Withdrawing winnings from Stake.com

velnias2010

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.

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.

baroc

From what I understand, in most countries, including Ireland, you're usually taxed on your gains when you convert crypto to fiat. Since your winnings came from gambling and not directly from the increase in BTC value, the tax would likely be on the full amount when you cash out. The 33% capital gains tax might apply, but it’s always a good idea to check with a tax professional to be sure.

I ended up switching to 789bet because I found the process of withdrawing winnings in fiat much easier. It uses more traditional currencies, which made it more straightforward for me. No more worrying about crypto fluctuations, and it’s been a smoother experience overall.

halopenos

I have cash I can exchange for your crypto if you can send to a wallet, it’ll save you from all of this, message me