Quote from: fovofopawuco on April 10, 2021, 12:43:05 PM

Hi All,

I have been profitable in sports betting on crypto websites. In the UK, gambling is tax-free, but crypto profits are not. Where do I stand with HMRC?

Obviously my withdrawals from my crypto wallet are higher than my deposits (indicating profits), but these profits are mostly from gambling except for the increases in my various crypto.

If I keep detailed reports of my sports betting winnings am I covered in terms of not being taxed, or is this more complex than that?

Thanks

Profits from crypto gambling websites fall under the category of capital gains as far as I know in UK so you are supposed to pay taxes when you convert them into fiat so yes you should report the sportbetting winnings while reporting your tax.