Are the Big Gambling sites paying taxes?

StarofBTC

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Quote from: Seeker#9 on December 22, 2017, 08:11:09 AM

Those gambling sites that registered and given permit to operate are the ones that hould pay their taxes. There are many online gamblings that has no actual offices, and mostly runs by softwares. These sites raked millions of dollars in profits and don't pay any taxes at all.

Yeah you are right many sites are not registered and they have made millions of dollars. They do not pay taxes because they are not registered with the governments and they are free to collect money from all over the world and keep all the money in their pockets.

Why they should pay tax? The government does not facilitate them in anything and in response they do not pay taxes. Registered gambling sites no doubt pay taxes.

greeklogos

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Logically they should to. Also I think they are paying for the license for gambling activity. In the other case the gambling site simply should be blocked.

Kolly

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Quote from: gilad215 on September 06, 2017, 09:58:41 AM

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

Some gambling sites especiaĺly the big one pay their taxes because if they dont pay their sites will be closed.but many gambling sites are illegal they are the hard headed they dont follow the rules of government.

crwth

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Quote from: Pixyoxx on January 09, 2018, 12:29:13 AM

In simple terms , if gambling is allowed then that means they accept it as a means of earning money and off that's so then they will have to pay taxes for sure if they are making a huge sum of it .

Also setting up a company allows you to pay a little bit lower tax but all the input and loan that you will take in setting up one is 10 times higher than the tax that you would have to pay.

Also there is no surity that the company will fluorish .

Well, at least they are paying the government which is going to be for the benefit of the country but not everything goes to the country, it's just the fact that people are really corrupt and just puts the money in their own pockets. That's the sad part, that's why some people don't necessarily pay the right amount or something.

Pixyoxx

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In simple terms , if gambling is allowed then that means they accept it as a means of earning money and off that's so then they will have to pay taxes for sure if they are making a huge sum of it .

Also setting up a company allows you to pay a little bit lower tax but all the input and loan that you will take in setting up one is 10 times higher than the tax that you would have to pay.

Also there is no surity that the company will fluorish .

Alns

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This is almost the same as i replied a few minutes ago, it depends on where are they based.

If they are US-based online casino, then the answer is absolutely yes, they are going to need to put all their asses on the cage because they are going to pay a lot of taxes.

That is the main reason of why most casino websites are based on Panama, or in Gibraltar, because they do not need to pay taxes in those countries.

benmartin613

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There two kinds of gambling site the ones who are licensed and the one who are running underground, licensed casino definitely pay taxes because they are being watch by the government on where they register their main office.
Undergrounds dont pay taxes these kinds of site usually dont last long end scam its client, staying online for a few months or years then after a good flow of players coming in then they do shady activity and just block your account or worst the site is lost forever.

megynacuna

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Most of the online gambling websites are hosted on offshore servers and not in the country where their owners normally reside and so it makes it difficult to collect taxes from these establishments and so i suspect majority of them are skipping taxes.

Sexie

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Quote from: gilad215 on September 06, 2017, 09:58:41 AM

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

. I think gambling site , if it base in a country is being taxed. Alll the requirement of starting a business must be produced otherwise you Will be banned. I think also those gambling site that have an advertisement through internet are being taxed once they are land base. But for those Casino that are being Played through online i dont think so that they are being taxed. Because they are just buying coins and tokens through online bases.

shintosai

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Quote from: crwth on January 07, 2018, 07:56:36 PM

If you are a legitimate site and would want to continue operating, they should abide by the laws in which they are located. Lucky for them if the country they are in doesn't have anything against that or something but knowing that casinos earn a lot, it wouldn't be much of a hassle to cooperate with the government. It would be certain that people have cooperated with them to ensure safety, especially for its members.

They will if law require them from where the server is located, both in house and internet based casino if they wanted to facilitate without any
interfere then they should pay taxes, those big and well established house have this as they know how to run the business well.

crwth

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If you are a legitimate site and would want to continue operating, they should abide by the laws in which they are located. Lucky for them if the country they are in doesn't have anything against that or something but knowing that casinos earn a lot, it wouldn't be much of a hassle to cooperate with the government. It would be certain that people have cooperated with them to ensure safety, especially for its members.

warwar

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Quote from: Barcode_ on September 07, 2017, 04:51:15 AM

I think most of the gambling sites that operates with crypto-currencies instead of fiat money don't pay taxes to the government to their country they reside at, I have seldom seen a gambling site releasing their yearly financial statement about the sites profits and losses.

Agree, also bitcoin because it is decentralized. Though fees are really big but other than that you could say that it has no tax at all. But if we are talking about the website , its operations or its maintenance and not talking about profits will more likely have fees because they will using they own money to build the website. Hopefuly in the future altcoins and bitcoin still have no tax at all.

elash

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Quote from: romero121 on September 06, 2017, 10:27:19 AM

I don't think that gambling websites were paying taxes. Majority of the gambling websites tries to operate over the countries were there are much legal issues. With cryptocurrency functioning gambling websites everything happens online, so that can operate in some other country based on the legal requirements.

a very big yes, because here in our country the big gambling sites operate only with the open permit, and as i know they operate in legal ways, and casinos here in our country is one of the biggest tax payer in our country.

iv4n

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Quote from: tbterryboy on December 29, 2017, 07:43:07 AM

Quote from: biskitop on December 21, 2017, 07:05:51 AM

Of course. Try to imagine, every big gambling house, definitely get a great income as well. The government certainly does not want to lose taxes for it. Taxes are also useful for large gambling house (and official) as legal protection.

Exactly! Big sites are paying taxes of course because they are also enrolled in government’s documents and after that they become authorized and can continue their work.

They do pay taxes because tax is totally for the welfare of their country and if they will not pay tax, government will block their site and also will find them for their unfair doing, so they like to pay some amount of tax instead of getting blocked and all things ruined.

Many casinos are paying extra taxes like tobacco companies, but all that depends from place they operate, in which country. We pay tax for breading the air, today everything is taxed somehow, and some things and companies in some countries have enormously big tax, luxury is taxed a lot in many countries now.
If casino isn't legit and don't pay tax, some underground casinos they pay some kind of protection to mafia, that is same like tax, its something you can't get away from.

tbterryboy

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Quote from: biskitop on December 21, 2017, 07:05:51 AM

Of course. Try to imagine, every big gambling house, definitely get a great income as well. The government certainly does not want to lose taxes for it. Taxes are also useful for large gambling house (and official) as legal protection.

Exactly! Big sites are paying taxes of course because they are also enrolled in government’s documents and after that they become authorized and can continue their work.

They do pay taxes because tax is totally for the welfare of their country and if they will not pay tax, government will block their site and also will find them for their unfair doing, so they like to pay some amount of tax instead of getting blocked and all things ruined.

audrey12

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I am sure no gambling site pay taxes if ever there is surely they did not pay properly besides there is no specified tax to be impost for such gambling site other than putting tax to winnings from lottery. I think as much as government would like to collect proper tax from gambling sites they cannot do it for they cannot control the market of this site even monitor the income it earns from operations

siti25

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Quote from: Asmonist on December 28, 2017, 05:24:59 PM

I think not all. I mean some maybe. However, it also depends on the government of each country doing so. Well its really hard to monitor on these gambling sites. But I believe each countries had made procedures for this tax issues and legalities of cryptocurrencies. I guess its not really totally legal. Its just the authorities were left behind. I mean the cryptocurrencies have existed before they had made some legalities. This is really so hard for them. I hope both parties can solve the issue of equal benefits. Hoping it would not hamper the legal online gambling sites and so with other cryptocurrencies.

Not all because many also want to make as much profit as possible, so they are unwilling to pay taxes. Though tax is a must, when you've paid taxes then your site will be safe from blocking. Not paying taxes means the site is legal, and when cyber crime finds it, the future of the site may be dark.

BlockEye

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Quote from: Asmonist on December 28, 2017, 05:24:59 PM

I think not all. I mean some maybe. However, it also depends on the government of each country doing so. Well its really hard to monitor on these gambling sites. But I believe each countries had made procedures for this tax issues and legalities of cryptocurrencies. I guess its not really totally legal. Its just the authorities were left behind. I mean the cryptocurrencies have existed before they had made some legalities. This is really so hard for them. I hope both parties can solve the issue of equal benefits. Hoping it would not hamper the legal online gambling sites and so with other cryptocurrencies.

I think it will depend if they have a physical company, or physical organizations, those big online casinos might paying tax since they have numbers of employees, though it still depends on rhei vountry how strict they are in implementation of taxing.

Asmonist

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I think not all. I mean some maybe. However, it also depends on the government of each country doing so. Well its really hard to monitor on these gambling sites. But I believe each countries had made procedures for this tax issues and legalities of cryptocurrencies. I guess its not really totally legal. Its just the authorities were left behind. I mean the cryptocurrencies have existed before they had made some legalities. This is really so hard for them. I hope both parties can solve the issue of equal benefits. Hoping it would not hamper the legal online gambling sites and so with other cryptocurrencies.

michkima

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Quote from: Kotone on December 28, 2017, 01:47:02 PM

Quote from: gilad215 on September 06, 2017, 09:58:41 AM

This had me thinking,
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?

What is the legal approach here?

Is opening a company more profitable? since paying company tax is usually lower than personal tax?
Also all of this has to be done where online gambling is legal?

Thanks.

It depends on their country wherr they are operating because that if the country that they are operating have regulations in place for digitized currency or cryptocurrency then there kust be something that we should all do in regards to following them

Generally every business should be paying taxes, however I don't think every online casino is doing it. I think if they can get away with it, they will. Anyway, how will governments tax them unless they declare they are operating under them then no one can really know that they need to be taxed. Taxing something online is really a difficult thing to do, since it is not physical and it crosses all jurisdictions of the world because it is online.

Topic: Are the Big Gambling sites paying taxes? (Read 1584 times)