Play Bitcoin Poker
Cash Games
No Limit Hold'em
Sit & Go
Bitcoin SNG's
Tournament
Daily Bitcoin Events
WALLET
Deposit or Withdraw
Bitcoin Prizes
Bitcoin Poker Points
Poker Tax
Professional Poker And Tax Regulations
Want to start playing Real Bitcoin Poker with us?
Bitcoin Poker

Professional Poker And Tax Regulations

Date Published: 20th September 2020
Author: Leslie Stafford
All government operations in the world are fuelled by one thing, taxes. Without collecting service revenue from people, all governments in the world would go into lockdown and wouldn't be able to exercise authority. In most countries, the only group of people exempted from the responsibility of paying taxes is the military. All citizens are required by law to submit part of the income they generate to relevant bodies in their respective countries. This payment is usually calculated differently in each country and it may be subject to change anytime.

The entertainment and sports industries do not get a pass on paying these dues either. There are government agencies charged with the responsibility of ensuring that all entertainment joints are tax compliant. Failure to comply may result in the arrest of business owners and the closure of those businesses as well. Poker is a popular casino game involving cards in which players bet on which participant is best according to house rules. This game has many variations because the number of cards used, the number of cards shared by all, and how the cards are shuffled can change depending on the players' needs and the rules of the house. Places providing poker services are colloquially referred to as 'the house'. You've probably heard of the casino jargon, 'the house always wins', and this is often true.

Professional Poker And Tax Regulations

There are people playing poker for fun and others who play it as a profession because they have gained years of experience at it. Governments are aware that Casinos make a killing on betting games daily. It is for this reason that rules have been made to control the way these premises remit their payments. Professional poker players are required to have a certified tax attorney to manage their finances and ensure they comply with the law. These professional gamblers are encouraged to keep a record of all their gaming activities; which includes all wins, all losses, and all stalemate or interrupted games.

Some countries like the United States Of America, take gambling activities and offenses very seriously, and not observing the laid down procedures may land a player in jail or even prison. Government agencies like the Internal Revenue Service in North America dictate that every time a person sits at a gambling table is a betting session. The gamers should keep a record of all the activities that go on at the table. The agency also demands that everyone at a gambling table keeps their tournament documents like receipts and tickets if any.

Some countries like the United States

Agencies that do follow-ups for tax payment encourage casinos and clubs to deduct taxes from all winnings before payouts are made. In some countries, all poker players are required to register as professional gamblers. This is however not encouraged for most gamblers because it increases their chances of being audited for tax compliance. As a general rule of thumb, winnings are usually filed under generated income while losses are recorded as deductibles on the incomes column. Professional poker games are not considered to be normal businesses because there are losses involved and it doesn't make sense to submit a loss on tax returns. Losses are only recorded by the player for audit purposes and maybe to keep track of their progress.

Every dime made while playing poker is taxable, irrespective of whether the game was played online or in casinos. Upon audit, people found to have defaulted on their payments are usually met with hefty fines. Live casinos and online tournament platforms are supposed to send live scores to the relevant authorities, failure to which may result in permanent bans.

Every dime made while playing poker

Tax attorneys are key players in the gambling industry, probably the only players who never get to move pieces let alone get sit on gambling tables. They play their game later after poker players have had their chances at the table. These people help gamblers to maximize their winnings and pay the least tax possible. It is always important to have a tax attorney that is experienced in matters relating to gambling regulations. You do not want a clueless nerd in a suit and spectacles messing up your finances. Professional poker gamers are mostly persons who are not working other jobs and they depend on this game to make ends meet. In some instances, the stakes submitted to the house are also recorded for easy estimation of possible wins and losses.

Gambling is a high-risk high-return strategy and should be given much attention if profit is to be realized. Never forget the number one rule in Casinos, it encourages participants to only stake what they can afford to part with. Play responsibly and do not let greed make you lose everything.

Recent Bitcoin Poker Game Reports

Czechia Cryptocurrency Poker 10 Player
2nd March 2019 06:58
Poker report on the 10 player challenge between tototania, markbentley, lilboonie, thegardenshed, steffivicky, stephen, natesmith, gabi-1955, matthieug, hubey2, from Saturday
Foraleza Crypto Poker on the 27th January
27th January 2019 21:09
Poker report on the 10 player match which included naz_man, robbinrobert, bryceboyz, freearab, rachel.1909, annibe, myrtle, leonalewis, odessaman, wesleyforo, from Sunday
Italy Cryptocurrency Poker from July
8th July 2019 07:59
Online poker match report for Italy from Monday which saw silverfern8 win the prize pot of 750.00 rupees on a 10 table for poker players from Italy.
Caracas Cryptocurrency Poker on the 18th January
19th January 2019 00:06
Poker report on the match up from Friday between janek.f, clarkbentdk, marcellobello, greatwinak, william-olivier, cullencrisp, willnsuzi, mathias000, nsilverman, ade-man23, for the prize pot of 25000 rupees.
Do not play poker with Mirrored glasses!
Working all through with no form of entertainment or recreation makes your life so boring. There are many games and activities tha ...
How much you need to play poker and how to minimise loss
To play poker you need to vital things which are money and principle. If you are not very principled when playing the game of poke ...
What you must know before you become a Poker player
Poker is a card game played with a complete deck (52 cards) of cards. Players bet against each other depending on the value of the ...
Poker Playing Positions
In poker, “position” is the sequence in which participants sit at the table. Participants who play first are in “early posit ...
Playing Poker Online
The card game of poker is a worldwide phenomenon that engages computer users who love gambling on the internet. It is a franchise ...
Important tips to know when playing poker
Poker, is a popularly known casino game, coming in third place behind Blackjack and Roulette. It has evolved beyond the four walls ...
The major poker learning websites
There is in existence a good number of poker learning websites that have been created to offer courses on tips of playing poker. T ...
Baccarat vs Poker: Which one is better?
Gambling is one of the oldest activities known to man, the idea that a man's fortune can change with a roll of the dice or the pul ...
Can you learn to read people in online poker?
This argument has dragged on, and different people have different views on this topic, but we are going to explain it simply for y ...
Do you require the same skills in poker and chess?
Chess and poker, how many similar characteristics do these two elements have in common? This is what was found after careful studi ...
Beginner Strategies For Poker
Poker is a game that allows a person to showcase intelligence or the ability of solving issues within a short time, and is played ...
The Amount Of Time You Need To Master Poker
To be honest, this isn't something that you can just give a straight answer to. There will always be a relativity, and an intellig ...
Contact Us
Please use the users support or contact page to get in touch!