Understanding How Online Casino Tax Works

One common question comes from online casino players is that whether they are going to pay their taxes or not in playing casino games. “What if we lose?”, “How the taxes deducted from our winnings?”, “Do they always deduct taxes every time we play online casino games?” These are the common confusion many gamblers are dealing with.

So, to start it depends on the gambling law that a particular country has specifically in managing an taxes from online casinos. But not all winnings are automatically taxed by the government. But it is always a player’s responsibility to understand everything about laws that are related to gambling so that they will be aware of how their country deduct money from their winnings. Here are the common processes that occur when getting a tax from online casinos and players (this is very important specially if you are a player from the United States).

Winning Taxes:

In many countries around the globe, especially the USA, it is mandatory for a player to submit or share something from her/his winnings. Sometimes, it reaches to the highest rate which is 50%, the lowest is 30%. How do they know if you win? You are obliged to declare your money or else you will be questioned if they track your money in their audit. Every player is required to declare their money if they win from playing online casino games to the IRS (Internal Revenue Services) whether it is offset by loses or not.

Though the fact still remains that online casinos specifically from U.S. do not declare the amount of your winnings, and of course the federal law do not know if you win or lose, you still have the obligation to follow the law and declare it in your own because at the end, you will still end up explaining to the IRS where your money comes from because they will track your money through their audit.

If you are a big time or the what they call “high roller” player and choose to declare and pay your online casino tax, it will be reported as other income on U.S. tax returns. The process goes by submitting only the net of your winnings. Meaning, if you play blackjack and win $3000 from a $300 bet, that means you have to declare all $2,700.

The only exemption is that you are only required to declare and pay online casino tax if and only if you win big. It considers big if you win 600$ above, and that’s the only time that you are going to declare how much money you have won from playing casino games in the internet.

Tax when a player lose:

About tax when you lose, they indicate it as itemized deductions and will be deducted to your winnings. So it would be much better if you will take care of your taxes and keep them on track. Listed under “other miscellaneous deductions”, you are able to deduct up to the amount you have declared in your total winnings. Please be reminded that you are not allowed or you can’t show a gambling tax loss. For example, if you have declared $5,000 in your winnings, you can also declare $5,000 in your itemized deductions under losses. Just make it sure that you will not exceed to the amount that you have recently declared.

It is imperative that you must prove your winnings and losses. That’s why keeping every receipt, tickets, etc. you receive from playing online casino games is a good option because the IRS strongly suggests that every online gambler must keep everything that will prove if they win or lose. All details must be included such as, the type of bet, how much you win or lose, name of the casino site, the I.P address of that casino, etc. Keeping a detailed book of your payment methods like eWallet, credit cards, debit cards etc. is very essential in paying your online casino tax.

So to conclude, keeping records in playing online casino games and making sure that they are well-organized will keep you away from being questioned by the IRS and also to avoid them sending you to jail for not paying taxes. And of course, you will be able to pay your online casino taxes hassle-free.

Australian Law For Online Pokies

In Australia slot machines are called pokies. Online pokies are extremely popular among players. Due to this, a number of websites are offering this fun gaming interfaces for gamers.

A Little about Online Pokies

Online pokies are a great source of entertainment. They come in all sorts of shapes, themes, and colors. People can choose the genre or theme they like best and play the game. There are so many websites out there that if a person does not find what he wants in one site, he can move on to the next one. Many websites offer free games to gamers.

They can play it for fun without betting any real money. As the games are online, people can play it anytime they are free. There is no need to go to an actual casino. The same gaming experience as a real casino is available from the online site. Other than pokies, the gaming rooms have all the regular card games and other such entertainment that is found in a real casino.

The Australian government’s law is not exactly contusive toward online gambling in the country. They are further coming out with law that restrict the use of real money and make it a crime to play or offer games with real money betting involved for the residents of Australia.

Online Gambling Laws in Australia

In Australia, there is a law called the Interactive Gambling Act 2001, which controls online pokies and other casino games. The basic aim of the act is to prevent Australian online casinos from offering “real money” to the gamers on their site. But, the law allows online betting on sports events and as well as online lotteries all through licensed people. Many people in the casino industry have been trying to make the Australian government to relax the rules and legalize online real money betting. The Productivity Commission in 2010 came out with a report that supports online poker machines and betting games. They recommended that the Australian gambling laws need to be relaxed.

They feel that the Australian law is far too stringent. According to a report given by the Productivity Commission, there is no need to restrict the use of real money. According to them, all that needs to be established is a mechanism where there will be pre-commitment by the gamers. This would make them responsible and spend only limited amounts instead of gambling away the money uncontrollably. The government is yet to accept the recommendations of the Commission.

There is a small loophole in the law. This is that although providing real money gambling to the “residents” of Australia is illegal, it is not illegal for them to log on from some other country and play the games for real money.

Despite the restrictions, the Australian online pokies industry is quite widespread and employs thousands of people. It also brings large amounts of revenue into the country. More and more websites are popping up which offer online gambling. With a little relaxation in the law, as suggested by the Productivity Commission, the industry will be more lucrative than it is at the time being.

Play at Online Casinos – About Online Casino Bonuses

Online casino bonuses are a way for customers to play online casino games with the casinos money. These online casino bonuses range from $100 to $200 matching bonus. Here’s a quick overview of how it works.

1. When you deposit $100, the casino will give you a matching bonus which is an additional $100. So now, you have altogether $200 to start with.

2. The bonus is locked down until your original $100 is spent. Say for example, you wagered $100 and lost that, you can now go into the bonus fund and use the casinos $100 to play. This is in fairness to the online casinos to prevent folks that deposit funds and open multiple player accounts in order to play with only free cash. The online casino cash is to allow a player to use the casino money to play after their original deposit is used.

You can only withdraw your winnings AFTER requirements are met. So be sure to check what the minimum wagering requirements are.

3. Monthly casino cash rebates

This type of bonus is a customer loyalty bonus. Even if you lose money, every month, you will get $10 to $300 to play. And this is on the house. You can use this cash to play any game that you like. You can use this monthly bonus cash to win money, and you can withdraw the winnings.

4. Example of how online casino bonuses work and what you as a player can do to benefit.

In order to cash out your winnings, you need to chalk up points by wagering on certain games, ie slot machines. It is possible to win up to $2,000 with $100 personal cash and $100 casino cash playing roulette and using certain strategies. I have done this.

However, if you do that, then you will need to wager around $1000 on slot machines before you can meet the casino requirements to make a withdrawal. So say you won $2000 playing online roulette, you now have a buffer of around $1,000 so that even if you lost $1000 on slot machines, you have made $1000 profit. Of course, slot machine winnings will also add to your profits, so you might make more then $1000.

Which brings to mind, if you deposited $200 to start with and made $2000, then you don’t need to wager on slot machines and meet the casinos bonus requirements.

2. Who is it good for?

In my view, online casinos bonuses are especially suited for slot players because they will meet the requirements very quickly. Its like having an extra $200 to play free on the house.

Online casinos offer a fun experience for anyone to have a good time. Because its a capitalist game, you’ll want to have a big bank roll to start, especially if you plan on using strategies to play the casino games.