Online gambling and local laws - page 2.

letyouearn

legendary

Activity: 1722

Merit: 1014

Quote from: RocketSingh on November 08, 2016, 08:12:02 AM

Quote from: letyouearn on November 08, 2016, 07:50:40 AM

Think, if you win a big amount like 20 or 50 btc and try to cash them in your Fiat currency. And you don't have a debit card , then you have to withdraw it manually by visiting the bank by filling up withdrawal slip. In this case, you are enforced to pay the taxes to withdraw that amount .

In India, if you are withdrawing more than 50k INR , You have to provide the PAN id provided by Income tax department. This way, you will become monitored by them and force you to pay taxes.

If you don't pay taxes, you might be in trouble. This is all I came to know from my friend .

So, did u pay income tax on your 30 BTC win at Satoshimine?

Quote from: letyouearn on November 08, 2016, 03:59:47 AM

I have also cashout more than 30 bitcoins and had a turn over of upto 40 btc + when I was playing on satoshimines and had a biggest winning amount withdrawn. I didn't experienced any issue while doing that transactions like income tax department inquiries or anything. But still we have to be careful and aware of being caught by IT department as well.

No. Because, after I cashout all the winnings, I bought bitcoins again after some days to play on satoshimines . And that's the turning point that I lost my all funds.

arseaboy

hero member

Activity: 644

Merit: 500

In my country there's no such laws which pertains to withdrawing bitcoins and online gambling is allowed as well.. there's a lot of options for us on how to withdraw our btc without any issues well of course some banks or affiliates charge some fees for the process.

BTCLovingDude

legendary

Activity: 1134

Merit: 1010

BTC to the moon is inevitable...

Quote from: Kakmakr on November 08, 2016, 02:24:24 AM

I was just thinking about the people, signing up for online gambling without knowing the consequences of their actions. In many countries, online gambling are not allowed.

being legal or not is for the owners mostly. in other words you can't live in one of these countries that have a law against online gambling and run a gambling site.

for users it is not so bad, the chances of law asking you why you were gambling online is low and the worst case scenario is a warning sent to you by your internet provider.

Quote

So even if you win the $$JackPot$$ at these Bitcoin Casinos online, you would not be allowed to withdraw that money, legally into fiat.

it is bitcoin, you withdraw bitcoin and then sell that bitcoin to fiat. if you are worried you can even run it through a mixer.

Quote

A lot of these casinos knows this, but they still accept your bets. They do not have to pay you, if you signed up with their service.

So how many people know their laws and what is allowed in your country regarding online gambling?

all that said, it is better to know the rules in your country before doing anything money related and use all the precautions.

RocketSingh

legendary

Activity: 1662

Merit: 1050

Quote from: letyouearn on November 08, 2016, 07:50:40 AM

Think, if you win a big amount like 20 or 50 btc and try to cash them in your Fiat currency. And you don't have a debit card , then you have to withdraw it manually by visiting the bank by filling up withdrawal slip. In this case, you are enforced to pay the taxes to withdraw that amount .

In India, if you are withdrawing more than 50k INR , You have to provide the PAN id provided by Income tax department. This way, you will become monitored by them and force you to pay taxes.

If you don't pay taxes, you might be in trouble. This is all I came to know from my friend .

So, did u pay income tax on your 30 BTC win at Satoshimine?

Quote from: letyouearn on November 08, 2016, 03:59:47 AM

I have also cashout more than 30 bitcoins and had a turn over of upto 40 btc + when I was playing on satoshimines and had a biggest winning amount withdrawn. I didn't experienced any issue while doing that transactions like income tax department inquiries or anything. But still we have to be careful and aware of being caught by IT department as well.

Herbert2020

legendary

Activity: 1946

Merit: 1137

Quote from: Kakmakr on November 08, 2016, 02:24:24 AM

I was just thinking about the people, signing up for online gambling without knowing the consequences of their actions. In many countries, online gambling are not allowed. So even if you win the $$JackPot$$ at these Bitcoin Casinos online, you would not be allowed to withdraw that money, legally into fiat.

A lot of these casinos knows this, but they still accept your bets. They do not have to pay you, if you signed up with their service.

So how many people know their laws and what is allowed in your country regarding online gambling?

in my country there is not really any law that allows you to gamble, we in fact have rules against it. but no one can stop anyone from doing it especially when it comes to online gambling and on top of that when you use bitcoin for doing it.

but at the same time i don't see them restricting access to any of these online gambling sites and i have been using them for a long time.

letyouearn

legendary

Activity: 1722

Merit: 1014

Think, if you win a big amount like 20 or 50 btc and try to cash them in your Fiat currency. And you don't have a debit card , then you have to withdraw it manually by visiting the bank by filling up withdrawal slip. In this case, you are enforced to pay the taxes to withdraw that amount .

In India, if you are withdrawing more than 50k INR , You have to provide the PAN id provided by Income tax department. This way, you will become monitored by them and force you to pay taxes.

If you don't pay taxes, you might be in trouble. This is all I came to know from my friend .

betwithbitcoin8668

newbie

Activity: 21

Merit: 0

Quote from: Skarner21 on November 08, 2016, 07:34:37 AM

I think there is some alternative ways to withdraw your money without know when you are got that money.. we are in bitcoin so its anonymous we can no trace easily.
And i think you can work like affiliate marketing online that you can use as your reason that you are working online and the money you are receive is from your job online.
Here in my country we have the law about ban gambling casino but we can still withdraw our bitcoins easily with our local exchange. and i think we no problem withdrawing our bitcoin even it is from gambling casinos.

I think you should point out the country you are in.

xuan87

legendary

Activity: 1666

Merit: 1001

I think if you win in casino online and you win big, then you can convert it little by little, if you convert it to fiat in a bulk, you will be arrested because of illegal gambling, that is why it is safer to gambling using bitcoin, and the site needs to pay the winning no matter the player come from which country, if they don't pay it will taint their reputation and when the site lose reputation, there won't be a lot of player willing to play in there

Skarner21

hero member

Activity: 700

Merit: 500

Massive price drop coming...

I think there is some alternative ways to withdraw your money without know when you are got that money.. we are in bitcoin so its anonymous we can no trace easily.
And i think you can work like affiliate marketing online that you can use as your reason that you are working online and the money you are receive is from your job online.
Here in my country we have the law about ban gambling casino but we can still withdraw our bitcoins easily with our local exchange. and i think we no problem withdrawing our bitcoin even it is from gambling casinos.

bbc.reporter

legendary

Activity: 3010

Merit: 1460

Quote from: Kakmakr on November 08, 2016, 02:24:24 AM

I was just thinking about the people, signing up for online gambling without knowing the consequences of their actions. In many countries, online gambling are not allowed. So even if you win the $$JackPot$$ at these Bitcoin Casinos online, you would not be allowed to withdraw that money, legally into fiat.

A lot of these casinos knows this, but they still accept your bets. They do not have to pay you, if you signed up with their service.

So how many people know their laws and what is allowed in your country regarding online gambling?

It is all in the grey area in some countries. In the USA online gambling itself is not illegal in some states and it is still in the said grey area but what they did is they made processing of money to these online sites illegal. So with bitcoin gambling it is in a more legal grey area because the bitcoin cannot be defined as a currency or a commodity. How can they regulate something they do not have laws for?

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

Quote from: Gustavv on November 08, 2016, 05:58:39 AM

in my country gambling is not allowed
but until now i dont know about online gambling law
its allowed or not, but till now i am playing on gambling site and not get banned

Online gambling is surely illegal on all countries since goverment is getting a hard time for them to command them to pay their taxes for their operations, and surely thats the main reason why they seized thosed sites if they caught up the owner if they show off, and even if online gambling is illegal on my country i will still play at those since it was convenient for me to play since no government intervention will occur when we won huge pot.

Gustavv

hero member

Activity: 672

Merit: 500

in my country gambling is not allowed
but until now i dont know about online gambling law
its allowed or not, but till now i am playing on gambling site and not get banned

ultrloa

legendary

Activity: 2758

Merit: 1228

Quote from: Kakmakr on November 08, 2016, 04:29:55 AM

Just to clarify, for the people who does not understand this. Even if you found a way to receive the winnings, you should also consider that you might be breaking some of your local laws. How do you declare that income to your local tax authorities, if it was acquired through something that is illegal?

The fact that you are doing it, does not make it legal. You should find out what your local laws state regarding online gambling, and only then signup at these sites. Some of the legal / regulated online gambling sites will monitor the traffic and automatically forbid players who signed up from a location that do not allow online gambling. < Nothing stops you from using anonymous proxies or VPN's, but it is still illegal, when you bring that winnings into your country >

You might get away with it, until you hit that big jackpot, and then you get flagged. The site can then deny your eligibility to receive that money, and you will have no legal recourse to fight it.

Most people just keep quite, because they know that they are breaking the law. You should make sure that you are not a victim of this, when this happens with you. Not all these sites are regulated, and they might use this as an excuse not to pay out large Jackpots. ^hmmmmm^

Yeah right its gambling is totally illegal but does government need to know if we won? And do you think those sites we tell to government that theyre player huge jackpot in their game plays? I think not and if they sites will do that surely government well sue them, im not short for my thoughs here but i think they will hide the identity of the of their winners for security reasons.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

Only thing that no government can do is stopping people from using crypto, I don't see how can they keep track of every single gambler that is not possible.

Also you can always sell at local bitcoin.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

its depend on each of country, because maybe there is a country that allowing offline gambling and online gambling but the government not make any state about law for using bitcoin and people still use bitcoin to playing online gambling. and maybe both, bitcoin and online gambling is prohibited on the country but people still playing gambling in local area and not online gambling.

Babayega31

hero member

Activity: 630

Merit: 500

Cryptocurrency Wallet - Denaro.io

Quote from: letyouearn on November 08, 2016, 03:59:47 AM

Quote from: arwin100 on November 08, 2016, 03:51:28 AM

As many people said here, there so many ways to cashout our winnings in bitcoin since it was not really monitored by the government, and i think i don't see any people claiming that there account got freeze when winning a jackpot,

And i actually won some huge money on cloudbet before and i don't encounter any serious problem regarding on cashing out my bitcoin prize to peso, and if you still got some doubts about it just use some mixing services right here to make your transactions untracable.

I have also cashout more than 30 bitcoins and had a turn over of upto 40 btc + when I was playing on satoshimines and had a biggest winning amount withdrawn. I didn't experienced any issue while doing that transactions like income tax department inquiries or anything. But still we have to be careful and aware of being caught by IT department as well.

Government should not require income tax to those who won the big amount of bitcoin on gambling sites. They should not implicate strict law to the players because these sites who serves online should be the one to comply the government standards and requirements in order to make sure that the participants of the game were be able to receive the price tax free. Not all of the time players will win, right? So this should be tax free for them.

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

Just to clarify, for the people who does not understand this. Even if you found a way to receive the winnings, you should also consider that you might be breaking some of your local laws. How do you declare that income to your local tax authorities, if it was acquired through something that is illegal?

The fact that you are doing it, does not make it legal. You should find out what your local laws state regarding online gambling, and only then signup at these sites. Some of the legal / regulated online gambling sites will monitor the traffic and automatically forbid players who signed up from a location that do not allow online gambling. < Nothing stops you from using anonymous proxies or VPN's, but it is still illegal, when you bring that winnings into your country >

You might get away with it, until you hit that big jackpot, and then you get flagged. The site can then deny your eligibility to receive that money, and you will have no legal recourse to fight it.

Most people just keep quite, because they know that they are breaking the law. You should make sure that you are not a victim of this, when this happens with you. Not all these sites are regulated, and they might use this as an excuse not to pay out large Jackpots. ^hmmmmm^

letyouearn

legendary

Activity: 1722

Merit: 1014

Quote from: arwin100 on November 08, 2016, 03:51:28 AM

As many people said here, there so many ways to cashout our winnings in bitcoin since it was not really monitored by the government, and i think i don't see any people claiming that there account got freeze when winning a jackpot,

And i actually won some huge money on cloudbet before and i don't encounter any serious problem regarding on cashing out my bitcoin prize to peso, and if you still got some doubts about it just use some mixing services right here to make your transactions untracable.

I have also cashout more than 30 bitcoins and had a turn over of upto 40 btc + when I was playing on satoshimines and had a biggest winning amount withdrawn. I didn't experienced any issue while doing that transactions like income tax department inquiries or anything. But still we have to be careful and aware of being caught by IT department as well.

arwin100

hero member

Activity: 2632

Merit: 787

Jack of all trades 💯

As many people said here, there so many ways to cashout our winnings in bitcoin since it was not really monitored by the government, and i think i don't see any people claiming that there account got freeze when winning a jackpot,

And i actually won some huge money on cloudbet before and i don't encounter any serious problem regarding on cashing out my bitcoin prize to peso, and if you still got some doubts about it just use some mixing services right here to make your transactions untracable.

katrimans

hero member

Activity: 882

Merit: 500

Technology will help you.
Government will have the regulations just to protect you, even if you are risking our lives by breaking those regulations still if you come out with the profits means you will get chances to protect yourself by not showing that you got those money from gambling.

VPN and bitcoin mixing services are few of them to help you to get rid of any regulations on your own responsibility.

Topic: Online gambling and local laws - page 2. (Read 1478 times)