Topic: Are the Big Gambling sites paying taxes? - page 7. (Read 1584 times)
I don't really know. I mean, if a casino is operating with fiat, then it has to be regulated, otherwise they will be closed. There aren't many online bookies in my country right now, because most of them don't want to pay the licenses to the government. Same thing for online poker houses. But I have no problem using bookies that use bitcoin right now, but I'm sure they are not paying any taxes in my country, so I guess that if they don't pay it here, they don't pay it anywhere else as well.
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
If we talk about land base casinos, then I doubt no business can run without paying tax to government. If we talk about online casinos or gambling sites then again they would be using internet and electricity, sort of all setup needed, somewhere involving the governments again. Obviously, we all are ultimately paying taxes, no matter where and what we do. It may be direct or indirect taxes.Online Casinos are also paying taxes same as Land Base casino, They are paying license and tax on the country that they declare to establish. Most offline casino choose Curaçao as a location because that country are not well strict regarding online gambling.
You're forgetting about the freedoms provided to us by cryptocurrency, there is no need to register for a license and a tax to some extent with crypto.
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
If we talk about land base casinos, then I doubt no business can run without paying tax to government. If we talk about online casinos or gambling sites then again they would be using internet and electricity, sort of all setup needed, somewhere involving the governments again. Obviously, we all are ultimately paying taxes, no matter where and what we do. It may be direct or indirect taxes.Online Casinos are also paying taxes same as Land Base casino, They are paying license and tax on the country that they declare to establish. Most offline casino choose Curaçao as a location because that country are not well strict regarding online gambling.
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
If we talk about land base casinos, then I doubt no business can run without paying tax to government. If we talk about online casinos or gambling sites then again they would be using internet and electricity, sort of all setup needed, somewhere involving the governments again. Obviously, we all are ultimately paying taxes, no matter where and what we do. It may be direct or indirect taxes.All online gambling business which are based on ONLY crytpo must be business must be enjoying these kind of advantages. When crypto support a business an independent business model, we never need to worry about paying taxes afasik.
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
If we talk about land base casinos, then I doubt no business can run without paying tax to government. If we talk about online casinos or gambling sites then again they would be using internet and electricity, sort of all setup needed, somewhere involving the governments again. Obviously, we all are ultimately paying taxes, no matter where and what we do. It may be direct or indirect taxes. I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
They could simply report their business to get taxed or hide it forever in bitcoin.Depends on how good people will to help their government grow together through the tax rules.
It sucks indeed to give your hardwork for free to the greedy government , it is up to the operator now.
With time as bitcoin goes mainstream, you won't have to report anything
You'll be free to use your bitcoins to buy whatever the hell you want anywhere
Why would you have the need to exchange your bitcoins for fiat?
I believe most of the crypto casinos either operate in tax havens or aren't registered at all
I find this to be a good thing
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
They could simply report their business to get taxed or hide it forever in bitcoin.Depends on how good people will to help their government grow together through the tax rules.
It sucks indeed to give your hardwork for free to the greedy government , it is up to the operator now.
Most of the gambling platform establish an offshore office in countries like Curacao where it is quite easy to register an office by just paying few dollars from sites like this https://www.gaminglicensing.com/ and https://www.gbo-intl.com/
Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/
they only have to pay $5600 per month to operate.
Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/
Quote
The fees for a "master" gambling license in Curacao include a 60,000 ANG (or about $34,000) setup fee and then 10,000 ANG (about $5,600) per month for the first two years. After that, the operator can negotiate with the government of Curacao for fees going forward.
they only have to pay $5600 per month to operate.
$34,000 is expensive for setup ,at least for young entrepreneurs. i prefer paying more earnings.
I have quite a few doubts about this. Casinos which operate in Bitcoin and other cryptos are usually located in tax free havens like Curacao, Virgin Islands, Panama where no one gives a shit if any business pay taxes or no. The Bitcoin casinos are not big enough when it comes to Fiat casinos online so they do not pay taxes I believe, if they were as big as Fiat casinos I am sure they would pay taxes too. For the moment I think they are run without paying taxes.
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.
Since its all in cryptocurrencies, do these sites even open a company and declare their earnings?
Just like exchange, I guess they have to if they are operating as a corporation/business and they are registered locally.
What is the legal approach here?
I'm not a lawyer nor law expert but this type of thing is up to the gambling site, if someone working from a legitimate online casino can share his thought about it, then we'll know.
Is opening a company more profitable?
It takes a lot of time and trials to be at that state of "more" profitable. If you are up to challenge with the competition, you won't know if you won't try.
since paying company tax is usually lower than personal tax?
Taxes from companies are even bigger.
I do not even know if gambling sites should pay taxes. Maybe it depends on where the site is built and operated. If gambling is legal and must pay taxes, then do not get tax free because it could be the government to close the site because it is a loss for the state. If in a country that prohibits gambling, then it must be tax free because the site should not exist.
I think 90% of them don't pay taxes. I haven't seen a gambling site disclose their financial statements and they aren't expecting anyone will care anyway. The only time they will show it probably when someone demanded with authority that they show their finances and do an audit of their site. But generally I don't think anyone will care about it.
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.
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 if casinos are illegally operating they can avoided tax. Here in the philippines many illegal online gambling was raided mostly operated by chinese and koreans they hide their operations in high end subdivisions so that it would be hard to discover. If the online casinos are legally operating therefore govertment will impose necessary tax according to the national law of our amusement department.
company who's operating inside his jurisdiction is not paying taxes, they needed to impose certain amount being payed for them to continue their
business.
If a gambling site is totally crypto-related and does not accept any other currency for gambling then i dont think they will need to pay any taxes for it, as there will be no third party involved in deposits or withdrawals. But if there are casinos accepting other currencies beside crypto currencies then i guess they will have to do all these things as there may be deposits and withdrawals involving banks or third parties.
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.
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.
They may, or may not, be paying some, all, or none of the taxes they might be required to pay in their native jurisdictions; however, many sites open their businesses in offshore jurisdictions and pay their local governors a stipend, or donate to the communities, which can be unofficially classified as a taxes---> they do this for protection and/or to avoid gambling restrictions in their own native countries.
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.
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 if casinos are illegally operating they can avoided tax. Here in the philippines many illegal online gambling was raided mostly operated by chinese and koreans they hide their operations in high end subdivisions so that it would be hard to discover. If the online casinos are legally operating therefore govertment will impose necessary tax according to the national law of our amusement department.
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.
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.
Yes especially when they are registered. No way they can operate freely without facing the terms of the said country where they operates. To become legitimate they need to comply with the rules and regulations since it's all about money.
Doesn't have an idea on the big crypto gambling sites today but big gambling sites here in my country (fiat gambling sites) are registered and can consider as legit business. So it's obvious they are paying taxes.
Same here in my country those big fiat gaming sites really paid bigger taxes are in order to sustain their businesses. Legitimate gambling should have complied the regulations of the law so that closure will not happen, and if ever it will be failed their operations considered illegal and punishable buy law.
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.
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.
Yes especially when they are registered. No way they can operate freely without facing the terms of the said country where they operates. To become legitimate they need to comply with the rules and regulations since it's all about money.
Doesn't have an idea on the big crypto gambling sites today but big gambling sites here in my country (fiat gambling sites) are registered and can consider as legit business. So it's obvious they are paying taxes.
Most of the gambling platform establish an offshore office in countries like Curacao where it is quite easy to register an office by just paying few dollars from sites like this https://www.gaminglicensing.com/ and https://www.gbo-intl.com/
Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/
they only have to pay $5600 per month to operate.
Also can't find mentioned of tax for casino operators here https://www.gamblingsites.org/laws/curacao/
Quote
The fees for a "master" gambling license in Curacao include a 60,000 ANG (or about $34,000) setup fee and then 10,000 ANG (about $5,600) per month for the first two years. After that, the operator can negotiate with the government of Curacao for fees going forward.
they only have to pay $5600 per month to operate.
I consider Curacao a safe haven for gambling casino's because they are very lenient in terms of putting one and get a gambling license there, I read that it will have to take 2 weeks only before obtaining one. They still charge tax though, but its only 2% of the total net profits so that is very low and highly favorable to a gambling casino site. So most of the gambling sites really pick Curacao as their base to operate. That is why is easy to get a license from them as long as you have the money to pay upfront. Only negative impact though is that once the casino ran off, its really hard to track them because Curacao won't meddle on those kinds of affairs, they don't intervene. Maybe game-protect => https://bitcointalksearch.org/user/dwrlox-87425 can shed some light as well.
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