paying tax on bets

akindoc

hi guys, im wondering about the tax rules in ireland. if one day i did manage to become a pro gambler and won a good amount of money would i have to pay tax.my understanding is no but perhaps im wrong. im talking about quite a big sum of money around 50000. or what if it was about 500000? would the tax rate be 42%. i've just been thinking about this and wondering if its all worth my while to try to learn the ropes and become a pro if im gonna get taxed half it!

mikemac

I'm pretty sure the proceeds of gambling are tax-free but I could be wrong

This is how John Gilligan used to launder money. He'd manage to change cash to a bookies cheque and the money couldn't be touched (until CAB)

wb

Yep, it's all tax free.

ian.f

It's all tax-free

I get the impression that you don't bet much at the moment when you talk about learning the ropes

I think anyone who wants to be a pro gambler has a screw loose unless they're very talented/ privy to some great information.. Especially if they have only got a very limited experience of the gambling world

mdwexford

lololz