I won 500 euros and dont know what to do before spending the money ...

[Hunterdog]

Im new to online betting, but I won 500 euros in an online game.
It might not seem like much to many people, but for me its a significant amount. Does anyone know if I have to declare this winnings to the tax authorities in any way, or is it something that goes unchecked?

 

[Nate]

Hi Hunterdog,

This would depend on your jurisdiction. I'm not familiar with the laws in Portugal.

Nate

 

[dunover]

Im new to online betting, but I won 500 euros in an online game.
It might not seem like much to many people, but for me its a significant amount. Does anyone know if I have to declare this winnings to the tax authorities in any way, or is it something that goes unchecked?

I think it's only the USA that tax gambling winnings, haven't heard of any other country doing anything as illogical.

 

[Nate]

A quick search yielded the following results:

Online Gambling Winnings

Winnings from online gambling activities that are licensed and regulated by the official Portuguese authority (SRIJ - Serviço de Regulação e Inspeção de Jogos do Turismo de Portugal) are exempt from personal income tax for the player. The tax burden for online games (like online casino, bingo, and sports betting) is placed solely on the operators, who pay a specific tax to the state based on their gross gaming revenue (GGR) or turnover.

I am not 100% certain on it's accuracy though.

Nate

 

[dunover]

Im new to online betting, but I won 500 euros in an online game.
It might not seem like much to many people, but for me its a significant amount. Does anyone know if I have to declare this winnings to the tax authorities in any way, or is it something that goes unchecked?

I wouldn't spend any of it until you've been paid the amount, or has it arrived in your bank already?

 

[satchnz]

I wouldn’t be taking taxation advice from people on a forum. You should either research this yourself or talk to a tax specialist in your country.