Are bingo winnings taxable?

Just won a bingo jackpot! Do I have to declare it and pay taxes?

Answers( 1 )


First of all, congratulations on winning that jackpot! Do not worry because if you are located in the UK, you do not have to pay taxes on your bingo winnings. Back in 2001, duty on winnings from sports betting, online casinos, lotteries, online poker and online bingo was abolished. This means that you do not have to declare your bingo winnings. Here is an article related to your question:

http://www.onlinebetting.org.uk/betting-guides/gambling-and-betting-tax-in-the-uk.html

However, if you are not located in the UK, you may have to review your location's rules on bingo taxation. In some parts of Europe, Oceania and Canada, bingo winnings are non-taxable. In the US, if you win a small amount from playing bingo, you do not have to pay taxes. However, if you win $1,200 or more, you are subject to a withholding tax worth 28%.

http://budgeting.thenest.com/tax-laws-regarding-money-won-playing-bingo-22701.html

It is always best to review your local laws on gambling taxes to know the answer to this question. But generally in the UK, bingo winnings are non-taxable. 

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