Topic: Casino vs. Stoc,Forex&Crypto Broker: Who's Really Playing You in the Money Game (Read 3437 times)

This is how a shadow economy is formed in any country, based on corruption, fraud and ultimately crime. And humanity will not be able to defeat such an economy in any way. Even in China, where an official can be sentenced to death by firing squad for bribes, there are still officials who take bribes from time to time. Maybe only Japan has a low level of corruption and, accordingly, a small sector of the shadow economy in monetary terms. But this is not certain, since even in Japan there are Yakuza, and it is also unclear how much they influence the overall corruption-generating manifestations in the economy of this country. But you yourself probably understand how much the economy of your country is affected by the shadow economy of corruption.

Yes, and you are absolutely right, I even dare to say that in countries where we Believe there is no corruption at all, if there is , it is because even in movies they show it and the movies in some way illustrate to us how things probably move under the Table , and something that is very tempting is money, in many people who have some power that is conferred to them, be it public organizations or a main entity of a Government , they can commit any act of corruption and they cannot be blamed, if you try to sue them they are capable of even looking for a way to kill that person , to eliminate them, that is what happens in corrupt systems, where obviously the people who live in those countries evade paying taxes in any way , or they talk to government officials and they are paid Directly.

In a sense, all countries with a high level of corruption have two economic systems. The first is the official economy with taxation and state participation in social programs. The second economy is the financial flows of corrupt officials, law enforcement agencies and ordinary people. In the second type of economy, naturally, there are no taxes, but there are still bribes from the population. And all such payments are illegal in principle, but they take place in people's lives and they have to live with this and even calculate their finances taking into account the inevitable bribes.

As a business owner then it would really be up to you whether you would really be extending your business into other industries on which we know that having that diversification is really that ideal
but it will really be needing up that sufficient time and resources when it comes to this aspect.  Doesnt matter on what business they would really be running or having, everything is really that
pertaining about on how to make money and they are always on the top since money generated by these business is really that enormous on which its really normal as we do all know.
As a user or someone who do involved with these stuffs then there's no way that you could be able to avoid and if you do think up that they are making money out of you then you could
always opt to avoid them. 

It is a fact, sometimes countries are very strict with their taxes and that is fine, but those countries that are so are responsible for their citizens where they are basically very aware of the needs of the general population, perhaps in that sense even I would be and would be delighted to pay my taxes, but in a country like mine where the rulers take out the gold, have accounts in banks in other countries with billions of dollars and even in the Vatican, well things are different , who is going to be paying taxes? Why? If they are the most corrupt in the world, then in this order of ideas playing in a casino is totally free, because the casino pays the government and disables payments to players in the country , it is a totally crazy economy, it is like that flower that grows from a swamp.

I believe that is how it is supposed to be in the first place, in my opinion. If a single platform had all those features: trading, investing, gambling... it could saturate their gamblers/traders with features and sections which they do not reality care about in the first place. The furthest I have seen a casino goin into the trading/especulación territory has been when Rollbit decided to include future markets with high leverage in their casino.
To me, future trading with leverage equals to gambling, anyways, so I guess it is appropriate for a casino if they decide to go that way.

In the end, it id a good reason why big exchanges like Binance and Coinbase do not go full gambling and other casino games. Not their market.

I quite understand you and you are right overall but it seems you made some mistakes in parts of the statements, especially the one I boldened, you would do well if you enlighten me more on this if I am wrong.

And of course, tax payment could be eluded if the casino is operating in the shadows, they are not answerable to any authority but it's often an issue for them if caught and I wonder why people are risking their money with such casinos that can do as they like without being liable to anyone or authorities. However, against the boldened statement, the more you are expanding as a casino, the more tax you pay, this is natural, big establishments will always pay more unless they have some perks or tax holidays from the government.

But apparently it is not for nothing that the gambling industry is considered all over the world to be a very lucrative business and at the same time it does not provide for any very large-scale capital investments in the construction of buildings, the purchase of expensive and complex equipment and other capital investments, as, for example, in industrial enterprises producing physical objects, gadgets, cars, satellites, tomographs and so on. Therefore, all governments in the world always try to impose too high taxes on the gambling industry in their country. In any case, taxes are made as high as possible. By the way, this also affects the players in gambling, since ultimately it is the players who are the suppliers of money, so to speak, "liquidity providers" for all the casinos in a given country.
I still don’t know where in the world serious tax preferences have been made for legal casinos. Apparently, in special gaming zones in different countries they still work with a normal profit and their business flourishes there.

many of the casino pay tax in their residential area, and that has been the method so far, is not today that casino started paying for taxes, and the things is that any casino that operate with license doesn't pay much tax because they are well known, so i believe that casino that operate illegally doesn't like to have license of operation because they want to be trapped by government agencies, so what I'm saying is that their is some of the casino that operate without payments of tax due to the environment they found themselves, so therefore I believe that should be of the reasons.

I don't think there exist a platform that combines for all these all together, we are the ones that goes for what we want, if we think we want to make an investment in crypto, then we can go into a long one, if what we also see that is profitable to us is to trade in short term, then we go for it as well, some will think about going for forex while some into crypto, while gambling is another thing entirely, whereby we are having fun firm doing it.

Basing up on my understanding then it would really be that a matter of your countries laws in regarding about taxation.If it turns out that you've been playing offline or into those physical places then its neither the house
will really be making out some deduction on the time that giving out that winning on which i could think off that it would really be hassle if they would really be doing it every single round into its winners.
For sure they would really be trying out to comply on what the government been that asking into specially that gambling or casino business is really that generating big when it comes to revenue.This is why government
wouldnt really be letting it slip when it comes into this. As for making money then of course they are really indeed making money, no matter how simple as it looks then there's nothing we can do about it.
This is how they do make easy money, right? Thing here is that they dont really take up some unfair measures on taking up such profit and would really be that playing fair and square. Doesnt matter whether this one talks about casino business or dealing up with markets like forex or stocks or whatever it would be then it will be understandable on how they do make quick easy profits.

Of course, living in a specific country and knowing how things are with taxation in this very country, it is difficult for us to understand how it happens in other countries. Especially in countries that differ greatly in terms of living standards and corruption of the bureaucracy. But for this, it is worth figuring out how the gambling business is taxed in your country (of course, if it is not completely prohibited and is not a criminal offense - but this is a separate conversation and this is decided by legislators and governments of such a country). And here is the question, and what should you, as a gambler, do so that even theoretically and according to the law of your country, there could be no claims against you from state authorized bodies in matters of taxation. By the way, sometimes on forums you can read recommendations and reviews from other players who have already figured out this issue. The ideal option, of course, would be if the casino itself simply automatically gave you the money you won minus your own tax on them.  This is convenient and eliminates all the hassle of calculating your taxes in the future.

I'm tempted to reply to this post as it's engaging despite being months ago. You see, the business model must be established in the two classes, though both brokers/exchanges and casinos/bookmakers find their crafty and honest ways to get money out of their clients/customers, one is still more honourable in terms of set rules, modality, financial transparency and inclusivity, and regulation. By virtue, you may hardly find an escape route when you are operating as a broker (not so sure of exchanges due to their weak regulation), so you have to pay your taxes as and when due.

Even the offshore brokers do not enjoy the former luxury of hiding in the shadows, they must all be accountable for their financial operations and transactions, or else, they face the penalty. This makes me prefer brokers in this category, even though some casinos are law-abiding as well, but it's certain that the percentage is small compared to those dealing with the financial market.

In a country where high taxes are charged but the country responds to the basic issues of protection for its people, well, it is something that works and it is worthy that the country receives and sets its taxes high, because in the end there is protection for its citizens, but in a country where high taxes are charged and above all things are corrupt and where the main beneficiary is not even the business owners themselves but the governments, as happens in my country, a business like casinos, exchanges, or anything else that determines a lot of money, the government will ask for a large amount of money for themselves and if they do not give it to them then they expropriate it, that is something that does not work, but of course in developed countries those things do change , they are different.

This is exactly the issue that should be looked into in more detail.

After all, in some countries taxes can be quite high.
And in some countries, non-payment of taxes is considered a serious crime.
And if you are a law-abiding citizen (and I think that almost all BTT users are such citizens), then you probably should know exactly how your casino winnings are taxed.
However, it is quite possible that it will be quite difficult to understand this issue. First of all, it is unknown how the casino itself will communicate with you on this issue. It is quite possible that they will answer that this is your problem, and you yourself should deal with your tax authorities.

Interesting moment is that some casino "pay" taxes for me and the others don`t pay. I think that it is strange enough. If it is the rule - all of the casinos in my country must pay taxes for me. I don`t believe that someone wants to spend some time and resources to help me. So it looks like some kind of cheating but i can`t control it.

Well, there are countries that are really very radical in what they want, they supervise anything and an example of that is Spain, I have friends in that country where things are like that and everything they do in the bank is closely followed by the Treasury. In this case it can be Understood that things are like this, although I am honest I do not like that, my country is very corrupt by its Rulers , but in reality they do not exercise any type of monitoring of that style. Maybe we will move forward if the economic situation It gets better, although I don't think that will happen.

I think we need to understand this from the whole thing, what if we should identify who is playing who, what are we going to do, the best thing is to accept everything the way they are, we cannot force them against their wish as long as no one is forcing us to either of them, we make our personal decision on using some of these platform to do what we want on either trades, exchange or bet whenever we are gambling.

I think that it will not be a gambler problem. It is problem for casino, how they pay taxes and what about it think the tax service. But in my country i have to pay taxes even for profit i get from gambling, and the part of casino take it from my profit when i withdraw money. But i don`t sure that they pay it for me.


It would be a right decision, but i don`t know how it works - local currency + BTC. I think that anyway BTC converts in local currency(just on paper) some moment to fix price. I think that one currency must be main, and the second will be counted using the first.

Of course, I understand the plight of the government in those countries, cryptocurrency is not such that is direct in payments and settlements as fiats currencies, so it is better that they only opt for the fiat currency for tax payments, especially in their local currency if the country is not multinational. Even if such is multinational, the end-exchange to the local currency is important to avoid more stress for the government. Also, I would like you to know that countries could allow cryptocurrency but still not a legal tender in their country. For those countries, you can't ever pay the government's tax due with cryptocurrency, you will have to pay with fiat currency depending on your agreement (local or foreign).

But for the countries that have made Bitcoin a legal tender like El Salvador, I believe they should allow such an opportunity in tax payments as well, unless they are not practising what they preach which will be so bad. It should be optional in this regard at the convenience of the country in question. As for the conversion for their customers, they do not have any right to do that, and in my opinion, they are even breaking the AML law. By doing that, they make it more difficult for auditors and investigators to locate, and I believe it is better they even send back withdrawals the way money was deposited into the customer's account.