Are my winnings taxable? Are my winnings taxable?

Are my winnings taxable?

According to the Personal Income Tax Law, all winnings exceeding 3,000€ and paid into a bank account in a single transaction or a series of consecutive transactions within a single gaming session are taxed at 23% or 31% depending on the winning amount.

More information about the taxation of the winnings can be found here:

https://www.vid.gov.lv/lv/media/1915/download?attachment

How are taxes calculated?

Taxes are deducted from your winnings at the time the payout is processed into your bank account, excluding a tax-free amount of 3,000€. The remaining amount up to 62,800€ is taxed at a rate of 23% but a tax rate of 31% applies to the part of the winnings exceeding the amount of 62,800€. In this case, the amount that exceeds 62,800€ is taxed at 31%, and the amount above 3,000€ is taxed at 23%.

 

Do I have to pay income tax on my winnings myself?

Suppose during a calendar year the player receives more than 3,000€ in separate transactions, each of which does not exceed 3,000€. In that case, the player is obliged to submit an annual income declaration and individually pay the tax on the total amount of winnings over 3,000€.

 

What is a game session?

A game session is a period from logging in/out of your OlyBet profile. To end a session, you must log out of your profile on all the devices you have logged into it.