Are the Big Gambling sites paying taxes? - page 4.

Vaskiy

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Quote from: fullhdpixel on September 21, 2017, 04:46:39 AM

Quote from: Betwrong on September 13, 2017, 07:15:01 AM

I think they should. If I were the owner of a profitable gambling site I think I would find a way to pay taxes, I mean I would tell my lawyer to find a way to avoid potential problems with the governmental institutions in the future.

But if your site is not profitable or you barely make $300/month that is another story. I don't know how it works in reality and I think it differs from place to place, but in my opinion such businesses shouldn't be persecuted by tax administrations.

All the businesses, whether online or not, need to be licensed by the government of a specific country where the owners live. In order to get that, they are supposed to pay tax so that they can start their business.

The income tax is not more than the affordable amount. Everybody needs to pay tax and those
who don't are heavily fined when discovered.

Everything requires an legal approval. Only with that can have the business going successful. In my thinking the authorities just register according to the norms, but anyhow they use the loop holes available to escape from taxes to the maximum possible.

fullhdpixel

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Quote from: Betwrong on September 13, 2017, 07:15:01 AM

I think they should. If I were the owner of a profitable gambling site I think I would find a way to pay taxes, I mean I would tell my lawyer to find a way to avoid potential problems with the governmental institutions in the future.

But if your site is not profitable or you barely make $300/month that is another story. I don't know how it works in reality and I think it differs from place to place, but in my opinion such businesses shouldn't be persecuted by tax administrations.

All the businesses, whether online or not, need to be licensed by the government of a specific country where the owners live. In order to get that, they are supposed to pay tax so that they can start their business.

The income tax is not more than the affordable amount. Everybody needs to pay tax and those
who don't are heavily fined when discovered.

Dontme

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Yes of course they do taxes. Gambling is like business for them to be legal in the government they need to be registered and government approval. Those big casinos are easily to be track on by the government. So, in order for them to stay they pay taxes as government order them. Gambling is not that easy to enter a new place rather they make plans, concepts and fix all the paper for them to be legal before they built a casino building.

jaocoincrypto18

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Quote from: gilad215 on September 06, 2017, 10:58:41 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.

If these gambling sites are big then they should be legalize by the government to impose amusement tax to them but if they are not registered they will be at risk to to be close by the law. Here in the Philippines may illegal gambling sites are located in the high end subdivision and owners was arrested because if the sites becomes big and popular it will be exposed to the public in which is very impossible to hide from the authorities.

wxa7115

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Quote from: hatshepsut93 on September 15, 2017, 07:38:41 PM

Quote from: gilad215 on September 06, 2017, 10:58:41 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.

Good question! I think it's easy to determine whether a casino pays taxes or no by simply looking at its house edge and profit share for investors. Technically, casino has just one source of income - its house edge, and it has to cover all the spendings - servers, maintenance, salary for employees and of course taxes (if there are any). This is one of the reasons why Bitcoin gambling sites have much smaller house edge than traditional casinos - they don't pay taxes, so they have more profit, so they can reduce their house edge to be more attractive than fiat casinos. Also, traditional casinos operate with a license, which is like a reassurance from the government that the casino won't cheat (pretty weak in my opinion, since you have to just trust both casino and the government). Bitcoin casinos just don't need this, because they can prove their fairness via cryptography.

The house edge is not that different, and the house edge is enough to pay those huge buildings in Las Vegas, so it is enough to pay taxes, but I think that what bitcoin casinos do is to register themselves in countries where the taxes are very low or zero, that way they give themselves a competitive advantage.

BossMacko

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As far as i know Gambling sites are paying taxes, because if they don't that site is illegal and sooner or later they might run with all the deposited amount or money in that site. Gambling sites are easily be trace by government so for it to run for a long time they need to be legal and being a legal they need to pay for tax.

wuvdoll

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Quote from: SvenBomvolen on September 08, 2017, 06:19:17 AM

Of course they do pay taxes. To not be banned they they open an official firm which should to take a licence for gambling activity. Everything should be paid and all papers should be on place to a big gambling site could work. In the other case it's activity sooner or later will be cuted by government's controlling structures.

Yeah, if someone is doing business, whether it is internet based or not, he will be paying taxes to the government for getting papers are being legalized. Before doing something, you need to get authority of performing that and I think only government authorities can permit anyone with that power.

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Quote from: el kaka22 on September 15, 2017, 04:44:28 AM

Quote from: Jasad on September 12, 2017, 01:25:43 PM

Maybe if they want to be recognized as a legal site then they have to pay taxes. If they do not pay taxes it's an illegal gambling site, and illegal means less security.
If gambling sites are created and operated in a country that prohibits gambling, then the site is definitely illegal and certainly will not need to pay taxes.

Gambling sites rather all the sites need to pay tax in order to get licensed by government. All such sites do pay taxes and as far as we are utilizing the facilities like internet and electricity, definitely we all are paying income taxes one way or the other. You cannot run an illegal site very easily. After all, all of our activities are locked.

Well, all the citizens living inside boundaries of a state are supposed to pay tax on their incomes regardless of the source and those people who have business online are also making money. Government has track of them and definitely, they also have to pay income tax.

maydna

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Quote from: BlockEye on September 19, 2017, 12:35:23 AM

Quote from: shintosai on September 19, 2017, 12:11:26 AM

Quote from: Shinpako09 on September 18, 2017, 11:18:51 PM

Gambling site like pd doesn't declare their actual earning, sort of security reason I guess. Paying taxes? tbh it doesn't matter on me wether they pay taxes or not on the country where they operates. As long as they are paying every withdrawal right away regardless the amount, it's fine on me.

Point is there mate as long as they still paying in the right manner maybe I won't also care if they are paying right taxes from their government as I know that they won't or theres no way to track if how much earning they have and its also differ from each countries that they belong,.

Make sense, as long as the companies have set of rules that are not terribly making wrong movement against Government then it will be fine. I think as long as they have physical company then they need to pay it.

i think gambling sites is not paying taxes for government because the site is online and how government will trace their revenue from gambling? even if they can, the sites is not always hosting in their territory so there is not related with them. and if the gambling sites have physical compane, then they are only pay taxes for their office too unless they give the complete assets they have to the government then government will decide to included in the list to pay taxes or not.

ArdiPrabowo

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i think only big gambling site, ready get high reagulate and legal
ussualy payment use fiat money, and register very dificult because must verified id, with high quality requirement

sample bwin, williamhill(from england) is ready regulate and payment tax

BlockEye

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Quote from: shintosai on September 19, 2017, 12:11:26 AM

Quote from: Shinpako09 on September 18, 2017, 11:18:51 PM

Gambling site like pd doesn't declare their actual earning, sort of security reason I guess. Paying taxes? tbh it doesn't matter on me wether they pay taxes or not on the country where they operates. As long as they are paying every withdrawal right away regardless the amount, it's fine on me.

Point is there mate as long as they still paying in the right manner maybe I won't also care if they are paying right taxes from their government as I know that they won't or theres no way to track if how much earning they have and its also differ from each countries that they belong,.

Make sense, as long as the companies have set of rules that are not terribly making wrong movement against Government then it will be fine. I think as long as they have physical company then they need to pay it.

shintosai

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Quote from: Shinpako09 on September 18, 2017, 11:18:51 PM

Gambling site like pd doesn't declare their actual earning, sort of security reason I guess. Paying taxes? tbh it doesn't matter on me wether they pay taxes or not on the country where they operates. As long as they are paying every withdrawal right away regardless the amount, it's fine on me.

Point is there mate as long as they still paying in the right manner maybe I won't also care if they are paying right taxes from their government as I know that they won't or theres no way to track if how much earning they have and its also differ from each countries that they belong,.

Don Pedro Dinero

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The ones operating in my country and other European regulated countries don’t pay taxes because to do so, and to be completely legalized, they should have applied for a license and, once granted, they should operate under a specific country domain, like the domain .es for Spain, .it for Italy, .fr for France and so on.

I’ve been researching the matter and although there isn’t clear legislation on the subject, the binding opinion of the General Administration of gambling in my country states that cryptos sites should also get a license and operate under certain conditions, like fiat gambling sites.

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Gambling site like pd doesn't declare their actual earning, sort of security reason I guess. Paying taxes? tbh it doesn't matter on me wether they pay taxes or not on the country where they operates. As long as they are paying every withdrawal right away regardless the amount, it's fine on me.

JanpriX

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Quote from: gilad215 on September 06, 2017, 10:58:41 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.

Your post that you presented here also made me thinking. Roll Eyes

Right now, online gambling is strictly prohibited in our country but I believe when they are still legal here, they are paying taxes to the government. That is if they are registered and regulated by our Gaming Licensing and Development Department. This goes also to online gambling sites and casinos that operate in cryptocurrencies and fiat. I don't know how much are they paying but I can say that it is a significant amount. Under-the-table payments are also rampant here so you do a rough estimate if they are paying big sum of money or not

Opening a gambling company is indeed more profitable as it was built to always win in the end because of the house edge that they are imposing.

wxa7115

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Quote from: gilad215 on September 06, 2017, 10:58:41 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’m not an expert in tax law but I will say that most of the bitcoin casinos are probably established in countries where you do not have to pay income tax or where the taxes are very low so while they may not be paying a lot taxes they are doing everything in a legal way.

ardentvolcanoes

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Quote from: DeathAngel on September 18, 2017, 10:03:25 AM

Big crypto gambling companies probably aren't paying the correct or any taxes. I don't blame them though, fair play to them. I wouldn't pay taxes either if I could get away with it.

Good luck to them.

LOL mate.. If there's even a chance I will not pay taxes as well.. taxes here in our country is 30%. It would be much higher if you're going to own a business maybe. Gambling sites are paying taxes and I agree that they maybe not paying the correct one.

Oilacris

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Quote from: guoyu78 on September 18, 2017, 08:47:22 AM

Quote from: siti25 on September 13, 2017, 10:03:05 PM

Quote from: BlockEye on September 13, 2017, 03:36:07 AM

Quote from: siti25 on September 12, 2017, 11:55:38 PM

I do not think so, maybe the site holder can hide his status. Gambling sites are not like real casinos that are clearly visible to our eyes. Gambling sites seem more privacy. I do not really know but it looks like gambling sites do not pay taxes. They benefit for themselves. Or maybe gambling sites pay taxes if the country legalize gambling.

There's no such low now implementing to pay tax on online business,thats why more preferred to have online business than a physical one. As long as the site didn't have a physical company then its not really into paying taxes.

I just found out about online business and it turns out that online business do not need to pay tax as you say. So I do not think gambling sites need to pay taxes because it's an online business. But I found information there are some countries that will apply taxes on online business. So maybe in the future gambling sites will be taxed.

First of all, all countries have their own rules and regulation. Each country has its own tax laws. For instance, United State of America taxes all income from whatever source derived; it covers legal and illegal both. I think, citizens of all the countries have to pay income tax at least regardless of their sources.

Correct, this thing would actually depend on the law enforced on a certain country if they did have some law on imposing taxes on businesses either on offline or online.Then you would really be obliged on paying up taxes when you do decide to build a gambling site this is why when you are confused regarding on this thing then better to look for a lawyer on your place and ask regarding on this matter.

DeathAngel

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Big crypto gambling companies probably aren't paying the correct or any taxes. I don't blame them though, fair play to them. I wouldn't pay taxes either if I could get away with it.

Good luck to them.

guoyu78

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Quote from: siti25 on September 13, 2017, 10:03:05 PM

Quote from: BlockEye on September 13, 2017, 03:36:07 AM

Quote from: siti25 on September 12, 2017, 11:55:38 PM

I do not think so, maybe the site holder can hide his status. Gambling sites are not like real casinos that are clearly visible to our eyes. Gambling sites seem more privacy. I do not really know but it looks like gambling sites do not pay taxes. They benefit for themselves. Or maybe gambling sites pay taxes if the country legalize gambling.

There's no such low now implementing to pay tax on online business,thats why more preferred to have online business than a physical one. As long as the site didn't have a physical company then its not really into paying taxes.

I just found out about online business and it turns out that online business do not need to pay tax as you say. So I do not think gambling sites need to pay taxes because it's an online business. But I found information there are some countries that will apply taxes on online business. So maybe in the future gambling sites will be taxed.

First of all, all countries have their own rules and regulation. Each country has its own tax laws. For instance, United State of America taxes all income from whatever source derived; it covers legal and illegal both. I think, citizens of all the countries have to pay income tax at least regardless of their sources.

Topic: Are the Big Gambling sites paying taxes? - page 4. (Read 1560 times)