Crypto casinos and taxes: do you really think its invisible?

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HarryvdV

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I see many people here assuming crypto casino winnings are somehow invisible to tax authorities. This is not accurate. Key pointis that your tax obligation depends on where you are tax resident, not where the casino is located or what currency you use.
I'm from Netherlands and here we don't pay tax on gambling winnings directly, but the moment you convert significant crypto to EUR and it hits your bank account, questions can be asked about source of funds.

Curious what others experience in their countries. Do you actually report casino winnings? Has anyone had issues with banks or tax authorities?
 
honestly never reported any of it
amounts are small anyway, usually net negative over the year lol. if i ever won something serious like 50k+ then yeah id probably talk to accountant but for few hundred here and there don't see the point
 
obviously here we don't report anything to tax authority lol would be admitting to crime. all my crypto stays in crypto i don't convert to rupiah often maybe once every few months for bills and stuff never had bank ask questions but amounts are small like $200-300
 
the way i see it is crypto casinos are offshore and crypto isnt really tracked so how would they even know
ive been withdrawing to binance then to bank for 2 years never had any problems. as long as you don't do huge amounts in one go i think ur fine
 
mate in Spain tax authority has agreements with major exchanges. Binance, Kraken, Coinbase all report to Spanish tax office if you are Spanish resident. they know your crypto activity. whether they chase small amounts is different question, but the information is there.
so gambling winnings are taxable here, supposed to declare them but in practice most people don't for small amounts especialy
 
bitvadol said:
wait so if i win like 1000quid on stake do i need to pay tax on that?

im in UK btw
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In UK gambling winnings are not taxed for players. The tax is paid by the operator/bookmaker. So you're fine, keep your £1000.
However if you're using offshore crypto casino without UK license, technically you're in grey area. The winnings themselves aren't taxed but you may need to explain source of funds if bank asks.
 
my bank froze my account once when i transferred like £800 from crypto exchange to bank

they called me asking where the money came from, i said crypto trading (didn't mention gambling), they asked for proof. i showed them my coinbase transactions and they unfroze it after 3 days

was stressful though, couldn't access my money for 3 days huuge thing you might guess
 
Ricardo_Martinez said:
in Spain tax authority has agreements with major exchanges. Binance, Kraken, Coinbase all report to Spanish tax office if you are Spanish resident. they know your crypto activity. whether they chase small amounts is different question, but the information is there.
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really? i didn't know that. fuck!! guess i should be more careful then. still don't think they''ll chase small amounts tho, tax office has bigger fish to catch than someone winning few hundred on slots
 
in us its a nightmare apparently you're supposed to report every single bet win or loss for tax purposes. obviously nobody does that as its impossible to track. i just report my overall profit at end of year if there's any which there usually isn't lmao
 
Tracy said:
my bank froze my account once when i transferred like £800 from crypto exchange to bank

they called me asking where the money came from, i said crypto trading (didn't mention gambling), they asked for proof. i showed them my coinbase transactions and they unfroze it after 3 days

was stressful though, couldn't access my money for 3 days huuge thing you might guess
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@Tracy that sounds scary, jeez 3 days without access to your money...

this is making me worried about cashing out. i've got about £500 in crypto from casino winnings, should i just leave it in crypto or is it safe to withdraw to bank?
 
Angela said:
@Tracy that sounds scary, jeez 3 days without access to your money...

this is making me worried about cashing out. i've got about £500 in crypto from casino winnings, should i just leave it in crypto or is it safe to withdraw to bank?
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look if its £500 you're probably fine, just don't do it all at once! maybe withdraw £100-150 at a time over few weeks, less likely to trigger alerts. and if bank asks just say crypto investment or something, don't mention gambling
 
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