One of the lesser-known cultural phenomenon about New Zealand is that Kiwis love to gamble. Kiwis alone spend over NZ$2 billion dollars a year gambling. And both of their land-based and online gambling sectors are thriving. A top-rated game in New Zealand is the pokies or the slot machines. Online gambling is also significant, and kiwis can choose from any online poker site in the world to place their bets. In this article, we will explain the world of online poker and the rules and regulations that manage its existence in New Zealand.
Regulating the Gambling Industry
The governmental agency that handles all gambling activities in New Zealand is the Department of Internal Affairs or the DIA. In 2003, the DIA passed the Gambling Act of 2003. This act helped a commission to watch over all of the land-based and online gambling in the country. Withing the DIA is the Gambling Commission, which is directly responsible for creating and enforcing regulations for all gambling activities, both in house and online. The first rule you must know about online gambling in New Zealand is that online gambling or poker sites are not allowed to be from the country. They can participate and win money in online gambling or in online poker from international websites. However, a citizen cannot open a gambling site with a New Zealand operating address. The only online gambling or poker sites that are from New Zealand are the ones run by the Lotteries Commission or the TAB: Totalisator Agency Board.
One crucial law in New Zealand surrounding gambling is the outlawing of online gambling site advertisements to the people of New Zealand. The reasoning behind this law is that it will help those addicted to gambling by not having to see ads for it. It will also curb online impulse gambling and limit children being exposed to online gambling. Online poker is popular in New Zealand, as it is a simple game that many people can access without having to study it too much. Online poker players are free touse their money to bet with, as well as earn money from successful bets.
Gambling and Taxes
If you make money with online gambling recreationally, then you do not have to pay taxes on the money you win. But if you are a professional poker player or gambler, then the money you earn is regulated as income, and you must pay taxes. If you need to figure out the amount of money you gambled vs. the money you won back, it would be best to hire an accountant and go over the figures with them.
A Great Policy
So now, you understand the laws that govern New Zealand’s online poker industry. There are relatively straightforward, and much of the laws are used to regulate the industry. They prevent the creation of new gambling ventures in New Zealand and as well as taxing gambling operations to generate revenue for the country. The gambling situation in New Zealand displays a governmental body regulating a legal activity and bringing forth opportunities for employment for the people and revenue for the country.