on items they purchased online, but not here in my country.

So if you want the best guidelines you should reveal your country name, it is really a shame that the government want some cut from gamblers risked and win money, what will they do for gamblers when they lose money? I guess nothing, and this makes it so unfair.

[Lucius]

First of all....Impressive amount. Congrats
~snip~

If it is an amount that is in $ or EUR, then that is impressive, and if it is a local currency in which millions do not mean a great fortune, then the OP is not one of those who can not say that he got rich on sports betting

This fella isn't back to answer the questions that people need to give the best answers, like Where are you from OP? This is very important to know because you can be from a country that doesn't care about paying taxes on gambling, there aren't many countries that ask gamblers to pay taxes.
~snip~

He was online a few days ago, but maybe he was just too busy spending his winnings

Joking aside, such things are best clarified by visiting the local tax office. Everything else is just speculation, considering that we don't know where the OP is located, possibly even in a country where cryptocurrencies are partially or completely banned. There are always ways to sell crypto without paying taxes, whether it's p2p or virtual cards, or maybe even paying for goods or services directly with cryptocurrencies.

[Maus0728]

If it is an amount that is in $ or EUR, then that is impressive, and if it is a local currency in which millions do not mean a great fortune, then the OP is not one of those who can not say that he got rich on sports betting

How would you know that it's not a great fortune in the local currency that OP uses? You living in the same country as OP? I wouldn't say that because the fortune of someone is relative to which country you're living from, say for example you're a millionaire in a poor country but it doesn't mean anything in a rich country, you might just be a minimum wage earner in that rich country but that don't mean that you have to say it's not worth a lot, if it can change OP's life or turn their lives around for the better then it's worth a lot. In regards to how OP would be able to get it out without the worry of taxes, do a P2P trade so you're cutting the away the platform and deal directly with other people.

[Su-asa]

Congratulations for your big win mate. Based on the question you ask, I think the best solution to resolve this paying of tax issues will be more better if you start using any of these trusted decentralized exchanges. But why scared of pay tax? But speaking about tax paying from winning on Gamble, I don't think it's worth paying tax if a gambler wins a bet, the casino are the ones who's supposed to take care of those things because they are company and the gambler is just a mer gambler even though he gave the money to gamble.

[iv4n]

This fella isn't back to answer the questions that people need to give the best answers...

He was online a few days ago, but maybe he was just too busy spending his winnings
...

Napk1ns is active again after a long silence. I think he asked this question just as a joke. If his words are to be believed, he has been betting with very large amounts for years, so he is certainly familiar with how to transfer crypto to cash and what taxes/fees he has to pay. I really doubt that after betting so much he has no idea how to cash out.

I think he is just messing with people, all his topics are hard to believe, but I guess nothing is impossible in the crypto world. Anyway, after opening a topic he rarely comes back to the same topic, so I doubt we will see him here again. Maybe in some time, he will open another topic with some crazy bet/tip/question.

[yudi09]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

Congratulations on the number of wins you get.

I cannot avoid tax from selling crypto because the tax will be deducted automatically by the exchange I use as a selling and buying platform with the conditions regulated by the state. So there is no way for me to avoid taxes.
In fact, if the amount of crypto sold is large, it doesn't matter if the tax deduction is not that large.

Maybe there is a way to avoid tax cuts in your country, I don't know. Hopefully you can do it successfully.

[Findingnemo]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

7 figures is not a small amount that you can hide from a tax agency, either you need to be extremely rich to cover up the winnings while reporting the income or don't report the income at all.

First of all, this isn't avoiding, it's evading.

If you moved the rewards to a non-custodial wallet that isn't connected with any of your KYCed addresses then you can use decentralized p2p exchanges like BISQ to convert crypto to your fiat in smaller amounts.

[Lucius]

How would you know that it's not a great fortune in the local currency that OP uses? You living in the same country as OP? I wouldn't say that because the fortune of someone is relative to which country you're living from, say for example you're a millionaire in a poor country but it doesn't mean anything in a rich country...
~snip~

I just wrote that it doesn't have to be a great fortune considering that it is a figure that represents 1 million something - but of course wealth is a very relative thing in relation to how one thinks about it and where one lives.

Let's say for example that the OP is from Nigeria and won 1+ million in local currency which is a little over $800, and even in that country that can't be considered wealth - or maybe it can? For more comparisons, we can take Argentina as an example, where 1 million pesos is worth about $1100, or 1 million Turkish lira, which is worth about $30 000.

[Poker Player]

However if you spend directly bitcoin ( please correct me if I am wrong) you don't need to pay any tax on this... .

That's wrong. From the moment he earns money in the casino, a taxable event is produced for which he will have to pay taxes, unless where they live they do not tax casino winnings for taxes. And when he spends it, a taxable event is also created on the difference in price when he won it and when he spent it.

[Wapfika]

However if you spend directly bitcoin ( please correct me if I am wrong) you don't need to pay any tax on this... .

That's wrong. From the moment he earns money in the casino, a taxable event is produced for which he will have to pay taxes, unless where they live they do not tax casino winnings for taxes. And when he spends it, a taxable event is also created on the difference in price when he won it and when he spent it.

Is this applicable in crypto casino? I’m curious on how the government will knew that you win on a crypto casino.

I think this the reason why US doesn’t allowed operators with Curacao license to operate in their soil since they can’t tax US players. But in general, All gambling profit should be filed for taxes. Luckily in my country, it’s up to you whether you will declare your casino profit or not since our IRS counterpart tax agency is not strict when it comes to tax implementation on casino profit.

[Gozie51]

Is this applicable in crypto casino? I’m curious on how the government will knew that you win on a crypto casino.

I think that if a casino is regulated by the government where it is operating, then such casino is under a contract and obligation to declare by themselves to the government or to the request of the government on their activities from time to time as required. So it is at that point that government can verify winners and those taxable from their winning except otherwise where the casino is not regulated or isolated from the government, they will not easily know accounts that are taxable.

[mv1986]

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

The least amount of information you need to provide is to actually let people know which country you are from or what the tax regulations are in your country? If your plan is to outright evade taxes that you know are usually due, then asking around in this forum in public is probably not the best way to get the information you are looking for, let alone anyone sane would feel the urge to answer in detail.

In some countries taxes are due on winnings from gambling and then some taxes are due on gains from selling the crypto. It depends. But if the taxes are low on gains from gambling, paying those taxes and then immediately sell the crypto should not go hand in hand with more taxation under most regulations as the money you hold in crypto has been taxed already so to say. Unless you hold the crypto for a while and you realize gains from holding the crypto itself. That's the second case then.