When it comes to gambling online there is a common question that emerges amongst players and especially those who win…”Do I have to pay tax on my winnings?”
This is quite a difficult question to answer as tax laws differ from one country to another and whether or not you’ll pay tax on your winnings and the percentage applicable will really depend on where you reside.
In general online casinos do not reveal information on wins and losses to government authorities unless they are required by law to do so. This means that online casino winners are not automatically taxed, but it is your responsibility to understand and comply with the tax laws of your country. Some countries have a threshold where you are only required to declare winnings over a certain amount, so it is important to find out what that amount is in yours.
Even if you play at an online casino that is operated offshore it is advisable to declare your winnings. While small winnings will probably not be picked up by tax authorities, large ones probably will be and if you are audited for any reason, you will have to explain where the money came from.
If you do declare your winnings, don’t worry about “gambling” being reflected on your tax return, these will generally be listed as “other income” and you are only required to report on the net gain of your bet, so if you win $5,000 and bet $250 you will have to declare $4,750. You are unfortunately not allowed to offset your total gambling losses against that win though.
You are however able to list losses on your return as “other/miscellaneous deductions” and while these are not offset against wins, they should be kept track of because they are fully deductible up to your declared total of winnings.
Obviously you are required to prove all of your wins and losses and as such it is important to keep good records of your player and bank statements as proof of transactions with online casinos. By doing this and knowing what your country’s tax laws are regarding gambling wins and losses you will always be ensured peace of mind when dealing with the revenue service in your place of residence.
We’ve been following the ever increasing Beach Life Progressive Jackpot for quite a while now and on the 12th of February 2012 the massive Beach Life Progressive Jackpot totalling $8,211,488 was hit.
While the lucky player and the casino where the jackpot was hit are yet to be revealed, the win definitely occurred and players saw the machine reset to 50,000 coins on Sunday, which we’re sure broke many other players hearts.
For those who are interested in the statistics of this progressive slot, this huge win has altered the average payout figures quite dramatically. Over the last five wins the average payout has increased to over 2.6 million credits and the average duration between hits has extended to 163 days. This being said though, the Beach Life Progressive is one of the most erratic jackpots on the web and over the last four years has hit from 200,000 to a whopping 4,200,000 and most recently 8,200,000, so it’s still one of the most rewarding slots to play.
So if you’re in the mood for some summer fun with an ever increasing jackpot pool, why not play the Beach Life Progressive Slot at your favourite Playtech powered casino like Europa Casino today.
With Valentine’s Day just around the corner, Golden Riviera Casino is celebrating the month of love and encouraging players to “Love Your Casino” with its latest promotion of the same title.
All you have to do is collect two hearts each week during the month of February and you will stand in line to win exclusive prizes. What’s more is that 2012 is a leap year which means there is an extra day of winning to be had on the 29th of February!
To qualify for this promotion, you will collect a heart every time you make a deposit at Golden Riviera casino each week (from Monday to Friday). If you collect two hearts in a week you will receive a special prize on that week-end (Saturday/Sunday) and players who have collected 8 hearts by the end of the month with receive an additional exclusive prize on the last day of February.
According to a spokesperson for Golden Riviera, the casino is excited about its latest promotion which is all about love and appreciation for its players who deserve to have their experience enhance with light hearted fun while they enjoy some of the best gaming on the web.
In addition to this promotion, new players at Golden Riviera Casino will also be able to enjoy a $/£/€2,500 Free Play offer as well as a 100% Match bonus on deposits of $/£/€125 or more! And if you’re a High-Roller you will receive a 50% bonus on your deposit of $1,000 or more, giving you up to $/£/€500 worth of free credits.
So if you’re in the mood to celebrate the month of love this February, why not visit Golden Riviera Casino today because you’re sure to be rewarded in many ways!
If you’re a fan of Microgaming powered casinos and Live Dealer Games, then Microgaming’s recent announcement of its latest state-of-the-art “Diamond Edition” Live games is something that will really excite you because they offer a more lifelike casino experience than ever before!
In addition to the existing High Definition video streaming offered by the Live Dealer Games, Diamond Edition games offer redefined graphics that will transport you right into the midst of what feels like a real casino with objects so realistic that you can reach out and touch them! Another great addition within the Diamond Edition Live Dealer games is improved and more detailed statistics which will not only help your game strategy but also increase your chances of winning big!
The Diamond Edition set of games also offers the all new multi-player Roulette game where you’ll be able to see other player’s bets on the table as you play against one another and the house in real time. When it comes to virtual gambling, it doesn’t get better than this!
According to a Microgaming spokesperson, the Diamond Edition games suite was conceived due to the noticeable trend towards multi-player games at various Microgaming powered casinos and now players have an even greater opportunity to enjoy the advantages of this function in a live dealer version of Roulette.
Just new to the market, these games are already enjoying huge popularity across the various Microgaming casinos like Ruby Fortune Casino and looks set to be a HUGE hit with all players.