The law on earnings from gambling is mixed. Some countries don’t tax it all, others tax it like it’s a job and in some places, you can’t gamble at all. But I think casino winnings should not be subjected to tax and will explain why in this article.
Gambling is just fun
Gambling is not a profession for the majority who play. It’s just fun. To tax it like it is a job or professional income is not fair. Furthermore, we are gambling with money that is earnt from our regular jobs. So, anything we earn is like double taxation. I think all countries should adopt the same attitude places like United Kingdom have and not tax any winnings on casino wins.
How can you tax luck?
Most forms of gambling are inherently lucky. To tax someone on good fortune seems very unfair. If you play slots and bomtan win you should be allowed to enjoy your winnings. Governments that want to impose taxes on gambling winnings are trying to tax people who are have good luck. This just seems wrong to me.
No tax rebates when you lose right?
My biggest problem with taxes on gambling winnings is when things go the other way and you lose. Can we go to the government and ask for a tax refund on our losses? Of course not, they will laugh you out of the room. So how is it fair to tax you on winnings? In other spheres you can claim tax relief on future years if you have a bad year. This is not the case when you gamble, and rightly so, but you should not be expected to pay tax either!
As you can see, casino games are just fun and luck orientated. It’s not right for countries to tax citizens who are fortunate enough to make some money from slots, blackjack or roulette. I hope countries realize this in the future and allow players to win without paying taxes after.