Meanwhile, the HMRC collects 15% to 50% of the gross gaming yield as gaming duty on all companies that accept bets, operate or make money in the country.
This exemption aims to encourage gamblers to spend their winnings onshore rather than try to be creative with their filings. Money that you earn from any form of gambling in the UK is tax-free. If you’re crushing tables in the UK, then you’re better off than most poker players. So before you put your poker face on, and start raking that poker bread, let’s figure out which is which, and find out everything about poker winnings tax laws in both the UK and the US. It’s important to know the difference and understand how your country interprets it. Some treat poker winnings as taxable income, while others are taxing companies that take bets. Information on my site is for informational purposes only.īefore we dive into this guide on poker winnings and taxes, let’s get something out of the way: different countries have different tax laws. Without understanding these laws, you could be in deep trouble before you even start your journey to become the next Antonio Esfandiari.įirst just a disclaimer: I do not provide tax, legal or accounting advice. Tax laws that apply to poker winnings can be confusing, but it doesn’t excuse you from paying those taxes. Paying taxes for poker winnings is something that varies from country to country.
