Sports betting has become prevalent over the years, especially with the current global situation where the pandemic is still a threat.It has even evolved into online platforms as many more people see it as an excellent option for money-making while also enjoying the thrill of staking. Yet there are more into this sports betting than one’s eyes meet, like how almost all beginners are unaware of taxes that come after a good profit and why a betting winner needs to pay some amount from the winnings.
PLACE YOUR BETS ONLINE CAREFULLY
Live betting in Kenya has increased its popularity, mainly due to pandemic threat where people stay inside their homes instead of going outside. Choosing who to place a bet on seems easy, laying back on a soft couch while having a set of favourite meals and drinks as the game goes on, but numerous factors can affect how one team wins. There are pros’ secrets and the systems that work for each game that make sports betting diverse and not simple at all.Being knowledgeable about the games and mechanics will give more odds of winning, aside from the luck each better has on its own.
TAXES BEHIND SPORTS BETTING
Winning a gamble is taxable, but paying depends on whether the prize taker is a professional bettor or a casual gambler. The professional one has a higher income tax rate than an individual who plays betting as a hobby. Sports betting in Kenya isn’t an exception to these tax payments. Suppose someone wins in a horse racing event, football leagues or in any game where a wager has been placed. In that case, the sportsbook who handles the betting will automatically send a form to the winner to fill up with information. This form will also state that the establishment will deduct a certain amount as tax from the total winning.
If you want to learn more about sports betting wins and taxes, read the infographic from Chezacash.