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Online Casinos in general: Crypto Casinos - Payout

Topic created on 23rd Aug. 2024 | Page: 1 of 1 | Answers: 11 | Views: 523
agnesaislami
Experienced

Crypto Casinos - Payout

23rd Aug. 2024, at 12:07 pm CEST#1
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Hi folks,

this is my first time playing in crypto casinos. However, I have a question. How do you do it?
Regarding the payout from the crypto account to the bank account and the taxes?

Thank you

This post has been translated automatically

gamble1
Icon

Crypto Casinos - Payout

23rd Aug. 2024, at 12:56 pm CEST#2
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Liked this post: Avatar von agnesaislami agnesaislami

agnesaislami wrote on 23.08.2024 at 12:07: Hi guys,

i am now playing in crypto casinos for the first time. However, I have a question. How do you do that?
Regarding the payout from the crypto account to the bank account and the taxes?

Thank you

Most people pay out with the prepaid credit card from Coinbase or Skrill at the ATM and you don't have to pay taxes on wins

This post has been translated automatically

moralischverwerflich
Expert

Crypto Casinos - Payout

23rd Aug. 2024, at 12:57 pm CEST#3
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Liked this post: Avatar von agnesaislami agnesaislami

Buy crypto, send it to your wallet, send it to the casino.
When cashing out, reverse the process and sell the crypto at the exchange where you are, cash out, done.....
Tax is irrelevant.

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agnesaislami
Experienced

Crypto Casinos - Payout

23rd Aug. 2024, at 01:24 pm CEST#4
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morallyreprehensible wrote on 23.08.2024 at 12:57:
Buy crypto, send it to your wallet, send it to the casino.
When cashing out, reverse the whole thing and sell the cryptos at the exchange where you are, cash out, done.....
Tax is irrelevant.

Sorry, new territory for me. I buy crypto from the exchange, then I send it to the casino. Or what do you mean by wallet? Or do you mean the wallet in the exchange? Then pay out the crypto from the casino to the exchange, sell it there and then pay it out to the bank?

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moralischverwerflich
Expert

Crypto Casinos - Payout

23rd Aug. 2024, at 02:08 pm CEST#5
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Liked this post: Avatar von agnesaislami agnesaislami
agnesaislami wrote on 23.08.2024 at 13:24:

Sry new territory for me. I buy crypto from the exchange, then I send it to the casino. Or what do you mean by wallet? Or do you mean the wallet in the exchange? Then pay out the crypto from the casino to the exchange, sell it there and then pay it out to the bank?

Yes, something like that.

By wallet I mean an external "wallet" that is not connected to the casino or exchange and only you have access to it. It's not a must, but it's recommended.
Exchange-wallet-casino-wallet-exchange-sell-bank/credit card/PayPal or just
Exchange-Casino-Exchange-Sell-Bank/Credit Card/PayPal
(PayPal also works with Coinbase)

It's best to use LTC. It's pretty quick to send and the fees are among the lowest.

This post has been translated automatically

agnesaislami
Experienced

Crypto Casinos - Payout

23rd Aug. 2024, at 02:58 pm CEST#6
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Thanks for the explanation. But if I now take variant 2, i.e. ( exchange-casino-exchange-sell-bank/credit card/PayPal ). For example, I put 50 eus into the stock exchange, Deposit it into the casino, then turn 50 into 500 and sell it on the stock exchange and then pay it out to the bank. That means a win of 450€. Won't the tax office then get in touch?

This post has been translated automatically

gamble1
Icon

Crypto Casinos - Payout

23rd Aug. 2024, at 03:12 pm CEST#7
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Liked this post: Avatar von agnesaislami agnesaislami
agnesaislami wrote on 23.08.2024 at 14:58: Thanks for the explanation. But if I now take variant 2, i.e. ( exchange-casino-exchange-sell-bank/credit card/PayPal ). For example, I put 50 eus into the stock exchange, Deposit it into the casino, then turn 50 into 500 and sell it on the stock exchange and then pay it out to the bank. That means a win of 450€. Won't the tax office get in touch?

The tax office probably won't, but the bank probably will - there is currently a similar case in another thread here

Therefore best Coinbase + Coinbase prepaid credit card = withdraw money at the machine

It is best not to do anything at all via the normal bank anything that deviates in any way from the normal salary received Spending salary only brings unnecessary headaches in DE even if it is completely legal

This post has been translated automatically

agnesaislami
Experienced

Crypto Casinos - Payout

23rd Aug. 2024, at 03:27 pm CEST#8
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Liked this post: Avatar von gamble1 gamble1

gamble1 wrote on 23.08.2024 at 15:12:
The tax office rather not but the bank probably currently has a similar case in another thread here

Therefore best Coinbase + Coinbase prepaid credit card = withdraw money at the machine

It's best not to do anything at all via the normal bank anything that deviates from the normal salary received Spending salary only brings unnecessary headaches in DE even if it is completely legal

Oh wow, only now have I seen that you can order a card. Of course I'll do the same. It's perfect for that .


Do you think that the card will probably not be checked? Or I hope so

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gamble1
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Crypto Casinos - Payout

23rd Aug. 2024, at 03:50 pm CEST#9
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agnesaislami wrote on August 23rd, 2024 at 3:27 pm:

Oh wow I only see now that you can order a card. Of course I'll do the same. It's perfect for that .


Do you think that the card will probably not be checked? Or I hope so

You can also spend cryptos with the card when shopping and the best no fees

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moralischverwerflich
Expert

Crypto Casinos - Payout

23rd Aug. 2024, at 03:55 pm CEST#10
1 Like

Liked this post: Avatar von roccoammo11 roccoammo11

agnesaislami wrote on 23.08.2024 at 14:58: Thanks for the explanation. But if I now take variant 2, i.e. ( exchange-casino-exchange-sell-bank/credit card/PayPal ). For example, I put 50 eus into the stock exchange, Deposit it into the casino, then turn 50 into 500 and sell it on the stock exchange and then pay it out to the bank. That means a win of 450€. Won't the tax office then get in touch?

No. It's not a win due to a price increase. Only these are taxable

This post has been translated automatically

Zockerlin3
Rookie

Crypto Casinos - Payout

24th Aug. 2024, at 05:03 pm CEST#11
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Can you transfer crypto wins to your bank account just as quickly as through common non-crypto providers e.g. PayPal or Paysafecard account?

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roccoammo11
Expert

Crypto Casinos - Payout

25th Aug. 2024, at 09:33 pm CEST#12
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even if you find a method that is the quickest and easiest for you, you may have problems with the bank when they want to know where the money is coming from

This post has been translated automatically

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