Do I Have to Pay Taxes on My Winnings from Online Casinos?

Online casinos are soaring in popularity, but with this rise in popularity, people are also starting to ask questions about how to declare their winnings. Everyone wants to win big, but the moment you do and the glee wears off, people end up wondering, do I need to pay taxes on that?

Well, we’ve got some good news for all of you amazing players. For the most part, no, you don’t need to as it counts as recreational income. However, there are some parts of the world where you would need to pay taxes. So, let’s run you through it nice and quickly.

No Need to Pay Taxes

Great news for 99.99% of the players here at BitStarz, there’s no need to worry or pay any taxes on your winnings whatsoever. Virtually all of the countries that BitStarz operates in have regulations in place that count casino income as recreational income, so you don’t need to pay anything on it. There are a few exceptions to the rule, such as if it’s your full-time job and it’s how you make money, but there are very few countries where this applies.

You Will if You’re from One of These Countries

Unfortunately, there are a few countries that will try to tax you on any online casino winnings. Romania will charge 1% up to 66,750 RON, 16% up to 445,000 RON and up to 25% on over 445,000 RON. Elsewhere, the USA has a flat rate of 25% that must be paid on winnings. However, in the USA you can get back your losses up to the value of your winnings, allowing you to balance your books out quite nicely if you lose around the same amount you win.

This is Not Tax Advice

Obviously, any jurisdiction can adjust and change their legislation at any time, so do your own research before you play at an online casino. This is an educational piece designed to make players aware that there are a few jurisdictions where it might be necessary to pay taxes.

To be on the safe side, contact your personal tax advisor before you hit the tables and spin the reels, just to be on the safe side. Once you know what you’ve got to do, you can have the best time of your life and not worry about a thing – won’t that be nice?