How Much Tax is Paid on Casino Winnings

There are many people who love to visit casinos on a regular basis because they love the games and atmosphere that are there. For anyone who is going to a casino for the first time they can instantly understand why with so many different attractions available including bars and restaurants.

For some of these people it would be a dream of theirs to make their living out of just playing casino games and nothing more, on such sites like LuckyNugget for example. The excitement would keep their lives like an adventure winning massive amounts of money in events such as poker tournaments. But what about the business side of things, what kind of taxes do these people have to pay?

How Much Tax is Paid on Casino Winnings

Well you might be surprised to hear that here in the UK no one has to pay taxes for their winnings at a gambling game. There is a very simple reason behind this as well, basically the majority of bets are not winning bets. If they took tax out of winning bets that they would have to pay relief to anyone who lost a bet and so in the long run the government would actually be losing money on these taxes.

Another reason why there are no taxes on money won through gambling is because it would be nearly impossible to chase down everyone who won £100 on a horse or black jack table, so they just decided that they just wouldn’t.

The government does make money out of the gambling industry though, and this is through the casinos themselves. As they can obviously charge them taxes for the money they made as it wasn’t made in the same way, all games are set up so that the house always wins meaning that it is not a gamble that they will win and so can be taxed.