Any successful gambler will tell you that playing games is easy. It is what comes afterwards that will turn your hair gray, and often frustrate you. We are talking about payouts and winnings on taxes. Although an essential part of the gambling experience, they are often overlooked, and many players at online casinos like Fastpay casino [valid where legal], have no clue what it exactly means for them.
“Such failure in knowing what awaits them is typical for gamblers in new markets, such as Poland”, says Anna Rosak (read her bio here), a casino expert we talked to, trying to figure out what happens once you hit that life-changing win. So, what can Polish players expect from the cashout process, and everything that follows it.
Different Types of Casino Payouts
Rosak explains that knowing your casino terms and conditions is key to making withdrawal smooth sailing, even if it is a big sum of money we are talking about.
“Essentially, the casinos will always try to do the entire payment in one transaction, but that can’t always be the place. Once you cross that magical line that should be transparently listed in T&C, you will have to wait for quite a while, before you get all your money”, says she.
Lump sum payments usually come with a limit attached, and are executed only up to a certain level. For many casinos out there, that limit is around €10,000 in a single win, but it can also be higher or lower. It should also be noted how global progressive jackpots are often paid in lump sum, regardless of other stipulations in the contract.
“If you win more than €10,000, or any other amount determined in a casino, you can expect to be paid in monthly installments, with no interest rates. Generally speaking, the entire sum must be paid within a year, or 6 months”, elaborates Anna and adds, “It is by no means fun, but you don’t want your lucky casino to go bankrupt, would you?”
Payments in installments help casinos keep going, and manage money in the most effective way. It might not be the most user-friendly option, but it is often the only thing a casino can do.
Know Your Taxes
In most countries, Poland included, casino winners are obliged to pay taxes on their winnings. According to Polish Tax Portal, “Taxable persons, excluding taxable persons participating in poker games played in a tournament format, must, without being requested to do so, submit tax returns for the gambling tax to the competent head of the revenue office as well as calculate and pay this tax to the account of the competent revenue office, on a monthly basis, by the 10th day of the month following the month to which a tax return relates.”
The best way to explain this is to use an example. Let’s say you won €50,000 in slot machines in May. The next thing you do after you get the money is to visit your local tax service. The office you need to visit is determined based on your address. Then, fill out any forms required, and ask the tax officer to help you calculate the amount you have to pay in taxes. Don’t worry, Anna says they love to assist you and are much friendlier when you are proactive. Considering you won the money in May, you have to pay the tax by July 10th.
And what about tax rates. For poker, there is a 25% rate, and most other games have a 10% rate, as long as you win more than PLN2,280.
“Yes, that is a lot to swallow”, admits Anna, but is determined to make things clear, “Still, you can’t escape tax services. Even if you play at an unlicensed casino, you will sooner or later want to get your hands on the cash, and it is a matter of time when tax services will find out about it. Keep in mind that they might fine you in retrograde, and that these days, they collaborate with all major providers. Do something fishy, and they will find out.”
What Happens if You Don’t Pay the Tax?
Sometimes, players feel courageous and decide to skip tax reports. Anna warns that is not a wise thing to do. “Once tax services notice you, they’ll always be on your tail, even after you pay the fine. This means that if you are a freelancer, they’ll do their best to make your life a living hell by double-checking every payment. If you run a business, expect some inspections. They are like ticks, but in the end, they are just doing their job”, concludes she.Related Categories: Casino, Reviews