Isn't it kind of stupid to pay taxes on gambling winnings?

[freedomgo]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

[danherbias07]

They do that now. In one of the popular local online gambling platforms here in our country, you will get the full amount of what you win. I just won x10000 last time and I withdrew all of it without any trouble like taxes. I am not sure though if I go beyond that like x100000 or more because I have not yet won that kind of amount ever since I played in that online casino.
But I am sure the casino itself is being taxed by the government because they are licensed and regulated. I think it all depends on the government tax implementation and it's really better if the casino itself will take the tax first so it won't be a hassle to us.

[Sanitough]

It’s stupid to pay taxes if they’re not required, but if they are, even if it seems unfair, it would be even more foolish to ignore them and get caught. The penalties would be tough, and there’s even a chance of jail time.

If you’re in a country where law enforcement isn’t that strict, you might get away with it. But in places like the U.S. or the U.K., I don’t think people would even dare to take that risk.

[Charles-Tim]

So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

In most countries that I know, the ones that tax gambling activities only tax the profit and not the loss. I mean the net profit is taxed. If you have been losing $1 dollar for 5 years every day which is $1825 if we estimate it. And one day you suddenly won $1500 with $1. No tax would be paid by you because you are still in loss. Even if the gambling site supposed to remove the tax automatically, they will not remove it because you have no tax to pay.

[Tipstar]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

There are countries which makes you pay taxes for your gambling bets so a tax on gambling winnings looks fair. There are taxes on most of the prizes and wins be it reality tv shows or games or a lottery called windfall taxes. Even the physicals prizes won by contestant needs to have their tax paid by winners. These taxes ranges from 10% to below 50%. US has upto 37% while japan upto 45% and Spain upto 47%. Gambling winnings too fall under similar structure in most of the countries. Even stocks earnings are taxed.

[Sticky Bomb]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

I really think that taxing gambling wins is unfair to the gambler. Taxes are supposed to be paid on profits, but when you look at the gambler's betting history, you may see that he's in a big loss and there's no net profit even from his big win. It's victimizing on gamblers to be honest, the taxing system did a very bad job there for countries where it's applicable.

In my country, I don't think there's such laws, the casino houses are taxed since they're in business and making profits.

[cryptomaniac_xxx]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

I do agree, we shouldn't be taxed, I mean it's gambling already, sometimes we do lost a lot of money and so it's a double whammy if the government is going to put tax on the money that we have lost already.

But the good thing is that in our country, the government doesn't tax gambling winnings unless it's a lottery. So if you go to a land base casinos and then win, then there's no way that they can go after you to pay taxes. Unless you declare everything during tax paying month, but I doubt we will.

[Muba20]

Not all gamblers are in profit. If such statistics could be made, we can say for sure that the loss of gamblers would be higher. When a gambler wins, we are happy to see that win, but that gambler knows how much he spent or lost behind that win. If at the end of the month the gambler has a profit of 10% of the total cost and a loss of 90%, then when tax is imposed on him, it means making him even more miserable. Increasing his loss even more.

If a decision is taken to impose a tax on gamblers, it will be a more harmful decision for them. If such a law is imposed, it will not be possible to implement it. Moreover, gamblers will never want to pay that tax. Rather, they will change the gambling platform and gamble in an alternative way so that they are free from tax.

[Cityhunter34]

It’s stupid to pay taxes if they’re not required, but if they are, even if it seems unfair, it would be even more foolish to ignore them and get caught. The penalties would be tough, and there’s even a chance of jail time.

If you’re in a country where law enforcement isn’t that strict, you might get away with it. But in places like the U.S. or the U.K., I don’t think people would even dare to take that risk.

Yes, is actually better you stick to the rules if you finally found ourself in such county. Because failing to do so might likely result to something else at last, more especially place like U.S or U.K as you mentioned is not something to joke with because once you dare with them it most surely result to jail they don't joke with laws over there, just like they normally said that prevention is better than cure.

[Wiwo]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

Gambling tax can't work effectively if the casino itself is not involved and I think gambling tax should be deducted from every stake, just like fees for staking the bet let a percentage of the tax be deducted when the total game is fully played in such a way that even when there is loses the casino also pay back tax on behalf of the gambler.

But to say that tax is deducted from the player's withdrawal when he wins, this method will be unfavorable to the gambler at the end of the day, so is very important for us to pay close attention to whatever laws come with gambling taxation.

[Cryptmuster]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

I have never encountered a situation in a casino where I have to pay any taxes, neither after winning nor during withdrawal. Even if there are some laws on paying taxes on winnings, then these taxes should be paid not to the casino but to the state, or maybe it works on the principle of how at work, when the employer pays taxes for the worker. But here it is completely different, I am not sure that it can work like that. In any case, you can simply change the casino if you are not satisfied with this...

[Lida93]

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

The government themselves and casinos aren't stupid to allow you withdraw the total amount won to them send the tax yourself. They already understand that a lot of people will express deviance to it and that's why the casino will be the one to subtract the tax from your winning and let you access to withdrawal of what's left. This is for a country where the government taxes gambling wins from gamblers.

I come from a country where the government don't tax the gamblers to some extent except you get to win a sum  amounting to millions or so before you could be taxed. Unlike some countries you've to pay tax on every win despite the amount won. It doesn't help those that have been experiencing a log of losses before the win eventually summit.

[Renampun]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

I'm curious about what gambling sites you often use because as far as I know, taxes are only imposed on players when the player wins a large amount.

if we look at the gambling tax rules then the USA is quite strict about it, every player is required to pay tax from what they win regardless of the size of the player's winnings but if you are outside the USA it doesn't matter if you win small because there is no tax deduction on your small winnings (cmiiw)

but if you are still confused about the answer you get, you can directly ask the owner of the gambling site via their chat service.

[swogerino]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

I think only in USA are as greedy as taxing gambling winnings as I have not seen that in many other countries however if it is going to be a success in USA then most other countries can follow which luckily has not happened yet. Normally the crypto casinos are even more difficult to check compared to traditional FIAT casinos and so far crypto casinos are staying low profile on such condition, almost everyone crypto casino do not care much as they are registered in Virgin Islands or Curacao which are places that are totally free and no one cares there to tax your gambling winnings.

[Kristiyana]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

PayingTax for what exactly? Actually this is my first time of hearing about this. But I think if they succeeded in making that law of paying taxes to stand, probably when someone experience win in gamble. definitely they're going to lose almost 80% of their users. Because is obvious that no one will agree to stick with suh law.

[Cryptoprincess101]

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

If winnings should be taxed then losses should also be taxed to the advantage of the gamblers because let's consider a scenario where a gambler has lost about $10k and manages to win $5k then you now ask the gambler to pay tax from the winning when he has already gotten more losses than the amount he won, that is a very mean thing to do and if they should implement such act then the rate of gambling will reduce because no one would be willing to pay taxes when they win while when they lose no one will take records of their losses and give them some percentage as compensation for their losses.

[Cointxz]

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

The keyword here is winnings meaning you gain something from your original money. There’s a capital gain tax which is applied to anything that you gain but the specifics varies on the country law.

Some country like 3rd world country doesn’t strictly regulate taxes from this gains however in some country like US is mandatory to report this taxes or else you might suffer some legal issues.

Remember that gambling is a form of entertainment so the government doesn’t care about your previous losses.

[Russlenat]

I'm curious about what gambling sites you often use because as far as I know, taxes are only imposed on players when the player wins a large amount.

if we look at the gambling tax rules then the USA is quite strict about it, every player is required to pay tax from what they win regardless of the size of the player's winnings but if you are outside the USA it doesn't matter if you win small because there is no tax deduction on your small winnings (cmiiw)

but if you are still confused about the answer you get, you can directly ask the owner of the gambling site via their chat service.

The policy on taxing gambling winnings isn’t based on the casino’s rules, it’s a law set by each country. So if you’re using a casino regulated by your country and gambling winnings are taxed, then you’re required to pay. Casinos also have an obligation to report to the government for checks and balances. It’s not a withholding tax, but more like a requirement for gamblers to file their own tax returns.

[Sanitough]

It’s stupid to pay taxes if they’re not required, but if they are, even if it seems unfair, it would be even more foolish to ignore them and get caught. The penalties would be tough, and there’s even a chance of jail time.

If you’re in a country where law enforcement isn’t that strict, you might get away with it. But in places like the U.S. or the U.K., I don’t think people would even dare to take that risk.

Yes, is actually better you stick to the rules if you finally found ourself in such county. Because failing to do so might likely result to something else at last, more especially place like U.S or U.K as you mentioned is not something to joke with because once you dare with them it most surely result to jail they don't joke with laws over there, just like they normally said that prevention is better than cure.

And it turns out you can actually deduct gambling losses, as long as they don’t exceed your winnings. So basically, every time you win, you’ll have to pay taxes, that’s the law in the U.S.

For more details, you can check this link for complete information.

https://www.irs.gov/taxtopics/tc419

The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips.

Gambling winnings
A payer is required to issue you a Form W-2G, Certain Gambling Winnings if you receive certain gambling winnings or have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on Form 1040 or Form 1040-SR (use Schedule 1 (Form 1040) PDF), including winnings that aren't reported on a Form W-2G PDF. When you have gambling winnings, you may be required to pay an estimated tax on that additional income. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.

Gambling losses
You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions."

[yahoo62278]

I was just thinking, sometimes we win, but overall, we still lose more in gambling. I don’t consistently keep track of my gambling history, but the site I’m using now provides a monthly profitability record. I wasn’t surprised to see that I’m not profitable. So what if one day I win a big amount, something that would actually feel satisfying as a gambler, but overall, it still wouldn’t offset all my losses?

Then there’s a law saying gambling winnings should be taxed? I don’t think I’d willingly pay, unless the casino itself withholds the taxes, in which case, I wouldn’t have a choice.

Here in the USA at real life casinos if you win $1200 or more on a slot machine you have to fill out a tax form and pay taxes. Doesn't matter if you are winning or losing on that machine, anything over $1200 is taxed. It's bullshit and a person should only have to pay if winning, but they fuck you any way they can.