For ages, gambling has been popular worldwide; in recent times, online gambling has taken over and is no exception. You will find that gambling is a pastime in countries all over the globe and different countries approach gambling differently depending on their various laws and regulations.
If you’re keen to learn more about how gambling works all around the world, keep reading because, in this blog post, we will be detailing how online gambling works in some of the major gambling countries around the world.
Asia
In Asia, you will find some of the best online casinos, which is great for travellers and locals on the continent. In China, most forms of gambling are illegal on the mainland, with Hong Kong being very restrictive.
Different Asian countries regulate gambling differently. For example, in Singapore, gambling is regulated by the GRA or The Gambling Regulatory Authority, while in Malaysia, gambling is regulated by the Ministry of Finance.
When it comes to taxes on winnings, the regulations will vary from country to country. In Singapore, for example, it was voted by Parliament that gambling taxes will be raised from 15% to 18%. In Japan, online gambling, although still illegal, is very popular, and it has been estimated that there are more than 2 million online casino users. This increase has been driven partly by online gambling being easily accessible and often anonymous.
It is also difficult to track and regulate, and if you want to discover more, read BizLady opinion about online casino in Japan. Any decision to legalize online gambling in Japan would need to be made with careful consideration. If you want to visit an Asian country and experience gambling, avoid countries such as Thailand, where gambling is illegal.
Europe
In Europe, online gambling is mostly embraced all around. Countries in Europe are free to regulate gambling services as long as they comply with the general provisions and fundamental freedoms established under the TFEU, also known as the Treaty on the Functioning of the European Union.
Most countries in Europe allow at least a few games to be offered at online casinos, and when it comes to taxes, there are taxation brackets for winnings that are deprived of online games. The ministry of Finance has established each percentage that is assigned to each bracket of winnings and they go as follows:
- Up to 24, 450 Euros = 19%
- From 12,450 Euros to 20,200 Euros = 24%
- From 20,200 Euros to 35,200 Euros = 30%
Not all countries in Europe have embraced online gambling. Although most countries allow at least some games of chance online, countries such as Poland have prohibited or otherwise restricted online gambling. Other countries such as Sweden, Finland, the United Kingdom, Germany, and Italy are some of the leading European gambling sites.
North America
In North America, each state has the liberty to regulate or prohibit gambling within its borders, and gambling is legal under US federal law. Everything you win from gambling is also fully taxable, and you are obligated to report your gambling income winnings on your tax return.
In North America, gambling is legal in 48 states, with only Utah and Hawaii banning it completely. That said, social poker games are allowed in private residences in Hawaii.
South America
Lastly, we have South America, where gambling is regulated on a province-by-province basis. Gambling operators are only allowed to offer their services to residents of their particular province, and operators can offer all forms of gambling.
Gambling is taxed differently in different countries. For example, in Mexico, winners are meant to pay income tax on any income they have received throughout the year from any prizes generated by gambling that has been legally authorized.
If you head to South America looking for some gambling fun, stay clear of countries such as Brazil and Ecuador, which have prohibited all forms of gambling except for state lotteries. However, gambling activities and facilities are available in countries such as Argentina, Columbia, Paraguay, Peru, Uruguay, and Chile.
Gambling has been enjoyed all over the world for many centuries now. Although land-based casinos have enjoyed enormous success ever since they came about, people are now shifting more towards technology and online casinos. Some countries have partially or wholly banned gambling, while others have opened their arms and embraced this popular pastime. So, if you are a fan of gambling, research the laws and regulations of each country you are visiting regarding gambling.
