Post
Topic
Board Gambling discussion
Re: Gambling winnings should NOT be taxed
by
Huppercase
on 19/06/2024, 21:11:48 UTC
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?

In my country, whether you gamble in a license gambling platforms or unlicensed gambling platforms, they don't tax you from your gambling money and it's a very lucrative business here, millions of dollars are been generated here monthly and despite the love of tax by my country government, they don't charge but they definitely charge the license casino and other gambling platforms to pay their taxes to the government because we can see them fighting many companies who doesn't comply with them.

I don't really know the logical reason behind why they don't tax gambling but the number of unemployment here is very rampant and youth see gambling as a form of ways to make extra cash in the bag, it will be unjust for government to still want to tax them from winning gambling because who will really compensate them for the losses? Absolutely nobody but still want to tax the days they win, that system of taxing doesn't work well with me but I don't know where there are many job opportunities.