If there is one thing that the Kiwis absolutely love, it is online gambling. Although there aren’t as many online casino options in New Zealand, the craze still exists, and it is likely that we will see more NZ online casino options in the future.
When a gambler in New Zealand first starts playing on the NZ online casinos, he is usually worried about whether he has to pay taxes or not. Hence, it is essential to have a proper understanding of the tax laws before getting started. Read this article to learn more:
No Taxes Required
Kiwis will be delighted to know that they don’t have to pay any taxes whatsoever for all the money they win at their favorite gambling games. Whether it’s gambling in a land-based casino or on an online casino, or sports betting, you are not required to pay any taxes. This law holds true even if you are gambling or sports betting on a foreign casino website.
If you are a New Zealander who treats poker as a serious, full-time job, then you will be regarded as a professional poker player, and your gambling winnings will be seen as your income. This is because playing poker professionally cannot be categorized as a hobby as it requires a tremendous amount of skill and expertise. Hence, your winnings will be taxed.
However, if you are a regular gambler and you find yourself winning a huge jackpot, whether online or offline, you have the option to report the amount and pay taxes on it, although this is generally not seen in practice. After all, it is natural for gamblers to want to keep the entire amount of their winnings. Moreover, there is no way for your winnings to be tracked by the Inland Revenue.
New Zealand Gambling Commission
If you wish to start gambling on the Internet, make sure to find an online casino website that is licensed and registered under the New Zealand Gambling Commission. When online casinos are licensed and registered under this regulatory body, they will be required to maintain high-quality standards, provide security measures and follow all the rules and regulations. Hence, you can be sure that your private data will be protected.
Keep in mind that you will find many online casino websites that are not licensed or registered under the New Zealand Gambling Commission that are out to cheat gamblers in New Zealand off their money. Also, keep in mind that only offshore casino websites can register under this regulatory body and run their operations in New Zealand. So, make sure that you only go for the authorized casino websites that are located outside of the country.
To Sum Up
The laws for gambling and taxes in New Zealand aren’t so black-and-white. Hence, it is crucial to be aware of the nuances and choose the right online gambling websites. Always check whether the online casinos have been independently tested or verified by a third party before you register with them.