Reply To: Crypto Casino Journey – Questions and Answers


AppleSux wrote:

It’s only been mentioned about 50 times..don’t you think that a bloke who runs his own business and has at least 50 videos where he has won or lost 50k won’t have a tax accountant?

For the record CRYPTO profit comes under UK capital gains tax and like other CG you can offset profits against previous years losses. However the rules are va very gray area. He is NOT A CRYPTO TRADER, He’s still gambling. He just chooses to have his gambling winnings paid in crypto. Therefore he’s not making a direct profit from the price change.. IE if BTC is 25k and he deposited 1BTC but during play he doubles to 50k he now own 2BTC. That’s ZERO CG since the underlying asset prices didn’t change. It’s gambling profit not CG profit

I totally understand the grey area from a tax perspective, however, is it technically illegal or a breach of UK law to gamble at a site that isn’t part of the UKGC whilst inside the UK? Is it that you’re “not protected” or that the act of gambling in this way is “prohibited”?