Matched Betting has been one of the most popular ways to make money online for the last decade and it continues to reward those who have only just begun.
With just a few hours each day you can comfortably earn €/£1,000 per month from anywhere.
But are the winnings taxable?
Let’s find out
Now the question of tax is entirely dependable on which country you live in, and what the laws state around gambling.
Each country views gambling differently and some of them require tax on winnings, whereas some don’t.
Outside of Asia, the UK is one of the biggest gambling markets in the world with billions of pounds being gambled each year.
The UK gambling scene is regulated by the UK Gambling Commission and they set the rules and precedents of gambling in the country.
When it comes to paying tax, the UK does not require the gambler to pay tax on their winnings, instead the tax is paid by the bookmaker. There is a slight downside to this, as the bookmaker will try to earn back those lost profits by reducing the odds and margins they offer.
However, this isn’t something that should concern you and you can focus entirely on building your Matched Betting profits and enjoy 100% of your winnings.
As one of the highest GDP per capita in the world, it is no surprise to learn that Norway has a lot of people willing to gamble some of their disposable income.
In Norway, gambling is monopolised by Norsk Tipping and Norsk Rikstoto. Norsk Rikstoto oversees Horse Racing, while Norsk Tipping controls the sports,lottery and other gambling activities.
Foreign bookmakers are technically illegal for Norwegian players but the law isn’t punished and players can easily access them.
If a player is betting through one of the state owned companies then there are no requirements to pay tax and all winnings are entirely tax free!
However, if you are gambling through one of the foreign companies then you are required to pay tax on winnings over NOK10,000*. As it is very unlikely to win NOK10,000 from one bet, you should not worry about paying tax if Matched Betting.
Gambling is huge in Australia with statistics showing around 80% of citizens engage in some form of gambling.
The taxation laws in Australia are almost identical to the UK and they do not tax any winnings earnt by punters and the tax is instead paid by the gambling operators.
Taxes vary state to state and the gambling operators are required to pay tax on the turnover, on player loss and net profit.
Germany currently has the highest tax in the world at a staggering 90% for casinos. Fortunately for online sports betting there is only a 5% tax required per staked bet.
This means that for every bet placed on an online bookmaker, 5% of that bet must be paid to the German authorities.
Similar to the UK, German players should not worry about paying tax as the bookmaker will automatically take care of it.
Just like Norway, Sweden has a state owned monopoly on the gambling industry with the company Svenska Spel controlling the majority of business.
However, in recent years there has been a lax on restrictions and Swedish citizens have been able to place bets through foreign companies.
Swedish gamblers must be aware of the tax codes as there are differing laws depending on the company and event you are gambling on.
If you are using a Swedish owned company then there are no tax requirements to pay. However, if you win on a foreign site then there is a 30% tax on your winnings.
Thankfully for us there is an exception to the 30% foreign tax rule and that is that sports bets placed on EU licensed bookmakers are not taxed.
The majority of bookmakers listed on Oddshero are EU licensed.
Please make sure you are aware of the company's license before placing bets.
Denmark is similar to the other Scandinavian countries with a strict gambling regulations for foreign companies and an almost state owned monopoly with Dankse Spill controlling the majority of the industry. In recent years there has been an increase in foreign companies accepting bets to Danish punters.
All bookmakers must be licensed to accept bets from Danish citizens and any company found not to be will be blacklisted and serious punishments will be handled out.
As many companies are trying to reduce the overwhelming control Dankse Spill has on the Danish gambling industry, many companies are offering great bonuses to profit from!
Another positive for Danish punters is that there are no tax requirements and all winnings can be enjoyed.
Gambling has become extremely popular in Austria in recent years and there is now a tight regulation on who can provide services to citizens.
There is almost a monopoly on the casino operation with the company Casinos Austria owning 12/13 of the countries casinos.
Similar to Norway, even though there are tight regulations on foreign companies providing services, the big players always find a way. Austrian players can easily find all the top bookmakers and take advantage of the available bonuses.
Gambler are not required to pay tax on their winnings and the responsibility falls on the operators. The Austrian government receives a percentage of the companies earnings and there is also payments for the licensing fees.
You can see that all of the countries listed do not require individual punters to pay tax from their winnings and the responsibility falls onto the bookmaker instead.
This is great news for us Matched Bettors as we can focus entirely on finding offers and bonuses for us to profit from.
If you haven’t seen your country listed and would like to know the tax rules then please get in touch!
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