Usually registered casinos have to pay very expensive taxes to the country where they are hosted. If the casino isn't hosted anywhere some countries don't allow their citizens to use the services of those casinos. Other countries don't let their citizens even to gamble on casinos, doesn't matter is it's legal or not (on the internet). But most Crypto-Currency casinos are out of vigilance radars, so people can gamble normally.
The taxes bring safe for the casino, so there are advantages on it, otherwise casino owners wouldn't register their businesses officially.
Topic: Are the Big Gambling sites paying taxes? - page 8. (Read 1560 times)
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.
Hoo is it then if we want to open a new online casino this the basic investment. But is there any other place that we can register with low price. In my country, if we want to register an online gambling site our governament will ask a big ram some amount, and the casino owners must pay more than 50% of their profit. Right now a real casino owner is registered one online gambling site and running. This is the first legal online gambling site in our country. 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.
They should be if they want to run legally without hassles. But there are also lots of online gambling sites that are running illegally so those sites can be also tax evaders. Like in my country, there are lot of offices running online gambling but they do not have proper papers, etc. Sometimes they get raided, sometimes they get away with it.
Interesting, can i ask which country are you from?
I don't see why they shouldn't get away with this since all the earnings are in bitcoins, unless they can detect the exchange they are using, or their personal information through the domain.
They should be if they want to run legally without hassles. But there are also lots of online gambling sites that are running illegally so those sites can be also tax evaders. Like in my country, there are lot of offices running online gambling but they do not have proper papers, etc. Sometimes they get raided, sometimes they get away with it.
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.
It actually depends since there are gambling site which are licensed and we are sure that they do comply all the legal documents on their country which is required to make such operation and i do believe they are paying tax too.I dont know on other gambling sites what are the system if they do follow this kind of obligation when it comes on operating a certain crypto gambling site.
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.
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 where the casino operates if they operate in a country that allows gambling there will be rules for it. i mean they have to give their earnings report so they will be taxed from gov but for crypto currency gambling, honestly i still do not know if there is a rule to pay taxes or not. maybe is not because most of the countries that has been legalized bitcoin, not allow if bitcoin used for gambling or criminal act. 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.
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.
Jump to: