Gambling means risking something valuable in the hope of endearing something of much greater value. Gambling has been part of human activities since they were in the caves. The first physical casino was built in 1638 in Italy and since then many physical gambling sites have developed and flourished at various places all over the world.
Role of internet in gambling
With time technology entered every sphere of human life and changed many things. So, did it brought changes in gambling? The evolution of the internet introduced and made way for a new form of gambling i.e. online gambling. In this form now the players could play from any part of the world and on any type of device; be it their computer, laptop, mobile, or tab.
Like real-life gambling, online gambling offers varied kinds of gambling options like online casinos, video poker, craps, baccarat, blackjack, etc. and even sports betting, lotteries, raffles. Nowadays even a new and much popular form of gambling has come commonly known as cryptocurrency.
Yes, cryptocurrency aka bitcoin currency is considered as gambling by many countries in the world and that is why it is banned in many countries. This has been even said by the well known investing mind of the world ‘Warren Buffet’.
Fast money, easy inflow
But, as we know that like everything we can find some people in favor and some standing against it. Likewise, for bitcoin currency as well as other types of online gambling we can find many in its favor. Those who are have made special websites for players/gamblers.
If we search out on the internet then we can find an ample number of sites from every country that offer online gambling. These sites are flourishing as people want to make online casinogames real money easily. It is all because gamblers are letting them flourish by going online and risking their hard-earned money. They just want to multiply their money overnight and become rich.
Though many countries see online gambling as a profitable industry that lets money flow in the country many countries have banned online gambling so save their citizens from this attractive disaster. UAE, Cambodia, Japan, Brunei, North Korea, Cyprus, Singapore, Qatar, and Poland are few among the list of countries where online gambling is considered illegal.
There are even places like Bogota (Colombia’s capital) which favors online gambling and even has an online gambling expo every year. Similarly, there are places like Macau, Ireland, Texas, and Dallas, Houston, etc. where laws are quite liberal when it comes to online gambling and in some even special rooms have been made for the purpose.
Now, the big question which comes along with this lucrative way of income is that ‘Is this online gambling income taxable?’ Yes, every country rather every state has its laws laid out for the income flowing in from online gambling regardless of its type. Well, it’s not possible to state all of the laws here but one can check out the same country wise.