Tag Archives: law

Paying Taxes On Online Poker Winnings

March 29, 2020   Game skill   No comments

Poker winners do attract the tax officials’ eye on them, even though online poker is legal in U.S and many other countries, the government has a share in the winners’ earnings. The IRS or Internal Revenue Service in U.S. is directly responsible for tax law enforcement and collection of taxes from the public.

All U.S citizens are liable or taxable, if they win any online poker game. It is advisable for new poker players to seek the advice of a reputable tax professional before joining the bandwagon of online poker gamers.

Many players believe that online poker websites with foreign addresses do not come under America’s stringent tax rules, but it is not so. American government enforces Federal tax on the global gambling world and its income. So, winning parties have to pay the taxes on the income gained by them through playing online poker games.

Keeping a Track of Online Winnings for Tax Related Issues

It is best for any gambler to maintain a log book with excerpts on their individual gambling activities. Players can find helpful insights on the internet about the exact requirements and Gambling Law U.S.

Some of the salient features are as follows:

o Keeping an accurate record of all online gambling winnings and losses. o Correct date and time entered about the wagers o Full and correct name and address of the gambling location o Names of the playing partners at the venue o The exact amount lost or won by you as a player.

Maintaining Regular Ledger Updates

These records of the losses and wins entered on a daily basis will be sufficient for the IRS while checking your tax liabilities. Thus, as a dutiful law abiding player, you should keep daily records and enter them quickly after the end of every gambling session. Thus, you will never forget the details nor give wrong information to the IRS.

Taking Expert Advice of Tax Professionals

Any reliable and experienced tax professional will be able to guide you as a gambler about the intrinsic rules and regulations involving payment of taxes on online poker room earnings. All gamblers need to be serious about paying their taxes and not take them lightly. For authentic info gamers can also try Russell Fox’s blog on online gambling tax requirements.

Simple Ways to Meet Tax Requirements

Online poker players can always maintain a written log using pocket diary or notepad. It is important to note down the date, time, card room name, other players’ names and the end result. Using a computerized system can also suffice. One must also keep legitimate proof of the receipts, payments and other papers as proof for tax return files.

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Gambling in Germany

October 17, 2019   Game skill   No comments

Gambling is legal in all 16 states of Germany and is entirely state controlled. Since the early 2000s, gambling has taken off in Germany and the German government generates a substantial amount of tax income from its citizens’ desire to gamble.

Germany has a long history of gambling and in fact may be the birthplace of poker and the site of the first casino. In the middle ages, the Germans played a game called pochenspie that is very similar to poker and the first public casino opened in 1764. Gambling was considered illegal under the Nazi regime who considered it counterproductive to the war effort.

The growing interest in gambling in Germany has caught the attention of international investors. There are more than 352 million Euro invested in the gambling industry by foreign investors.

Poker remains a popular game to the Germans to this day. They prefer Texas Hold’em or No Limit Hold’em but are also quite fond of Omaha and Seven Card Stud.

Poker is not the only popular table game in Germany. Other popular table games include American Roulette, Baccarat, Blackjack, French Roulette, and German Roulette.

According to worldcasinodirectory.com, there are 76 casinos in operation in Germany. Its casinos are heavily regulated in an attempt to prevent gamblers from becoming addictive. Their government is interested in ensuring that any gambling instinct is not stimulated beyond a limit that would have adverse consequence on the social aspect of the country.

The Spielbank Casino claims it is the only casino in Berlin and is one of the country’s most famous. The basement of the three-level building is home to a myriad of slot machines, while the top two levels house various games such as roulette, Poker, and Blackjack. Both European and American Roulette are available.

Casinos sprung up in different parts of the country after 1990 when legislations were loosened regarding gambling. Most of the gambling occurs in casinos and on special casinos cruises. Most of the casinos are situated in Hamburg while the biggest casino is located in Hohensyburg.

It is not uncommon for casinos to be fairly high-end with dress codes for occupants. Almost all of them don’t allow men in if they are wearing blue jeans or sneakers or sandals. Casinos such as the Spielbank Baden-Baden, Spielbank Aachen, and Casino Berlin & Forum Hotel Berlin require men to wear ties.

A January 2008 law forbade online gambling in any form in Germany. The ban prohibits all traditional online casino games as well as sports betting, online bingo and online lotteries.

German lawmakers defended the law by saying it was put in place to protect Germans from the perils of online gaming. Critics say the law was enacted so states could safeguard the state-controlled gambling industry. They also point out that the law is in contrast to an existing European Union law that specifically allows online gambling. Several legal challenges have been formed as a result.

Despite strict control and the illegal status of online gambling, it appears to be very popular in Germany. Profits have steadily increased over the past decade and interest has skyrocketed.

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