Home » Blog » Should you Pay Taxes On Gambling Winnings from Online Casinos NZ

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.

Rate this post, please:
  1. 5
  2. 4
  3. 3
  4. 2
  5. 1

FAQ

Online gambling industry is very profitable not only for casinos, but for marketing too. In fact, if a person starts an advertising campaign about online casinos, the result will be incredible. The thing is that anyone can fall for a catchy advertisement inviting to get money almost for nothing, for entertaining games. And if people click on the ad or, moreover, join the promoted online casino, the advertiser is in a big advantage. This is how it happens.

The other problem is to find how and where to advertise online casinos. This is not so hard, though, since online gambling is not strongly prohibited now. It is very common to promote online casinos on social media sources, specialized websites, and various search systems like Google. The following are the Internet sources where you can place the ads about online casinos.

  1. Google. This is the mostly used source for advertising on the net. Its biggest advantage is the range. Google is worldwide, so any person in the world can see the ad.
  2. Social nets. To be more precise, Facebook, the most famous social network in the world. Again, it is used from every little part of our planet. However, the Facebook regulations set some limits to the ads. For example, you cannot show the online casino ad to people under 18. So, check the terms before placing some ad on FB page.
  3. Specialized website. In a word, the websites about online casinos, with the reviews, comments, FAQ and other info about gambling. This is, in fact, the most expensive option. Basically, you will have to launch the whole website from the very start, to fill in with information, pictures and cool overall graphics.
  4. Affiliate program. All the online casinos have got the program. It is made with a purpose of advertising. For example, if you already have a site, you can join the affiliates. Thus, you just need to place an ad on your site. If someone clicks and registers at the casino, you get paid.

Advertising online casinos, you can make money as easily as playing their games. But with one difference. You will get paid the money. In the advertising, there are no doubts, nor random results. This will be profitable, for sure.

We are all convinced that online casino games are totally randomized. Of course, every game rules tell us about an installed RNG. Moreover, there are special independent authorities like eCOGRA that approve fairness of results. Well, do you believe it? Are they really that random? Then try to answer another question: why do you notice absolutely cold rounds that bring you no winnings?

How RNG works?

The fact is that RNG is probably not so random in reality. What hides beside the online games is the computer. A counting system that knows you’re winning or losing and, accordingly, gives out the spin results. The computer is programmed to maintain the payout percentage of a casino. Thus you never win much.

There is something wrong with randomization. For example, you might notice a losing track of spins until you get to the lowest. And then suddenly you hit a streak of successful rounds raising your balance back to normal or even more. This process is made by a smart computer with algorithms. No matter if you play at an online casino or land based one.

Judging by this and other ‘unpredictable’ results, I can only say that online casinos must use the special algorithms to make some spins cold. Usually, the cold track lasts until your balance is low enough. During this time you might have done 5 or 10 or 20 spins. It all depends on your budget and counts accordingly by the computer.

Later comes a moment of raising the balance level. If you notice the repetitive positive results, that’s it. My advice to you is to spin until you overcome your initial balance then stop and go withdrawing. If you know where to finish gambling game, you are a winner. After the payout, you can deposit again and the computer will work with the new balance sum.

Slots are the most popular genre of casino games. There are thousands, or better to say millions of slot machines in the online gambling market. Every respected gambler knows which slot game has the highest RTP and which slot provider makes amazing HD animation. Online slots have the following features which are actually known to everyone in the business.

  1. Slots are simple, have special symbols and features that tend to help winning.
  2. Like any other casino game, slot machines are powered by RNG, so it’s totally impossible to cheat.
  3. Slots have the smallest RTPs compared to the table and live games.

Slots are hard to beat, that is true. They have the shield in the form of the RNG. However, don’t get upset too fast. You can’t beat it but you can increase the chances of beating it. There are simple rules that you have to follow in order to benefit from a slot machine session.

Start at the smallest

Your first bet should be small, the minimum. Make a couple of spins and raise the bet as soon as you win. However, when you get a constant range of losing results, lower the bet at minimum.

Keep the minimal track

The RNG is built to make you lose a couple of rounds. Or a couple of five rounds in a row. It’s okay. It never means that the slot is rigged (unless you play at the fraudulent casino). It just means that the casino takes its edge to the house. You will have that money back eventually. But you have to keep betting the minimum.

Quit at the right time

Sometimes it gets until you don’t have the money on your balance. This is happening to everybody. It means you’ve deposited too little sum. Still, if you don’t have spare money to deposit and have negative feelings about the session, you should quit. Close the game and the casino site. Come back when you feel free and relaxed.

Concluding

These are just simple recommendations but as soon as you try to apply them during your gameplay, you will see their advantage. They won’t make you waste a lot of money and will prolong your gaming process. It’s possible to beat a slot machine, but you have to be patient and have extra money in case you lose too fast at the start.

More articles on gambling topic

25.03.2021 224
Introduction to 2021 No Deposit Casino Bonuses No deposit bonus is a kind of marketing strategy that helps online casinos in attracting new players. No deposit is a loan that ...
16.08.2021 133
Gambling is an unclear industry for many people, so many of them ask questions about how to become a professional gambler and win money. But who is a pro-gambler? Is ...
23.02.2021 119
Microgaming is one of the main software program developers for online and mobile casinos. This well-known and award-winning company produces video games with immersive gameplay, outstanding graphics, and generous payouts. ...