A Look at Sports Betting NZ in Detail
For many decades, all types of gambling within New Zealand was illegal. Bookmaking in the country was declared illegal in the 1920s, and it was not possible for bettors to wager on a sport of their choice locally unless done illegally. This changed in 1961, when the government decided to legalised most forms of local sports betting, but also monopolised the gambling industry with their own set of restrictions and rules.
Fast-forward to today, and almost every type of betting in the country is legal but regulated, meaning that bettors are able to bet through local land-based bookmakers and casinos. While this may not be completely ideal for many, there are other avenues bettors can take to take part in just about any type of betting they wish.
Gambling and Sports Betting NZ Laws
Land-based betting is regulated by the Gambling Act of 2003, which was put in place by the national government. This act regulates all gambling and betting within the country, and splits it into two separate classes. Class 1 is the type of regulation that applies to the average bettor, and comes into effect when there is no cut taken by the bettor, and wager made is less than $500. This makes it the limit for all sports betting NZ, and bettors are not able to earn more than that amount in winnings unless they are running a betting organisation of some description.
The class 2 gambling regulation applies to organisations such as casinos and bookmakers, and this is used for any betting that is done which exceeds $500. The class 2 also requires that the organisation obtain a gambling licence from the government in order to officiate any legal sports betting NZ.
Tax on Sports Betting NZ
Technically, there is a tax that is applied to winnings that bettors earn through any type of betting. While this is a law by technicality, the reality of the situation is that most bettors will not be taxed on their winnings, and any taxations that do occur are extremely rare. The gambling taxes that are enforced are aimed at gambling organisations such as casinos.
The gambling tax may be applied to those bettors that take part in professional gambling, as this is seen as a source of income and is therefore subject to income tax. This is only enforced when the bettor in question has no other means of income, and the authorities will not force the tax on those that gamble professionally but do not rely on it as the sole means of reliable income.
Online Sports Betting NZ
Sports betting NZ done online is a completely different matter, and there are no regulations that govern how bettors may bet on the Internet through offshore bookmaking sites. This means that New Zealand bettors may freely bet on sports events from around the world without the worry of returns limitations or possible taxation.
Bettors simply need to find an internet bookmaker site that suits their needs, create an account, and take part in the sports wagering of their choice like soccer betting online. This makes sports betting NZ online a viable choice for those that wish bet legally and without restrictions.