Should you Pay Taxes On Gambling Winnings from Online Casinos NZ

Do you love playing online casinos in New Zealand? If the answer is yes, you might want to know how to be a responsible gambler and pay taxes on winnings. Many Kiwis don’t know whether they should pay taxes or not? The reason for that is irresponsible behavior. All players must gain some knowledge before launching any casino game. Especially for you, we have prepared the article for Kiwis to let them know how to legally play in online casinos.

Nowadays, the gambling industry is growing significantly fast, so millions of players around the world enjoy slots and other games every day. The popularity of online slots depends on many factors, including the convenience of online gambling sites. The best thing about online gambling is that you don’t have to travel anywhere, you can play games with mobile devices, and choose a variety of gambling sites for free. However, many players can get confused selecting the best one. But you can open the top online casinos NZ on our site and pick the best online casino. There are dozens of reliable gambling sites with comprehensive reviews for you to be aware of all key aspects.

Important note: casinos are not legalized in New Zealand. However, players can easily play online casinos, especially offshore sites. So, what are the main rules and regulations about gambling in New Zealand.

Current Tax Laws in New Zealand

First of all, residents of this country do not have to pay taxes on their winnings. Even if you win large sums of money, you don’t have to pay taxes on winnings. But there are some exceptions to that. Let’s discuss the main details about the tax situation in New Zealand.

For example, poker players might be asked to pay taxes. However, if you win small amounts, you may forget about reporting on your income. But if you get massive winnings regularly, you should deposit some taxes on your winnings. But still, you can skip the taxation process if the winnings are not big.

New Zealand not only allows players participate in online gambling but also encourages people to do that. That’s why there won’t be any problems gambling online, since the government has not made strict rules and regulations. Beginners can play safely without the worry of being caught by the government for tax evasion. But professional players whose main source of income is gambling should pay income tax.

How to Pay Taxes on Gambling Winnings in NZ?

There are several reports you should make to give some money as taxes.

Report all the Earnings

If you just started the gambling journey, usually, you don’t need to report on earnings. However, if you play online casinos for a long time, it’s essential to report on all earnings on the tax return. Otherwise, if you earn millions and never report on your earnings, you’ll be punished for irresponsible behavior.

Report the losses

Along with big winnings, you lose big too. So, it’s beneficial to report on losses too and give important information to the government. In order to pay fewer taxes, make sure to mention your losses.

Note down important things

It’s important to record all your result of gambling activities in the diary. We recommend you track your gambling process both to pay taxes and to predict your future winnings. This is a great technic for a professional gambler since you can increase your winning potential.

Advantages of playing at online casinos

Playing at online casinos is beneficial for several reasons:

Players can choose a variety of games: Top 3 online casino NZ provide a wide range of options for all players. So, you can always choose the game you like.
Players can launch games on mobile devices wherever they are: Online casinos are way more convenient than land-based casinos. All you need is a computer or mobile phone and a good internet connection.
High perspectives: At some time, you can become a professional gambler, making money online. You might become a winner of multi-million jackpots or a person with a stable source of income.

Conclusion

All in all, New Zealanders can safely and legally play at online casinos. However, if gambling is your main source of gambling, and you earn serious money, you should pay taxes and report on your earnings.

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FAQ

What is the safest online casino?

The gambling market now offers a lot of online casinos. You don’t even know where to look first. It’s a competitive field. Analyzing one casino with its eye catching bonus system, you may think it’s the one. But then you stumble upon a different casino and now this one seems better. All in all, catchy bonuses and specific design are not the important things.

What you should think of at the beginning is safety. Safety of your data, your banking details and the whole online environment which is very often full of frauds. So, what is the safest online casino and how can you know it’s the one?

Security system

Gambling sites are vulnerable to Internet frauds. This means every casino must have unbreakable safeguard. This is the security system generally driven by a bit/SSL encryption. Casino sites protect themselves and players from all sides including private info safety, encrypted transactions and identity verification.

Generally, gambling sites post information about the security measures on their pages. Very often you can find seals of popular security systems applied. Besides, you should check the T&Cs and privacy policy to understand in what ways the casino uses your data.

Safe games

This refers mainly to the fairness of games. The game results should be random. An RNG is responsible for such results. It makes the reels spin and let out any possible combination. The same is with the cards and balls.

There are also special authorities that test the casino games. The eCOGRA and Independent Auditors can give a proof certificate of fair randomized games. If you see a seal of any testing bodies, then you’ve come to the right casino.

The safest online casinos

Frankly speaking, it’s not easy to name just one safe online casino. There are many of them that have a good reputation and nice service which also includes total safety. Let me make a list of the safe online casinos. Looking through all of them, you can make up your mind on one or two to test them.

888 Casino. MGA, UKGC, Gibraltar and GBGA licenses, full protection including NoSpyware Adware, eCOGRA certificate.
JackpotCity casino. MGA license, SSL encryption applied, eCOGRA tested.
Leovegas. MGA, UKGC, Swedish and Danish licenses, Digicert SSL encryption, Independent Audits.
Spin Casino. MGA license, SSL encrypted, eCOGRA certificate.
Casumo casino. MGA license, SSL encrypted, DSS compliant, TST certificate.

What is online casino?

Challenging feelings of excitement, risk, adrenaline and sudden relief are what you get at an online casino. Gambling is a tricky thing but once you get paid, you want more and more. Just imagine your mind getting a portion of such thoughts. This is exactly what an online casino is about.

Equal to a land-based version, online casinos work in virtual reality. They pay out real money though. Hundreds of games, bonuses, and on-time support in live chat are the principles of successful online gameplay.

Money process

Of course, the indispensable constituent of gambling is money. As you can understand, the transactions are virtual too. We all have bank cards in the modern world. So, it’s simple as never to enter your credit card data to make a deposit. Same is for withdrawal. The cards are not the only solution for money transferring. If you don’t want to show your bank credentials, just choose another option like e-wallet, bitcoin, bank transfer or even cheque delivery.

Safety aspects

You may not worry about safety problems. Online casinos have already cared for security of your data on the net. No matter what you do: register, make a deposit, bet, request for withdrawal or verify account, stay assured. No one will get your personal data.

Conclusion

The overall process of gambling starts when you deposit money into the online casino. This money gives you chances to play games. Then you need to choose a game. The easiest type is slots. But most profitable is video poker. During the gameplay you bet a part of your money and follow the rules of the chosen game. If you lose, make another bet. If you win, go to the banking page to get paid.

How to clear online casino bonuses?

For each bonus, the online casino sets its own wager, which indicates the multiplier for wagering. The reward amount is multiplied by the current coefficient. For example, the wagering multiplier is x10, the player received a $50 bonus on the deposit. For wagering, you need to place bets totaling at least $ 500 ($ 50 x 10). After that, you can request a cashout. If you create an application earlier, the bonus is canceled along with the winnings from it. Less often, the wagering conditions apply to both the bonus and the deposit. In this case, in order to wager, the player needs to scroll through the total amount of the promotion and the payment made.