Paying tax is something that everybody has to do, there are no exceptions. Professional casino players who deposit and play on slots at CloverCasino and spend time winning insane amounts of money leave some players wondering whether they have to pay any tax on it.
One of the main things that players worry about when they win a casino game is whether they will be taxed, and if so, how much they will end up losing. It is a fair point to wonder, however it may be an unnecessary worry for some players.
- Winnings are taxed in countries such as America. Winnings are subject to a varied amount of tax, for example, most internet winnings will be taxed between 10% and 15% because they operate outside of the usual jurisdiction.
- Winnings in the UK are not taxed at all! Although this may be hard to believe, it is true. In England, Scotland, Wales and Northern Ireland, any winnings will not be taxed. You don’t even have to declare any gamble winnings to HMRC!
- Gambling in the UK is completely tax-free for both online and offline games. This means that it doesn’t matter if you used an online slot machine or a real life slot machine, your winnings will still not be taxed.
Why turn professional?
Professional players are not like regular players, their games are often a lot more tense because of the higher stakes that they gamble in. There are a variety of reasons why someone would want to turn professional.
- Bigger prizes – One of the main benefits that come from playing professionally is the bigger prizes that can be won. Thousands and sometimes millions are awarded to professional players. Although games are tense, few can deny that the reward isn’t worth it.
- No tax on winnings – In the UK, one of the biggest advantages that professional players have is that their winnings will not be taxed, this means that they can take home life changing amounts of money and not have to pay a single penny to the tax office.
Professional players are essentially people who play casino games for a living. This doesn’t mean that they are in the casino everyday but rather that they make enough off of their casino winnings to lead a nice life. This is not something that many players can do. Luck may be a factor in a professional player’s success but there is much more hard work and experience that informs how these people play. A professional player will often consider options that the average player won’t even think of, they will be much more cautious and be more aware of when to quit. A professional casino player is sometimes called a high roller due to the large amounts of cash that they usually play for.
Professional players do have to pay tax on their winnings unless they live in the UK. If they are a professional in the UK, there will be no taxation on anything they win.