Topic: Gambling with crypto because taxation makes no sense? - page 3. (Read 545 times)

Yes, that's one of the reasons people gamble using cryptocurrencies. One is to avoid local restrictions and the other one to avoid taxation.
In case of a very large win, it might be profitable for a gambler unable to hide it to move before claiming the money. If you live and work in a country that taxes you heavily on your wins and can move to a neighboring country that doesn't, the choice is obvious. As bitcoiners say, vote with your feet and leave the country.
IMO choosing not to pay taxes in a country that steals from you is another way of voting.

I'd imagine that many people actually chose to gamble with crypto to avoid these restrictions and bureaucratic procedures. It really makes no sense to go through all these troubles to tax a small winning amount. Still if someone happened to win a large amount on a small bet by chance, I'd imagine some people would want to tax it so they can spend it in the real economy as fast as possible.

It would be better if the government want to tax gamblers, the government also supposed to pay the percentage taxed of the amount the gamblers are losing. I mean assuming the tax is 10%, if gamblers lose money, government also supposed to pay 10% to the gamblers of the amount they lose. This will make taxing gamblers justifiable.

I'm not really gambling with crypto to evade taxation because there is no tax on gambling in my country. I chosed crypto for gambling for the numerous advantages it offers such as ease of access, privacy and fast withdrawals.

25% as tax is such a big number. At what point do your government deduct the money? Do they have the authorisation to debit accounts on the basis of taxation? In my country, we complain of tax that is 10% in my country... seems we are even enjoying here.  Besides, so many things are not taxable here and the rate of tax evasion is high.




 

It should always be based on net income since we will compute with our losses as well.
Luckily, my country still allows us to gamble without forcing us to declare any income online or with crypto because there is no regulations yet and that is why many are slowly adapting crypto because this can be a tax free market, well at least for the purpose of crypto income. Paying such big amount of tax that will just go for a corrupt politicians is always a heartbreaking to many.

Gambling with crypto is no excuse for paying taxes but at least we can pay the taxes for net income instead of every win which is the biggest advantage in crypto casinos. And it makes sense though why the gambling industry is the place where crypto is used mostly nowadays so people don't really want to go through all these hurdles.

Taxation is a topic that often comes up when it comes to someone winning anything in gambling.
The so called "nationally licensed" providers will usually automatically get a cut from anyone's winnings whenever they win anything.

And let's be realistic, we all know the drill with gambling. Most gamblers are not in the green and those that persist do it for the thrill of it, not to earn from it. So when you win, it's usually from your own bank. But whenever someone is lucky enough to catch a break, governments will slip in and take their share. Regardless if you've lost more than you've earned in total for instance. The irony on this matter is also that gambling wins are used to substitute how many taxes these state "licensed" casinos have to pay. So the whole subject of gambling taxation is unfairly structured towards the player.

Moreover, in many countries, filling out the forms to get taxed can be a nightmare. For winning 100$ for example, you will have to pay a big chunk of it to an accountant to find how it should be taxed. Bureaucracy is a whole other debacle in and of itself.

I'd imagine that many people actually chose to gamble with crypto to avoid these restrictions and bureaucratic procedures. It really makes no sense to go through all these troubles to tax a small winning amount. Still if someone happened to win a large amount on a small bet by chance, I'd imagine some people would want to tax it so they can spend it in the real economy as fast as possible.

25% as tax is such a big number. At what point do your government deduct the money? Do they have the authorisation to debit accounts on the basis of taxation? In my country, we complain of tax that is 10% in my country... seems we are even enjoying here.  Besides, so many things are not taxable here and the rate of tax evasion is high.

I'd imagine that many people actually chose to gamble with crypto to avoid these restrictions and bureaucratic procedures. It really makes no sense to go through all these troubles to tax a small winning amount. Still if someone happened to win a large amount on a small bet by chance, I'd imagine some people would want to tax it so they can spend it in the real economy as fast as possible.

I have just been recently informed about how gambling works here in the nearest cockpit in our area and yes this must suck for their patrons because a big chunk of the win goes to the government and worse, it's totally cut before you receive the winning money in cash.
Let's say betting for one rooster is x1.80. Gamblers there said to me you will only get x1.60 when you receive the cash. That's a lot of money if every player's profits will be cut by x0.20. Then, events like derby will happen and they will have more customer which means more cuts from their profits.
And there's the paid parking area too. More money.

In cryptocurrency, I was never taxed yet, it's only the transaction fees that hurt sometimes, and if you want to cash it out with literal cash the only loss is the exchange rate of the preferred currency because local exchanges mostly have lower rates than international exchange like Binance or others.
Everything is still legal and yes this is an ease for those who just win small amounts but are scared to continue so they withdraw.

Taxation is a topic that often comes up when it comes to someone winning anything in gambling.
The so called "nationally licensed" providers will usually automatically get a cut from anyone's winnings whenever they win anything.

And let's be realistic, we all know the drill with gambling. Most gamblers are not in the green and those that persist do it for the thrill of it, not to earn from it. So when you win, it's usually from your own bank. But whenever someone is lucky enough to catch a break, governments will slip in and take their share. Regardless if you've lost more than you've earned in total for instance. The irony on this matter is also that gambling wins are used to substitute how many taxes these state "licensed" casinos have to pay. So the whole subject of gambling taxation is unfairly structured towards the player.

I'd imagine that many people actually chose to gamble with crypto to avoid these restrictions and bureaucratic procedures. It really makes no sense to go through all these troubles to tax a small winning amount. Still if someone happened to win a large amount on a small bet by chance, I'd imagine some people would want to tax it so they can spend it in the real economy as fast as possible.

I also think that the governments are cheating their citizens, gamblers can win or lose, but gambling sites are the ones that are constantly winning and making money from customers. In that sense, only those gambling sites are supposed to be taxed, not the gamblers.

It would be better if the government want to tax gamblers, the government also supposed to pay the percentage taxed of the amount the gamblers are losing. I mean assuming the tax is 10%, if gamblers lose money, government also supposed to pay 10% to the gamblers of the amount they lose. This will make taxing gamblers justifiable.

Taxation is a topic that often comes up when it comes to someone winning anything in gambling.
The so called "nationally licensed" providers will usually automatically get a cut from anyone's winnings whenever they win anything.

And let's be realistic, we all know the drill with gambling. Most gamblers are not in the green and those that persist do it for the thrill of it, not to earn from it. So when you win, it's usually from your own bank. But whenever someone is lucky enough to catch a break, governments will slip in and take their share. Regardless if you've lost more than you've earned in total for instance. The irony on this matter is also that gambling wins are used to substitute how many taxes these state "licensed" casinos have to pay. So the whole subject of gambling taxation is unfairly structured towards the player.

Moreover, in many countries, filling out the forms to get taxed can be a nightmare. For winning 100$ for example, you will have to pay a big chunk of it to an accountant to find how it should be taxed. Bureaucracy is a whole other debacle in and of itself.

I'd imagine that many people actually chose to gamble with crypto to avoid these restrictions and bureaucratic procedures. It really makes no sense to go through all these troubles to tax a small winning amount. Still if someone happened to win a large amount on a small bet by chance, I'd imagine some people would want to tax it so they can spend it in the real economy as fast as possible.