The Gambling Agreement 2021 regulates not only online casinos but also poker on the internet. Although online poker is now, for the first time, subject to federal regulation (and thus governmental approval), no licenses have yet been issued. Instead, providers who adhere to the admission requirements are more or less officially tolerated.
Gambling Regulation and Taxes
Part of the online poker regulation is a 5.3% percentage that poker sites have to pay to the Treasury. Unfortunately, this special tax is not levied on the providers’ profits, but rather on the tournament buy-in or money you take to the table in cash games.
As a result, some providers eliminated parts of the offer, while others increased the rake and fees for buy-ins.
Do I have to pay tax on poker winnings?
You do not have to pay taxes on gambling winnings. Although poker is generally considered a game of chance, the situation is a bit more complicated.
If you typically make a living from playing poker (online, casino and/or tournament), then net winnings are subject to income tax.
However, if you are a hobby player, then even a one-off win does not have to be considered income – and therefore not taxed.
Online poker vs live poker
Now it’s time for the big comparison: where is poker better? On the Internet or live on site? Where is it easier to win and what suits which type of player best?
The stars
To make it more human, let’s first look at a few faces of both worlds. Some of the most famous personalities of the live poker scene are:
● Phil Hellmuth: His nickname is The Poker Brat. He can bully other players at the table really nasty and is a diva, but can also be said to be quite nice. In 1989 he won the World Poker Championship (WSOP Main Event).
● Phil Ivey: He’s never won the Main Event, but he’s world famous. This is due to his high stakes games, risk taking, many crazy side bets and a spectacular run-in with Borgata Casino. He won millions of dollars playing baccarat with a nifty trick, but had to pay the money back.
The following players have achieved international fame on the Internet:
● Isildur1: The Swede caused quite a stir when he suddenly started playing extremely high-stakes cash games that were normally reserved for established poker pros on the Full Tilt platform. Within a short time he won and lost several million euros. His real name, unknown at the time, was Viktor Blom.
● CrownUpGuy: Fedor Holz hides behind this nickname. He made his appearance by winning an online poker tournament worth millions.
Compare poker online/gambling house/tournament
When playing poker online, this is the most convenient and almost hassle-free alternative. You can concentrate 100% on your game and are not unnecessarily distracted.
In the casino you often sit at the table with other regulars. In live cash games you might be able to read other players, but you might also have some tells of your own.
Larger tournaments promise adrenaline and great chances of winning. Realistically, however, they end quickly for most players.
Is bluffing easier online than in live games?
When it comes to bluffing, some say it, others say it. If you’re a good actor, you may be able to mislead other players in the live game with certain facial expressions, gestures, and announcements. Even trash talk to throw fellow players out of the game is only possible in live poker.
On the other hand, you don’t have to hide your weak hand while bluffing online.
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