In many regions where online gambling activities are legally permitted on licensed and regulated iGaming sites, people who join these sites can be expected to pay anywhere from 1% up to 25% tax on their winnings.
However, casino winnings are not taxed in other regions, such as Canada and the United Kingdom. The good news for some of you is that many countries consider winning from legal gambling activities as exempt from tax.
Let's dive in and take a closer look at how taxation on casino winnings varies around the world.
Which countries tax the least?
When signing up to fully licensed and regulated online casino platforms, like 10bet.com, players may or may not have to declare their winnings to the government and pay taxes. It all depends on where they live.
For example, in Canada, players don't need to give up any of their rightful winnings to the tax man. It's the same in other regions, such as the United Kingdom.
The CRA (Canada Revenue Agency) defines the money you win from gambling activities via licensed and regulated businesses as exempt from taxation because it's classed as a windfall. For casual players, that is. For professionals, it's different.
In other words, if you make a living as a professional gambler (perhaps you are a pro poker player who participates in official poker tournaments), it is highly possible that those winnings will be taxed because it is treated as regular income.
In the United Kingdom, casino players who get lucky and boost their bankroll while playing slot machines or classic table & card games, such as roulette, blackjack, poker, baccarat or craps, can also keep all of their profits because they are not considered income.
However, gambling operators in the UK still have to pay 15% taxes, which is how the government is still able to make money from legally permitted gambling sites.
Other countries that won't tax you on your casino winnings are Latvia, Estonia, Lithuania, Finland, most of Africa, South America, and the Caribbean. That's not forgetting to mention Russia, Hungary, Spain, and Italy, to name a few.
Which countries tax players on their casino winnings?
The United States, India, and Australia are among a handful of nations where players are taxed on their casino winnings. The French government also imposes similar taxes.
The exact amount players must pay in tax on their winnings varies from one country to the next, so always check your local taxation laws. The amount you have to pay also often depends on exactly how (which type of game/gambling activity) you win.
For example, the tax on winnings from lotteries may be higher than the tax on winnings from gaming machines or table games.
What happens if I win a progressive jackpot online in Canada?
If you live in Canada and sign up to the official 10Bet casino and end up winning a progressive jackpot worth tens of thousands of dollars or more when playing, let's say, any of these famous jackpot slots from Yggdrasil Gaming:
- Jackpot Raiders
- Ozwin's Jackpots
- Jackpot Express
- Frost Queen Jackpots
- Elysian Jackpots
In this case, the jackpot winnings you make in these games will not be taxed; you get to keep them all. The casino operator will also not charge you for processing a huge withdrawal like this.
However, certain online payment processing methods may attach a small fee to the transaction, so always check with your payment provider before attempting to withdraw significant wins like this.
What are the easiest ways to withdraw big jackpot wins from sites like this?
Whichever online payment method you decide to use to withdraw your winnings will be easy to use.
All you have to do is select your preferred withdrawal method (which usually must be the same method you used to deposit), enter the amount you wish to withdraw, and then follow the simple onscreen instructions that apply to your chosen method to complete the transaction in just a few seconds.
Although depositing on sites like this is usually instant, it can take anywhere from a few hours up to usually no longer than a day or two for withdrawals to be processed. The exact length of time it will take can vary depending on several variables and other factors.
Some withdrawals may take longer than others because the payment processing department at the casino may currently be handling a high volume of withdrawals.
Alternatively, there could be an issue with your payment provider. Your account details may not have been verified yet, or you may find that the time and day that you initially started the withdrawal process can affect how long it takes.
For example, a withdrawal on a Saturday evening at around 11 pm may take slightly longer than if you started on a Monday morning at around 10 am.
Withdrawals aren't always slower on weekends, but they are to be expected, especially on Saturday or Sunday. It's standard practice at whichever site you join and wherever you live
10Bet currently accepts a range of secure and reliable online payment options, such as Visa, Mastercard, Trustly, Skrill, Paysafecard, and Neteller, meaning deposits and withdrawals are always fairly rapid.
Players can also now use the Litecoin, Bitcoin, Tether, and Ethereum cryptocurrencies, which are typically much quicker and more secure than the traditional online payment methods.
Final note
When signing up to play on sites like this, always stick to the globally renowned brands, such as 10Bet, which is well-known for processing speedy withdrawals and instant deposits.
Never gamble out of necessity, remember to gamble responsibly at all times by setting a budget before you start playing, never chase your losses or play while tired or intoxicated, and remember to figure out how much you will have to pay on your winnings if players in your country are indeed taxed on casino winnings.
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