Gambling Income is Taxable
More Britons than ever before are trying their hand at online gambling despite the ever worsening economic climate. This comes as no surprise to me, as the credit crunch has meant that more and more people are opting to stay in rather than go out, and what better way is there for people to spend their time indoors then by winning money!
The results of an extensive survey by the UK Gambling Commission released in recent weeks have shown that the quality of online gaming sites and the prizes, bonuses and jackpots on offer continue to attract hoards of players due to their increase in potential monetary value.
Research conducted by ICM show that a survey dealt with last year (including the final quarter of the year when recession loomed) found an increase in the amount of people who said they had used one remote form of gambling or another.
The news will come as a major boost to the online gambling sector within the UK as it prepares for a difficult year with the current economic climate looking to worsen before it finally resides.
The Commission’s study revealed that a whopping 9.7 percent of the 8,000 adults surveyed had gambled using a computer, mobile phone or interactive/digital television set over the last month. This compares with 8.8 percent for 2007 and 7.2 percent for 2006.
The trend seems to be that – as gambling online becomes more accessible thanks to the likes of 3G mobile technology and improvements in digital TV people are spending more time gambling online than ever before.
This trend is likely to continue as long as the recession bites which will benefit the online casino industry tenfold during these hard times.
The online casino started more than a decade ago. It has grown to an industry after hundreds of websites in the same nature of business followed. More than $11 billion are spent on online gambling annually from different parts of the world. The trend continued to prosper because more and more people are getting hooked up with excitement the games provide.
The only downside in online gambling is that there is almost no interaction among people. Most likely they will be playing against a computer-programmed dealer. On the other hand, traditional casinos have a lot of this aspect be it with the dealer or with other players. This way, it makes a game prolong and make it more interesting. A more diverse option is offered at online casinos. For instance, they can more varieties of slot machine available that can just differ in appearance. It somehow has an effect of a person wanting more playtime especially with its effects and sounds.
When it comes to legalities, online gambling is not clearly defined. Even though gambling is prohibited in some states, it is still on the gray area because customers are playing at home on their computer. In countries like Germany, Denmark, Australia and some part of Canada, it is legal to set up online casinos. The important thing to remember is that it is your duty to know whether or not it is permitted to gamble wherever you are. Age is another factor in the law. A player needs to be at a certain age before he could play in casinos. Your money could go to waste when the authorities find out that you are gambling where it is prohibited.
For players based in the United States and other countries where gambling is illegal, the process of depositing money to an online casino is quite complicated. Sometimes, they cannot even use their credit to do so because transactions intended for บาคาร่า a gambling site is not allowed. However there are still options on how start playing on online casinos. There are internet transaction services that work like PayPal. Through it, a player can transfer funds instantly. Another option is to open an account in an offshore bank. Just take note that it may take a while and the as a service charge, the bank will deduct a certain percentage for each deposit made.
Being familiar with the background and processes of online casinos will make you have more trust on them. It is very important because you can be cheated by some delinquent casinos.