Crypto betting — using digital assets such as Bitcoin or Ethereum to place wagers online — has become increasingly popular in recent years. While many players focus on the thrill and potential profits, few realize that their wins and losses may be subject to U.S. taxation. The Internal Revenue Service (IRS) treats cryptocurrencies as property, […]
Tag:Taxes
How & Why Betting Taxes Vary Across Countries
Most crypto gamblers do not care about taxes, as they never disclose their winnings to government authorities since, unlike fiat gambling, the crypto kind introduces unique complexities when it comes to taxation. These originate from the poorly regulated nature of digital coins (which is now changing), their volatility, and their decentralized/anonymous-centric design. For many, not […]
Are Crypto Sports Winnings Taxable?
The rise of sports betting has been called a paradigm shift in the gambling sector. Moreover, the emergence of crypto sportsbooks is taking center stage in the global landscape, as loads of countries have yet to create their online wagering laws and regulators. Crypto gambling became a thing in 2012 when the first sets of […]