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Withdrawing winnings from Stake.com

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  • 25-02-2024 11:26am
    #1
    velnias2010
    Registered Users Posts: 51 ✭✭


    Hi,

    I was wondering if people had experience with withdrawing winnings from Stake.com (Like paddypower but you use Crypto like BTC for the currency) and how does this work regarding tax since this is a gambling platform?

    My scenario is like this

    1) I purchased lets say €100 of BTC on Stake.com via moonpay.

    2) Start playing with that €100 euro on a mix of casino and sports.

    3) Let's say I ended up with €10,000 worth of BTC.

    If I wanted to turn this into FIAT my flow would be something like this

    Stake.com BTC wallet => Coinbase BTC wallet => Turn BTC to FIAT on Coinbase => Withdraw to bank account in Ireland.

    The above would work in theory.

    But my question here is what is my tax situation on above regarding capital gains tax. In my case the value of my initial 100€ BTC is probably only changed +- a few percent. But my Stake wallet was increased from winnings on Stake not BTC that I bought.

    If I withdraw to Bank account would I owe 33% capital gains tax on the 10g of BTC that I sell?

    Any advise would be great, current strategy is to just leave it in my wallet.



Comments

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    #2
    3DataModem
    Registered Users Posts: 3,945 ✭✭✭3DataModem


    Gambling winnings not taxable in Ireland, as you know.

    If you are gambling in BTC the way to look at it is as follows; price on deposit date vs price on cashout date.

    E.g. you deposit 100 euro, get 0.01 BTC, gamble to 0.10 BTC, cashout 10k euro.

    Then you "bought" at 10k per BTC and cashed out at 100k per BTC.

    You can consider that you earned 900 in capital gain (100-1000) then 10x'd that capital with gambling. Probably your best case.

    Or you can consider that you earned 900 in gambling, but 10x'd that capital with investment. Probably your worst case.



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