How much tax is paid on casino winnings?
Casinos are a great place to go in order to enjoy yourself, whether you are a casino games novice or a seasoned veteran there will always be something to enjoy. For people on their first trip to a casino it can sometimes be a little overwhelming how much there really is to do, as there are bars and restaurants as well as other attractions to see and do. Having been to a casino some people then understand how exciting a life being a professional gambler would be, winning vast sums of money in JackpotCity on a regular basis would be a dream come true for many people. But there are many questions people have about doing this, one of the most common ones is how much is gambling taxed in the UK?
This might surprise you but in the UK no winnings are taxed as long as they were from a gambling game. The simplest reason why this is the way things works is that in a casino most bets will not be winning bets, this is how the casinos make their money. Because of this if the government was to take taxes out of each win then they would also have to give out a pay relief to anyone who lost a bet. If they did this then they would be paying more money out than they would be making and so would lose money for it. As well as this it would be nearly impossible for the government to track down everyone who won a little bit of money and charge them taxes, this again would cost them rather than make them money.
The government does make money out of casino games though, as they can charge the casinos themselves taxes. This is for the same reason as before, casinos set up the games so that the house will win more times than not, because of this the casinos are not gambling and so can be taxed.
