Are the Big Gambling sites paying taxes? - page 5.

BabyBoss

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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.

It depends on casino if this was building then I think they pay taxes on the government but I'm not sure in casino sites absolutely ofcourse they never taxes unless that site build a building. I think you need to pay tax if that was build in land. I don't think so.

bering

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the questions were actually belongs to the owners itself because only them able to answering this questions but in my view if gambling legal on the particular countries so paying tax is mandatory even it's cryptocurrencies casinos or physical casinos all of them have to following the rule

siti25

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Quote from: FlightyPouch on September 15, 2017, 06:58:54 PM

Quote from: socks435 on September 15, 2017, 02:01:03 PM

Quote from: lovesybitz on September 15, 2017, 01:20:26 PM

As far as I know, all online gambling site has no taxes at all. But gambling who build in land based casino, perhaps that things has licensed from the government, well in that case they are legally need to pay tax anway.

No there are country that asking for tax and i think only bitcoin gambling are not asking for taxes and other country online or local gambling are also had taxes.. because its business and its impossible they are not asking for taxes unlike you are gamble in bitcoin which is no taxes never heard that there are gambling site related in bitcoin are asking for taxes .

I don't get what you are saying, you are saying that the gambling sites or online casinos are "asking" for taxes?? They are not asking, they do not even care about taxes because they are not paying taxes. It is different form the Casinos in the real world where they are required to pay big taxes to make their casinos legal.

I know The difference is a real casino and gambling site is a real casino must pay taxes and gambling sites do not pay taxes. Because to my knowledge, online businesses are not asked for taxes and gambling sites including online businesses. While offline businesses like real casinos have to pay taxes because there are already rules about it.

Malsetid

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They have to. Governments would be aware and would crack down on these sites if they can't milk anything from something that generates so much money. Even gambling sites utilizing bitcoin would be hardpressed not to pay taxes.

FlightyPouch

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Quote from: socks435 on September 15, 2017, 02:01:03 PM

Quote from: lovesybitz on September 15, 2017, 01:20:26 PM

As far as I know, all online gambling site has no taxes at all. But gambling who build in land based casino, perhaps that things has licensed from the government, well in that case they are legally need to pay tax anway.

No there are country that asking for tax and i think only bitcoin gambling are not asking for taxes and other country online or local gambling are also had taxes.. because its business and its impossible they are not asking for taxes unlike you are gamble in bitcoin which is no taxes never heard that there are gambling site related in bitcoin are asking for taxes .

I don't get what you are saying, you are saying that the gambling sites or online casinos are "asking" for taxes?? They are not asking, they do not even care about taxes because they are not paying taxes. It is different form the Casinos in the real world where they are required to pay big taxes to make their casinos legal.

hatshepsut93

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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.

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.

socks435

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Quote from: lovesybitz on September 15, 2017, 01:20:26 PM

As far as I know, all online gambling site has no taxes at all. But gambling who build in land based casino, perhaps that things has licensed from the government, well in that case they are legally need to pay tax anway.

No there are country that asking for tax and i think only bitcoin gambling are not asking for taxes and other country online or local gambling are also had taxes.. because its business and its impossible they are not asking for taxes unlike you are gamble in bitcoin which is no taxes never heard that there are gambling site related in bitcoin are asking for taxes .

lovesybitz

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As far as I know, all online gambling site has no taxes at all. But gambling who build in land based casino, perhaps that things has licensed from the government, well in that case they are legally need to pay tax anway.

roadbits

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Quote from: el kaka22 on September 15, 2017, 03:44:28 AM

Quote from: Jasad on September 12, 2017, 12:25:43 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.

We all paying tax to our governament with one or another way. But paying that type of tax and income tax is different I think. Income tax means what we are earning from our business for that money we have to pay tax. What you said utilizing the facilities like internet and electricity etc. this will come under service tax. We have varieties of taxes, we can hide income tax by showing some fake documents, but we can't hide service tax.

el kaka22

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Quote from: Jasad on September 12, 2017, 12:25:43 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.

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Quote from: eann014 on September 14, 2017, 08:12:10 PM

I think depends on gambling site, I guess online gambling doesn't have taxes because that is not under government, unlike to those who have a physical stores and they need to register their business under government so they need to pay taxes for it and depend on how much income they have in a Month.

As long as the business have a built or physical companies,with employees . They are required to have a registration at the Government, but if they are only operating online without a physical company then they are not allowed.

eann014

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I think depends on gambling site, I guess online gambling doesn't have taxes because that is not under government, unlike to those who have a physical stores and they need to register their business under government so they need to pay taxes for it and depend on how much income they have in a Month.

reflector

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Quote from: siti25 on September 13, 2017, 09:03:05 PM

Quote from: BlockEye on September 13, 2017, 02:36:07 AM

Quote from: siti25 on September 12, 2017, 10:55:38 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.

Non of the government will expect for the any job until the IT has not been filed. If you more transaction than the limit you are earning in day job or business then bitcoin. If you know countries that will consume the taxes for their means please share it with reference because it will be helpful to the people who is been from those countries in the forum.

michkima

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Quote from: siti25 on September 13, 2017, 09:03:05 PM

Quote from: BlockEye on September 13, 2017, 02:36:07 AM

Quote from: siti25 on September 12, 2017, 10:55:38 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.

Online business do not need to pay tax? LOL. You should really consult your tax agency about that. There is no country that do no charge taxes on their citizens especially for income taxes. If you profited from anything then you need to pay some sort of tax. That is basics of taxation. The money you pay the government is used for the services that help you and other citizens hence you need to pay it.

siti25

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Quote from: BlockEye on September 13, 2017, 02:36:07 AM

Quote from: siti25 on September 12, 2017, 10:55:38 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.

serjent05

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I believe not al Casino are paying taxes, that conclude that other online casino are paying their taxes especially if they are accredited by the government. It is actually clear that there are two kind of Casino,legal and illegal one, so basically legal Casino are paying taxes or they are in some hosting site that is located in other country where gambling is almost free. Illegal Casino as we known it operates without the consent of the government.

Betwrong

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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.

mothergodness

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I think that some gambling sites evade paying taxes, especially if they accept crypto currency as payments. But all gambling establishments in real life prefer to pay taxes.

noormcs5

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Now i am here in a big and famous gambling sites. For me, Fortune Jack is a big and trust able gambling site, but i think not any online gambling sites are paying taxes, because i have little knowledge about it. But if you want to know clearly then you should search about it. But i am sure no any gambling site is paying taxes. But real casinos are paying taxes to their government.

xhienigat

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I think if the gambling site is legal and have permits then they are paying taxes because they can't operate if they will not. And also it depends to which country they belong.. my question is are those gambling sites registered their company in their government?

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