Offshore Gambling Sites
Do online casino owners pay tax on [any of] the money the gambling site acquires from gamblers?
Who do they report their earnings to?
What taxing entities audit their financial activities?
Do financial institutions cooperate with whatever government entities serve as ‘home bases’ for the sites so’s to compare actual incomes with reported incomes?
For example, if an online gambling site owner is a resident of the US or UK, but the gambling site is located offshore somewhere, do the banks provide information to the US government or UK government the way they would for other citizens earning incomes from working employment inside the boundaries of the country where they reside?
Thanks LegFuJon: I’ve never played at an online casino so I’m just trying to learn. You and a lot of other top contributors here appear to be experts on the subject holding intimate knowledge of the workings, so I figured you’d know.
Gracias,
In spite of what you appear to believe, there is no reason not to think that most of these companies are totally legit companies, operating whereever it is they operate.
An online casino based in Antigua would report their revenue to the same place that someone operating a restaurant in Antigua would. I’m sorry that I don’t know all of the tax laws in every country in the world… if the company isn’t a public company… maybe no one audits their financials, maybe they have external auditors, maybe they have internal auditors.
Why would the banks report anything to the US Goverment? I doubt that’s their job.
I’m sure the company pays their taxes in Antigua… I’m also sure the tax laws are favorable, otherwise they wouldn’t set up shop there.
Offshore Casino Player Scammed – EasyStreetSports Dispute