Do You Have To Pay Tax On Match Betting?
The short answer to ‘Do You Have to Pay Tax on Match Betting?’ is no, you do not have to pay tax on any money you make from matched betting.
This makes matched betting the perfect side hustle for those looking to make some extra income. Over the last 3 years I’ve managed to make over £150,000 completely tax-free. You can see the exact breakdowns in my betting reports.
why are your matched betting earnings tax-free?
In most countries, including the United Kingdom, match betting is considered a form of gambling. The general rule is that gambling winnings are not taxable. This means that if you make a profit from match betting, you typically don’t have to report it as taxable income.
The reason behind this exemption is that gambling is seen as a game of chance rather than a consistent source of income. As a result, the winnings are viewed as a stroke of luck, and the tax authorities do not require individuals to pay tax on such winnings.
However, it’s important to note that tax laws can vary from country to country, so it’s important to do some of your own research. In some countries, gambling winnings may be subject to taxation if they exceed a certain threshold or if gambling is deemed a professional activity rather than a casual hobby.
For example, in the United States, gambling winnings are generally taxable and must be reported as part of your annual income. However, you may also be able to deduct gambling losses up to the extent of your winnings, provided you itemise your deductions.’
Speaking of other countries, another question I always get asked (other than ‘Do You Have to Pay Tax on Match Betting?’ is ‘Is Matched Betting Legal‘.
In summary, while match betting winnings are generally not taxable in many jurisdictions, it’s essential to research and understand the specific tax laws of your country. It’s always advisable to consult with a tax professional or seek guidance from the appropriate authorities to ensure compliance with the regulations in your area.
The information provided in this blog post is for general informational purposes only and to answer the question ‘Do You Have to Pay Tax on Match Betting? ‘ should not be considered legal or financial advice. Tax laws are subject to change, and individual circumstances may vary.
Where’s the best place to start with matched betting?
So, now we’ve answered your main question ‘Do You Have to Pay Tax on Match Betting?’ It’s time to share where the best place to start is…
I give you a full breakdown in my post on getting started with matched betting, but it’s also important for you to learn the key matched betting terminology so you know what I’m waffling on about in all of these posts.
This goes without saying, but you’ll need to sign up to some matched betting platforms. I’d personally start with OddMonkey, Outplayed.com and BetBurger.