Re:Billionaire Porn King Reinvents Himself as Japan's Startu...
by dalbasal on Thursday August 24, 2017 @04:27AM
(#15088478)
It’s all a response to the legal status of investments and gambling (both have different categories with different rules).
Whether something is really gambling or investment is kind of philosophical. UK regulators tend to use different terms, specifying subcategories.
UK gambling regulations allow anyone old enough to gamble on these exchanges under the same rules as sports betting. If this was classified as financial services, regulations would be a lot stricter.
Anyway, UK gambling winnings are not taxable for consumers. The casino’s cut is taxable (15% of gross), which is transferred directly to the customer via spreads whether they win or lose.
Whether something is really gambling or investment is kind of philosophical. UK regulators tend to use different terms, specifying subcategories.
UK gambling regulations allow anyone old enough to gamble on these exchanges under the same rules as sports betting. If this was classified as financial services, regulations would be a lot stricter.
Anyway, UK gambling winnings are not taxable for consumers. The casino’s cut is taxable (15% of gross), which is transferred directly to the customer via spreads whether they win or lose.