Should you Pay Taxes On Gambling Winnings from Online Casinos NZ

Do you love playing online casinos in New Zealand? If the answer is yes, you might want to know how to be a responsible gambler and pay taxes on winnings. Many Kiwis don’t know whether they should pay taxes or not? The reason for that is irresponsible behavior. All players must gain some knowledge before launching any casino game. Especially for you, we have prepared the article for Kiwis to let them know how to legally play in online casinos.

Nowadays, the gambling industry is growing significantly fast, so millions of players around the world enjoy slots and other games every day. The popularity of online slots depends on many factors, including the convenience of online gambling sites. The best thing about online gambling is that you don’t have to travel anywhere, you can play games with mobile devices, and choose a variety of gambling sites for free. However, many players can get confused selecting the best one. But you can open the top online casinos NZ on our site and pick the best online casino. There are dozens of reliable gambling sites with comprehensive reviews for you to be aware of all key aspects.

Important note: casinos are not legalized in New Zealand. However, players can easily play online casinos, especially offshore sites. So, what are the main rules and regulations about gambling in New Zealand.

Current Tax Laws in New Zealand

First of all, residents of this country do not have to pay taxes on their winnings. Even if you win large sums of money, you don’t have to pay taxes on winnings. But there are some exceptions to that. Let’s discuss the main details about the tax situation in New Zealand.

For example, poker players might be asked to pay taxes. However, if you win small amounts, you may forget about reporting on your income. But if you get massive winnings regularly, you should deposit some taxes on your winnings. But still, you can skip the taxation process if the winnings are not big.

New Zealand not only allows players participate in online gambling but also encourages people to do that. That’s why there won’t be any problems gambling online, since the government has not made strict rules and regulations. Beginners can play safely without the worry of being caught by the government for tax evasion. But professional players whose main source of income is gambling should pay income tax.

How to Pay Taxes on Gambling Winnings in NZ?

There are several reports you should make to give some money as taxes.

Report all the Earnings

If you just started the gambling journey, usually, you don’t need to report on earnings. However, if you play online casinos for a long time, it’s essential to report on all earnings on the tax return. Otherwise, if you earn millions and never report on your earnings, you’ll be punished for irresponsible behavior.

Report the losses

Along with big winnings, you lose big too. So, it’s beneficial to report on losses too and give important information to the government. In order to pay fewer taxes, make sure to mention your losses.

Note down important things

It’s important to record all your result of gambling activities in the diary. We recommend you track your gambling process both to pay taxes and to predict your future winnings. This is a great technic for a professional gambler since you can increase your winning potential.

Advantages of playing at online casinos

Playing at online casinos is beneficial for several reasons:

Players can choose a variety of games: Top 3 online casino NZ provide a wide range of options for all players. So, you can always choose the game you like.
Players can launch games on mobile devices wherever they are: Online casinos are way more convenient than land-based casinos. All you need is a computer or mobile phone and a good internet connection.
High perspectives: At some time, you can become a professional gambler, making money online. You might become a winner of multi-million jackpots or a person with a stable source of income.

Conclusion

All in all, New Zealanders can safely and legally play at online casinos. However, if gambling is your main source of gambling, and you earn serious money, you should pay taxes and report on your earnings.

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FAQ

Are Mobile Casinos Safe?

Mobile online casinos are safe, however, some gambling sites pose a threat. The process of recognizing is pretty simple. Safe gambling sites have reputable licenses and are powered by well-known software providers. Minimum deposit casinos are also known for their good reputations and trustworthiness.

Are online casinos rigged?

Historically gambling is considered to be a total lie. For sure, when the gambling industry was only becoming popular, it was not operating very well in terms of security and innovations. Gamblers could easily cheat during the games. But the times have passed by, and now it’s hardly possible to cheat the casinos. Online casinos, in their turn, can’t cheat on the users.

Nowadays online gambling is a business. It’s the whole industry which takes its place on the world market. Online casinos are created to make profit on a regular basis. The sites provide service for playing and betting on the long-term period. The gambling companies are interested in keeping players and attracting new customers.

Any kind of cheating on the side of online casinos is not welcome by the senior authorities. Like any other industry, online gambling has got the regulating bodies. If they spot that a casino is deceiving a client, they will impose a fine. And this is a minimal punishment. In fact, the authorities can close the whole company and never allow it to operate another gambling activity.

All in all, it’s not reasonable for online casinos to be rigged. They would rather get big salaries constantly than cheating once and be ‘jailed’. If you think that your casino site is rigged and never lets you win, then maybe you should change the casino. There is a high probability that you have got into the fraud’s hands. On our site you can find the trusted casinos and ways how to test them for fairness.

Are there any real online casinos?

To ensure that we are thinking about one and the same thing, let me clarify the differences between the real gambling sites and fake ones.

A real online casino is a gambling platform operated by an officially registered company. The owner takes responsibility for the good customer-oriented reputation of its casino which is achieved by following the strict regulations.

On the other hand, a fake online casino also has an owner. But this owner is a fraud who has never actually created a company, and the more so, haven’t registered it officially. He is just a smart person with excellent computer skills. He can make a fishing site within a day, put it crudely. Later, he only waits for the naive people who fall for the easy-made site and deposit without reading terms.

Real Online Casino Checklist

As we can see, apart from the fraudulent gambling sites, there are also real online casinos that provide appropriate service to the customers. They follow regulations issued by the gambling authority license, which is, by the way, a proof of the real and legitimate existence of an online casino.

Let’s sum up what you need to know about real online casinos. Before you sign up, review the casino for the following points.

License. The casino site must be licensed. The top licensees are Malta GA and the UK Gambling Commission.
Official data is transparent. The online casino that takes care of its reputation should place the information about the company registration and licenses right on the main webpage, or at least in the ‘About us’ section.
Appropriate terms. The golden rule of all gamblers is to read the T&Cs very carefully. If you see something that prompts doubtful thoughts, don’t sign up. The same is applied to the bonus T&Cs.
RNG certificate. The so-called Random Number Generator usually powers all the games in the lobby. The proof for the randomized games is a certificate. The most reputable one is issued by eCOGRA. The Independent Auditors sign also is accepted as the testing certificate.
Comments. The last but also very important thing to check is the comments section. The feedback given by the real players is the #1 indicator of the real online casino. The fact is that frauds can just add the info, license and certificate signs to the webpage to deceive users. To avoid this experience, try to find the real comments on the online casino that you select.