Tax on professional gambling!!!!

michael.dublin

Would there be anyone out there, that could possible answer this question,
Me and a few friends, have had a bit of a discussion, IF you was a professional player/gambler, and you was good/lucky enough, to be able to make a living of sports betting, that be on paddypower, boylesports, betfair or any of the companies that offer bets. Would you be liable for tax, and if yes how would that be calculated by the revenue.

Regards
Michael

nompere

Revenue don't seek to tax gambling earnings, because for them to accept that a gambler is carrying on a trade/business would mean that they would have to allow loss claims as well. As there are many more losers than winners the result would be a net reduction in tax receipts.

So it's not going to change.

cormie

Yup, no taxes which is great for any winning poker players etc

michael.dublin

thats what we was talking about, with poker and sports betting, lol some people (not me) must be able to make a living of it.
Thanks for the reply, most helpful :-)

FishOnABike

michael.dublin wrote: »

thats what we was talking about, with poker and sports betting, lol some people (not me) must be able to make a living of it.
Thanks for the reply, most helpful :-)

They'd be what would usually be known as bookmakers.

michael.dublin

lol good one

cormie

Plenty of professional poker players, but poker is of course a lot different to traditional gambling.