eek and expanda

[blueedwards]

do you guys gamble? just curious...i never see you post anywhere but in here.

 

[xpanda]

I do. But I'm in serious learning mode, so shut my mouth for the most part. I lurk, take notes, piggyback.

In here, I'm a know-it-all loudmouthed beotch. Actually, I just take out the day's frustrations on unsuspecting conservatives ... either I yell at you guys (whom I don't know) or I yell at my staff.

Why?

 

[eek.]

I do BJ and VP and sports.
My sportsbetting is unorthodox, I know diddly about the horses and football anymore. (sorry...soccer...)
I use a value/probability system for my picks, which has its good and bad days, it does ok...unlike when I used to try and to pick outright winners.
I gave up 'winners' a long time ago, it was a one way trip to poverty.

Being UK based I can use Betfair and the UK bookies, they have high margins but there are never any deposit/withdrawal problems with the switch system and the cash goes straight back into your bank....when you win.

 

[blueedwards]

i figured that you both did...just never saw either of you post anywhere else but here.

good luck to you both.

 

[Illini]

I do BJ and VP and sports.
My sportsbetting is unorthodox, I know diddly about the horses and football anymore. (sorry...soccer...)
I use a value/probability system for my picks, which has its good and bad days, it does ok...unlike when I used to try and to pick outright winners.
I gave up 'winners' a long time ago, it was a one way trip to poverty.

Being UK based I can use Betfair and the UK bookies, they have high margins but there are never any deposit/withdrawal problems with the switch system and the cash goes straight back into your bank....when you win.

Do you have to pay taxes on winnings in the UK? I doubt it, and I'm curious to know, cause it seems so much more relaxed over there.

 

[xpanda]

Do you have to pay taxes on winnings in the UK? I doubt it, and I'm curious to know, cause it seems so much more relaxed over there.

You don't in Canada. Lottery winnings are entirely tax-free, and gambling winnings are tax-free up to a sum of $20,000. If it's your income, you pay tax above that amount, but us hobby gamblers don't have to worry about it.

 

[Illini]

You don't in Canada. Lottery winnings are entirely tax-free, and gambling winnings are tax-free up to a sum of $20,000. If it's your income, you pay tax above that amount, but us hobby gamblers don't have to worry about it.

That's nice. It's so uptight here. I'm sure most don't actually report anything, but have little to worry about, because they usually only audit rich people. But it would be so nice to just have that relaxed attitude towards it. I know that online gambling probably isn't even legal here, when you get down to it. In Canada, has the gov't come out and said "You can do this, online betting, we don't care?"

 

[eek.]

Its 100% tax free as long as its not your profession.

So you can be a shelfstacker/taxi driver on £10,000 a year...and your £100,000 gambling winnings are tax free...

 

[xpanda]

In Canada, has the gov't come out and said "You can do this, online betting, we don't care?"

I don't know, actually. CanBet is run out of BC, so maybe, though it could be a provincial thing. I know that there's just no way they can stop people from using offshores and there's really no way to track us down without violating the Privacy Act. I can't open up an offshore account using my credit card directly, though I think that's a decision by my CC company, not the gov't. But Neteller is obviously fine.

I have a friend who makes his living gambling and he's never claimed a cent of his winnings. He is a dual citizen here and in the US and neither side has cracked down on him.

 

[Illini]

Its 100% tax free as long as its not your profession.

So you can be a shelfstacker/taxi driver on £10,000 a year...and your £100,000 gambling winnings are tax free...

That's pretty sweet. If you're a real successful sportsbettor, that could make a huge difference when you start compounding returns without taxes. Is investment income taxable there, such as stock gains? How much in taxes do you guys pay over there?

 

[eek.]

In a nutshell:

They tax our arses off over here, gambling is the only perk I can think of.

Stock/Capital gains (realised gains) over about £7k p.a. are taxed.
Investment Income is regarded as unearned income and tax starts at about £6K p.a.

Capital gains used to be 0% if you got non-residency status, then cashed your booty in, (you can't stay in the UK for more than 60 days p.a.).
I don't know if that's still the case.

http://www.taxcafe.co.uk/non-resident-offshore-tax.html

 

[Woody0]

In Canada, has the gov't come out and said "You can do this, online betting, we don't care?"

No, but ever since Pierre Trudeau, as Justice Minister, said in 1968 that "the state has no place in the bedrooms of the nation" in repealing laws prohibiting certain acts between consenting adults we've always felt that if something is not specifically prohibited and it involves consenting adults then it is no business of the state.

xpanda, Canbet is located in the UK. You are probably thinking of Bodog which is located in Vancouver and which does not accept Canadians as clients. Interestingly betbull, a P2P exchange powered by software from the Canadian company Cryptologic, does not accept Canadians. SIA, located on the Kanawake Mohawk reserve, near Montreal, does accept Canadians. I think the Mohawks are "asserting sovereignty" while the other two companies are being ultra-cautious.

BTW I was unaware of any $20,000 limit on gaming winnings, or did I misunderstand and that professional gamblers pay no tax on the first $20,000?

 

[xpanda]

xpanda, Canbet is located in the UK. You are probably thinking of Bodog which is located in Vancouver and which does not accept Canadians as clients.

Yes, you're right. My mistake.

BTW I was unaware of any $20,000 limit on gaming winnings, or did I misunderstand and that professional gamblers pay no tax on the first $20,000?

The first $20K of winnings are tax-free; provincial lottery winnings are entirely tax-free. I wouldn't imagine many people claim gambling winnings on their tax returns, tho.