Topic: Gambling winnings should NOT be taxed (Read 951 times)
Tasking gambling winnings sounds like tasking charity, well my comparison may not make absolute sense at a glance but literally gambling isn't something that should be considered a job or a source of income so it really do sound weird taxing someone on their luck. The casinos can be tasked because they generates revenue and as a matter of fact, they even employ and pay some staffs so it's an established business who's customers come around only to depend on luck to get some profits, gambling winnings shouldn't be tasked as some persons literally made multiple trials before they won one,so tasking them will mean still putting the gamblers at losses and increasing their chances of becoming a problem to the society.
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Here in my country I think we don't have something as a gambling tax on the winners of lottery or those who manage to get lucky at the local casino. And I agree with you, gambling should not be taxed, because those earnings are purely gotten by chance and not by any regular commercial activity or business. the United States is one of those countries in which people get taxed by almost any income they get which could be perceived as unfair, in the case of gambling, I believe it is indeed unfair.
Also, it would not have any important impact on the macroeconomics of the nation if they decided to let lucky gamblers alone, the percentage of money gotten by taxing gamblers is relatively small when compared to the outstanding national debt they have to pay to lenders.
I just found Gambling is not taxable income in Australia which is good.
Do you mean gamblign winnings from bettors? Because in general gambling is not taxable, then that means gambling is not legal in a country.Not necessarily it makes it illegal, it's upto the government to charge taxes or not as well as make it as legal or not in this case Australia made gambling is legal but no need to pay any tax.
I am not sure is there is any catch in that but I did some research regarding Australia gambling taxation so far they made it's non taxable event.
I just found Gambling is not taxable income in Australia which is good.
Do you mean gamblign winnings from bettors? Because in general gambling is not taxable, then that means gambling is not legal in a country.Regarding taxation of winnings on bets is not unfair unless the government decides to take more in the name of tax than the actual user like over 50% which is unreasonable and anyone will try to evade this because it doesn't worth the risk.
In most countries the tax rate differs and we can't really do much about it cause it's their authority to make whatever regulations needed to generate revenues.
In most countries the tax rate differs and we can't really do much about it cause it's their authority to make whatever regulations needed to generate revenues.
I don't see a government that tax 50% of the gambling winnings. I think that's unreasonable and that will only discourage gamblers from complying to the taxation law, and with that it will increase the illegal gambling which will result to a significant decrease of the taxes collected to the winning gamblers. So this is a recipe for losses on the government side and they'll not make this stupid law.
I just found Gambling is not taxable income in Australia which is good.
Regarding taxation of winnings on bets is not unfair unless the government decides to take more in the name of tax than the actual user like over 50% which is unreasonable and anyone will try to evade this because it doesn't worth the risk.
In most countries the tax rate differs and we can't really do much about it cause it's their authority to make whatever regulations needed to generate revenues.
Regarding taxation of winnings on bets is not unfair unless the government decides to take more in the name of tax than the actual user like over 50% which is unreasonable and anyone will try to evade this because it doesn't worth the risk.
In most countries the tax rate differs and we can't really do much about it cause it's their authority to make whatever regulations needed to generate revenues.
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.
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.
That percentage is too big to be collected as tax from the government. Why not just them give you some money to help them play the game and keep the winnings to themselves. This is ridiculous and any country charging that much from their citizens is just showing how capitalist they are and it is also a big sign of being strict with your belongings and not ending if for the government to take that large amount of money into their custody for your big wins which does not come very often. There is no explaining that can justify this overzealous price paid by them and it’ll be just be them been greedy and selfish of not taken what we can as well see as normal or just at an amount that is considered just beyond average.
20% tax is bigger than the house edge, LOL. We can't even win with the house edge of 1%, and now we have to pay 20% on our winnings. That's literally the definition of losing in the long run, where our money just goes to the government. Just imagine, the government collects taxes from gambling operators and also from the gamblers, which is like double income on their side.
The ones truly affected here are the gamblers, especially if we constantly gamble and sometimes win big. 20% of that goes to the government instead of being used to enjoy and keep the balance for future gambling activities. I'm just lucky I belong to a country that doesn't tax gambling, so I can fully enjoy gambling. Although I have to say I'm not winning, at least I don't feel disappointed when I win because I don't have to pay the tax, which is compulsory.
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.
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.
That percentage is too big to be collected as tax from the government. Why not just them give you some money to help them play the game and keep the winnings to themselves. This is ridiculous and any country charging that much from their citizens is just showing how capitalist they are and it is also a big sign of being strict with your belongings and not ending if for the government to take that large amount of money into their custody for your big wins which does not come very often. There is no explaining that can justify this overzealous price paid by them and it’ll be just be them been greedy and selfish of not taken what we can as well see as normal or just at an amount that is considered just beyond average.
Damn, is your country the same as mine?
Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
If a country charge 20% tax from a winner, the I think the country is a wikced country, who is gong to pay for the losses I had all this while? No, this is bad to be honest. Perhaps the country is trying to discourage people from gambling, this is why they set the standard that high so that whenever people think of gambling and also think of the money tax they are going to pay, they will say it is not worth it and the wouldn't even bother their self trying to win 80% again because this is nothing but clear ripping of citizens.
If a gambling is to be taxed in my opinion, the tax should not comes from the people, it should come from the casino that offer gambling games because people are losing millions to them, why not ask the money from them instead of making everyone to pay money. So.mow. The government/leaders of that country will be making money from license casinos and everyone that gambles, that's a great way to increase an IGR.
Damn, is your country the same as mine?
Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
The political class is continuously seeking for raising taxes and creating new tributes, because they are greedy and avid for more benefits for the class they belong. And in order to benefit themselves, they also have to benefit the members of judiciary system, because the parliament votes the wages of the judiciary, and the judiciary votes the wages of the parliamentarians. 'One good turn deserves another' and who pays the waste of money is the average citizen, after all.Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
Add this to the fact inflation is nuking purchasing power in Brazil. To do so, the political elites have to adjust their wages considering the loss on Real's consumption power, so they aren't affected by inflation like the rest of the common citizens are. The gambling tax is just a drop in the ocean of the abusive ideas brazilian leaders have to "gift" their population with.
Anyway, people deserve it, because if the system works the way it does, it's because this same people went for that. Political idolatry is strong and the most shady actors of the national scenario become sudden heroes in the subverted eyes of the population who is constantly looking for a fake messiah to raise as their savior.
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.
Damn, is your country the same as mine?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.
Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
I agree with this.Most governments do not care at all about the health of the population,in Albania in 2019 were applied the same rule going on Brazil now,guess what it appeared to be beneficial to the people and then immediately made a boom of illegal gambling activities popping up in every single coffee shop or better ex lotto shop who were turned into coffee shops.The owners were smart,they used VPN-s to access bet365 or alike websites and they deposited quite a lot of money of their own there for their balance and kept playing for people,they took 10 dollar from a guy who wanted to place a bet on a multi triple ticket for example,Brazil,Netherlands and Argentina to win their games,if he won the money was kept in the owner account of bet365 and the owner manually paid cash to the player,the government was totally out of the equation,so much out that they now in 2023-2024 legalized again more than the biggest casinos and now everything is going back almost to like it was before 2019,it does not work like this,gamblers always find a way
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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.
Damn, is your country the same as mine?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.
Recently, a country very famous for its high taxes (brazil), the discussion about means of applying taxes has been increasingly frequent, even talking about 'sin tax' for games of chance, with the excuse of discouraging gambling sector. But they will continue to collect, the government doesn't care about collective health, so this is just an excuse for them to give the population to justify this high tax rate.
Yes, there are taxes and the operator withholds and pays them himself. In the annual declaration, you can write only part of the net profit after taxes. I think that not taxing winnings will be a serious loophole for money laundering through, for example, fixed matches, for example, you can spend large sums. And so with The state has minimal control over the players.
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.Yes, there are taxes and the operator withholds and pays them himself. In the annual declaration, you can write only part of the net profit after taxes. I think that not taxing winnings will be a serious loophole for money laundering through, for example, fixed matches, for example, you can spend large sums. And so with The state has minimal control over the players.
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.
Yes, there are taxes and the operator withholds and pays them himself. In the annual declaration, you can write only part of the net profit after taxes. I think that not taxing winnings will be a serious loophole for money laundering through, for example, fixed matches, for example, you can spend large sums. And so with The state has minimal control over the players.
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.
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.
In my country (Australia) ALL gambling winnings and profits are 100% tax free.
You don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
You don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
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.
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.
Paying taxes on winnings is 1 thing, but here in the USA they fuck ya 6 ways from Sunday. Let's say you go to a casino and play slots. You put $1000 into a machine and hit a bonus, the tax threshold is $1200. On your bonus you win $1201 total. You are taxed for the whole $1201, not $201 of profit. Same goes if you put $5000 in a machine and win $1200, you're down $3800 and still paying taxes.
It's all a joke.
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.It's all a joke.
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.
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.
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. In my country (Australia) ALL gambling winnings and profits are 100% tax free.
You don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
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. You don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
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