Online gambling Tax, what does this mean for internet gambling?
As a comparatively very new form of gambling in general, the online gaming industry still has a way to go in standardising many of its procedures. The stance of gamers when it comes to tax has been an issue which has caused a severe amount of confusion over the course of the online industries formative years this last decade or so, with each of the relevant governments or decision making bodies seemingly changing their mind on matters as frequently as new providers are making their mark on this lucrative business.
I am fully sure that most players who wager on online slots are fully aware of the relevant legislation in their country of residence, and that they have found that they are personally not liable to pay tax on their winnings over the internet. The reason for this is double-pronged, firstly it would be nigh-on impossible for governments to appropriately source and tax winners of substantial winners without some form of complication; and secondly it is much easier to instead just charge a point of consumption (POC) tax to providers, which is what most do.
Though this is good news for gamers themselves, it will undoubtedly change the shape of the online gaming industry as time progresses. As more and more money is injected into this already booming industry; which is only natural as the formats become more sophisticated, accessible and therefore enticing, the tax model will likely be subject to continued change. This kind of uncertainty is threatening to any industry of this nature; not to mention damaging to the reputation of gambling as a whole in the popular media.
We must put faith in the key decision making bodies and continue to endorse the message that online gambling is as safe, secure and most importantly of all relevant to our society as its traditional predecessors. There is absolutely no difference between the two, once you rule out the obvious.