When it comes to online bingo sites, so many players tend to ignore all there is to the technicalities behind the site itself, while only focusing on what’s right in front of them. This is a practice that we here at Bingo.xyz, are very much against, because we believe that the player should look into every piece of info there is to the site, although we might only be saying this because we’ve heard of so many cases in which people were unknowingly signing “contracts” that led to them having to spend more money than necessary. Either way, the question that we’ll be concentrating on for the day is, are online bingo site and no deposit bingo site winnings taxable? As they say, you best read on to find out the answer!
This is a question that is weirdly enough almost never answered anywhere online, even from within bingo online circles. This is so strange to us because it’s a genuine question, which deserves a proper answer. In the end what does it matter how much you win as long as most of what you win is taken away from you? This is why you need to look into the online bingo site’s background and there you should have this question answered, but either way, in case you live in the UK, you should know that online bingo sites don’t allow the government to tax any of your hard-earned winnings.
If you don’t live in the UK though, we at Bingo.xyz strongly suggest that you look into your own country’s laws and see if part (or even all) of your bingo online winnings can be taken away from you. Each country has its different laws and legislations when it comes to online bingo, which is why you need to take your time and take this into consideration before choosing an online bingo site. Make sure that you do this properly, because you wouldn’t want to end up even with a very small percentage of your winnings taken away from you for tax purposes. It should also be noted that any taxation you may or not face also applies to any winnings you claim through an online bingo bonus/online bingo no deposit bonus.
Back to the United Kingdom, it is said in the Betting Tax Act 2001 that every single penny that the player wins goes directly to the player’s stash, but there are still some sites that don’t follow official legislations. These sites aren’t licensed, which is why the state can very easily take a huge chomp off of your winnings before they even reach your pocket. Before the year 2001 though, no matter how much you made around 9% of all of that was taken by the state, although this is only a hypothetical number, since a lot of places took even more than that. Ever since the dawn of the Internet, the industry has been expanding though, which caused a much-needed change to the rulebook. Now players can take all of the money that they earn while playing at a UK online bingo site, and rightfully so in our opinion.
Oddly enough, you can thank former Prime Minister Gordon Brown for that, since he was the one that repealed the tax by creating the Betting Act of 2001 himself. He was the Chancellor of the Exchequer at the time, and he realised just how many online bingo sites were struggling just because they were completely destroyed by the taxes that were put on the players using them by the law itself. It was estimated that around 15% of the profits were taken at the time, so we can all rest assured, thanking him for making this change, which might have very well helped the online industry reach its current heights.
It was once said that there were only two assurances in life, that being death and taxes, but the world online bingo has worked to change that to an extent. Ever since the Betting Tax Act 2001 was unveiled and launched, it’s no doubt that the whole industry changed entirely as a result of its appearance. Right now, the industry is more competitive than ever before, since players can win millions without worrying about losing half of that amount before even getting to spend it on anything. So, just to put the final nail in the coffin raised by this question, it all depends on your exact location. All you need is to look into it yourself, but as long as you live in the UK, you’ll be keeping every single penny you win whenever you play at one of the nation’s many bingo sites.
