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Gambling is a great way to make money in mobile casinos, especially if you hit huge wins. In addition to helping you make money, gambling is an excellent source of tax for various countries.
If you know how taxes work, you know how easily they can dip into your earnings. The great news is that there are countries that don’t need you to pay tax on your gambling wins. These countries are great choices if you want to keep all your earnings without breaking any rules.
Below, we will cover some of the countries that allow you to play in live casinos without tax.
Countries You Can Play Without Tax
There are many tax-free countries for gambling. Some of the most popular ones include:
- Canada
- United Kingdom
- Germany
- Austria
- Ireland
- Italy
- Malta
- Luxemburg, and so on.
In these countries, the live casino operators and bookmarkers are responsible for the taxes. They either pay this in the form of a license fee or a small tax on every bet a gambler makes.
These countries don’t require players to pay gambling taxes. This means anything you make playing in casinos is for you and you alone.
Does this Benefit You?
On the surface, it seems highly profitable. You head to a casino, the god of luck smiles on you, and you make a ton of cash. You become instantly rich. Easy right?
Well, that is not entirely true. Playing in these tax-free countries may not be entirely to your benefit.
For instance, let us presume you win a huge jackpot bonus of $2 million. If you live in countries where you need to pay taxes, like the USA, you may end up with say $1.2 million. And this is before other tax deductions like property tax and so on.
Anyone who sees this may think this is the better option. However, there are a few drawbacks to not paying these taxes.
How It Does Not Benefit You?
Now, if you play in any of the tax-free countries, you take home all your winnings. This means if you win $2m, you take home $2 million.
These countries don’t see earrings from gambling as the typical income. However, this may not seem so appealing when you take a deeper look at it.
Let's presume you lose $20,000 gambling in the United States; you can deduct it from your income. This is not the case in the tax-free countries since you don't pay taxes on these. Your losses are on you alone.
And as you know, gambling is a game of chance. Eventually, you are going to suffer losses since you can’t always win. What do you do then?
Which Should You Go with?
This is solely dependent on you. Everyone wants to make as much as they can from their earnings, but there are pros and cons. Make sure you weigh both options and the implications for you in the long run.