Topic: Gambling winnings should NOT be taxed (Read 757 times)

This isn't totally true, there's no time that not tasking winning is going to be a loop hole for laundering, one of the measures most gambling sites have deployed to check for laundering is in the aspect of making sure to wager almost all deposit and so it's difficult to claim laundry on a win in most cases except in situations where the casino may be directly involved then there may be manipulations to claims of wins even when there was Never any in the initial but for a very credible casino where a proper investigation can be done into the wins, the chances of laundry becomes very slim and close to impossible as the casino having their reputation held high, they wouldn't be willing to allowing such go through their casino without it been treated s it should be involving the authorities. Winnings can not be seen to be a laundering means especially for sports games where the casinos have got almost no control over what ever it is that happens with such.

I mean personally speaking, it doesn't make sense for gambling to be taxed in the first place. You don't always win for instance, so when you gamble you're out there wasting money already, which goes straight towards taxes via VAT and other types of bs, and you're telling me that soon as I win, which is astronomically low in chances by the way, I still have to pay these schmucks? That's just not fair lol. But then again, when you're winning millions of dollars in a single roll which is often common in games like the lottery, it kind of makes sense for the government to tax it, you're looking at millions of dollars in taxes, which will be taxed to you anyways as soon as it is declared part of your property. So yeah, in a sense all of this shit feels a little nuanced to really pick a side, but of course, being a consumer it's a no-brainer choosing the side where I don't get taxed for my wins lol.

Why not make tax minimal in these types of scenario and let the person enjoy their winnings without the IRS or whatever tax collection agency there is up on their asses asking for the payment? I think that'll work well for everyone cause you're still getting taxed, and you're able to enjoy their winning and make the most out of it per se.

Your government may not need additional taxes so they prefer not to tax its people because the Australian economy is robust, but other countries are not that robust they need additional funding so instead of resorting to borrowing from local and international banks they prefer to tax the gambling sector.
I have seen how taxing the gambling sectors can do to one's economy because I'm living in a country where so many things are being taxed, and gambling is one of these.
Our country takes 20% of the cut in the winners' winning besides different taxes within the gambling sector, our government is good at collecting these taxes.

Australia's gambling is on point. They consider it a hobby. Smart and easy, it works. Why? Because people gamble for fun. All done. Entertainment, not investing.

The clever aspect is that they stop the government from taking your earnings. Australia has no gambling winnings tax. So much trust in the people. "You won? Great! Manage your money." Simple tax forms, no hassle, just pure winnings.

Know what? Approach makes sense. Its more than having fun. Honouring their brains and self-control. Personal responsibility is needed more today. Treating people like adults makes them act like grownups. This is for Australia. You realize gambling is fun, not luck. You've respected personal freedom and finances. Your gambling environment is healthier and more fun.

Are you kidding me right now? Then gambling taxes in the US are a hell kind of a thing. I know that the US is paying reasonably high taxes but the tax law should have been different as what I read from you is just too government-sided, it is wrong, such a plan is not putting into consideration the feelings of the gamblers and perhaps a means to discourage gambling. But with what is being told of the US, the gambling industry is seriously flourishing, so their discouragement seems not working if that was the case.

If the tax law of any country should be fair, it is the casinos/sportsbooks that should be taxed, after all, they are the ones who have the edge, they are always happy no matter what. In the worst case, if taxes should be extended to the gamblers, I think it should be on the profits alone to make it fair.

I hope they do not tax you guys for your losses too.

Governments are carrying such large debts that they are looking for any venue they can get some additional cash, and soon enough the countries which do not charge any tax for your gambling profits may change their tune and go after gamblers, after all there are many countries in which any gift you may receive above a certain amount has to be declared as income, something that is completely ridiculous as well, since most people receive gifts on their birthday or another important date, and yet the governments want a cut from that money too, which does not make any sense but it shows you in how much trouble they really are.

I agree with you, if I will be taxed for gambling, then I'm definitely going to quit because I believe they will not join be in bearing the losses when one comes, like you did mentioned, it's a hobby so why tax a hobby? To me it makes no sense. May country don't task gambling profits as gambling here is seen as a game played for fun so the government don't really have much to do with it, basically, they task the casinos and not the players.

I find it incredible that in some countries they have to pay taxes on gambling winnings, or worse still that they have to pay to have the right to play in casinos, but I find it even more incredible that in online casinos you have to pay taxes or hand over your winnings to the taxes of a country, I don't know, but I don't agree with that, in fact I could never agree with it, I'm not saying anything about casinos that are centralized, but a cryptographic casino is something else, I consider that absolutely nothing should be charged, of course I speak for the country where I am where the government takes advantage of absolutely everything, it may be that in other countries governments have a different vision towards their people and their citizens and have a different type of culture.

If you are gambling in grey areas, obviously even if you won a huge amount, taxing is never their thing. But if you gamble on big and reputable casinos, and you are making big winnings, expect that your winning funds will be immediately lessen since tax is applied, but small winnings are not actually required to be taxed, only those who have exceeded the target amount.

However, when it comes to casinos and all gambling platforms, even if they don't earn enough revenues at that month, paying tax is a must, or else their operation will be immediately stopped.

'Cause people legitimize most political acts, when more and more people give legitimacy to it, the more the state will move its tentacles to feed on society. The government is its obligatory silent partner. Hence the need for more and more people to know and use Bitcoin so that little by little they no longer depend on them, at least financially.

It does not make sense if the government collect task from gambling wins. If task should be demanded from gambling wins  after playing several games that was lose, that means the gambling company or government needs to compensate for the money lose in gambling so far. Task should be only paid by gambling companies because they are making money and not from gamblers that are playing bets that are unpredictable.
In my country government do not demand task from gamblers win because it doesn't make any sense. If task should be paid when one wins gambling then what is the need of playing when the game is very much unpredictable.

I believe that no gains should be taxed. You should tax properties and purchases, the way EU has VAT. What people manage to earn should belong to them, especially if the government did not help them to earn that in any way, the way they don't help you get profit from holding cryptocurrencies and don't help you win the lottery. Why in some countries that is taxed 30% or more is beyond my understanding.
The government should be there to make our lives better, right? Not treat us like cash cows.

And those are the benefits of living outside U.S.A as a gambler where your gambling winning aren't been taxed. Because to me, it's kind of unfair that you will be taxed a certain percentage when you win in his country, but fails to compensate when loses while gambling, as the genuine people that ought to have been taxed are casinos operators or owners, since casinos are businesses which offers essential services with the aim of generating profits. However, base on the tax related issue in U.S, this is likely to be an advantage to Bitcoin, as due to the tax of been tax, many U.S citizens are likely to prefer Bitcoin casinos whose winning are always tax-free.

I have the same position. If winnings were taxed, I would definitely stop playing.

Agreeing with your opinion but the main problem is not all countries take gambling in good or easy way and there are also many misconceptions about gambling in many countries. That's is why you will see lots of country ban on gambling so you can't change the rules of those countries. So in case of Australia cannot be compare with USA and Usa rules are more complicated to pass any changes on their laws.

Completely agree with OP - it should be tax free but unfortunately for us it is not so because the state like to have a game with us and the name of this game is taxation. They are degenerative gamblers in this respect. Degenerative because instead of giving relief to people they make life harder. They are gambling with us.

What you wish for is not going to be possible because we have different individuals thinking differently in the corridor of power in different countries, this is why the tax laws and other laws are not the same. You have a point too, but your points do not particularly have to be that way. In every good environment, I do not see the reason why we should not pay tax on all our incomes, we often do not know the benefits of this, but if you are in a good country where the system is working, please, appreciate it and find all means to support the government and the fellow citizens, especially in the area of taxed.

I said that because I am in a country where the system is not working, we envy you guys. On our part, any reason for us not to even pay the tax will be so welcomed as our government can't account for anything but corruption.

Now, in a country where the government is not asking for a gambling tax, indirectly, you might still be paying it. This is because they tax the casinos/sportsbooks very much, and your losses are included, and since most people are losing, the government is not losing. Either they tax you or they tax the casino/sportsbook, they still have the money. But it is fair to only tax an individual with their gross profits, and not on the immediate ones. This means that if you had lost $100+$100+$100 initially and now gained $400 later, you should be taxed from the excess $100.

In fact, the tax that is usually charged is the gambling owner himself because we as players only play and enjoy gambling and we have also gone through many losses before winning so it is our right to receive 100% of our winnings without any tax deductions, but usually the gambling party It is they themselves who apply rules in their casinos regarding tax fees and so on if we win so that their burden of paying taxes to the government can be reduced and gamblers are forced to bear this even though the profits obtained by gamblers are not greater than their losses but why do they also have to bear the tax?

In my country, gambling winnings are not tax deducted, only a small fee is charged for withdrawals. Even though gambling in my country is actually illegal and may only be done in secret. For me, the person who is obliged to pay tax is the venue provider or casino owner himself, so as players we are not obliged to pay tax because even playing gambling is full of risk of loss.

Gambling is illegal in my country so there is no tax, and because so far I have never won a big amount so I don't know for sure how the gambler from my country who managed to win big how he handled the money, maybe he will still report it but don't say from gambling but it could be from business and so on.
There was talk of taxing the proceeds from gambling, but of course that would affect other regulations where gambling would no longer be illegal so that people would be able to gamble freely but must be prepared to be taxed on the proceeds of their gambling, but this has many contradictions so that gambling remains illegal in my country as far as this, who knows for the future when there is a change in leadership.

In my country it is taxable by 20% after meeting a certain range of winnings.  Once the threshold of Php10,000 ($169.88 as for today conversion rate) is exceeded[1], the winnings from gambling activity is then taxed.  Although the Philippine gaming regulator planned to remove the tax, there is no update yet about its progress.

Winnings in gambling activities is considered profit in my country reason for the tax but one shouldn't have to worry about it if in case the person's total gambling activities profit in a year are negative since we all know that profit is something that a person gained after deducting the funds and losses occurs in their year of gambling records.

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[1] https://www.ggrasia.com/pagcor-wants-end-to-tax-on-casino-winnings-report