The only downside of cash prizes at casinos is having to deal with the tax issues involved. By reading this guide to Chumba Casino taxes, you will find out what the situation is when you redeem a prize from Chumba Casino.
While this guide from Betting.net is not formal tax advice, it will detail why Chumba casino is different from many other social casinos and how you might receive a cash prize or gift card from this highly rated operator. That way, you will know if you will need to seek professional advice to ensure everything is in order.
Before you can find the answer to if you have to pay taxes on Chumba Casino prizes, you’ll first need to know how you might end up with a redeemable prize from Chumba Casino. The short version is that, unlike many social casinos, there are two different types of coins used here. Gold coins act as they would at other social casinos, but you can also play with sweeps coins as well. If you accumulate enough of these, they can be converted to real money or a gift card. Your initial source of virtual coins is the Chumba Casino bonus which gives you 2 million gold coins and 2 sweeps coins to get you started, but this is usually not enough to get you a prize.
All of the games you’ll find at Chumba casino are developed by Chumba themselves, so you won’t have seen them before. These games can be played with either type of coin by selecting that coin when playing on the slot, so it’s just a case of finding your favorite one. A more complete picture of the games on offer can be found in our full Chumba Casino review elsewhere on Betting.net, as well as information on finding the games easily on the site.
Sweeps coins can be won by playing with other sweeps coins, but are also given as a bonus when you make a purchase of gold coins from Chumba casino. You can also gain more of them by playing the various competitions on Chumba casino’s social media pages, or by simply mailing them and asking. As a further note, Chumba Casino slots cheat codes that get you extra sweeps coins are not that common, and you may choose to avoid them anyway, as there are perfectly legitimate ways for getting more.
As mentioned above, the chances of claiming a redeemable prize from the Chumba Casino slots sign up bonus alone is quite slim, by using the other methods, it can be possible to get enough sweeps coins together to convert to a prize. Your choice here is either to convert your sweeps coins to cash or to select a gift card that is available for various retailers, which include, as you might expect, Amazon.
Making your redemption can be done using the same payment method you used to buy any gold coin packages while you were playing. If you haven’t done it already, this is the point at which you will need to complete KYC (know your customer) verification to make sure it’s you and comply with anti-money-laundering measures. This will involve presenting ID, like your driver’s license, and can slightly extend the time you could be waiting for your money or gift card. You should also note that as there is no Chumba Casino slots app, the process is the same if you are using a laptop or a mobile device.
The short answer is – probably. As legislation states that taxes are payable on prizes, then yes. However, if you have paid out more for virtual coins than the value of your prizes that may not be the case. The situation, as you can see, will vary from individual to individual and what they have done on the site previously, so if you think this means you should be paying Chumba casino taxes, then seek professional advice.
After reading this guide, you will have a clearer picture of whether or not you need to be filling in a Chumba Casino tax form or not. Again, while this does not count as formal tax advice, you’ll know that you are very likely to have to pay tax on your Chumba Casino prize, and if required you should seek professional advice to make sure this is done correctly.
You will have also learned you can find a multitude of other guides on this site to make your online experience with social casinos, and those where you use ‘real money’ a whole lot easier, so take a look at the rest of the site to see what else is on offer.
Chumba casino is not like other social casinos and has many features you won’t find elsewhere. This includes having two types of the virtual coin instead of just one, which allows you access to prizes. To find out how you could win those prizes and whether you have to pay tax on them, then check out our free online guide.
Chumba casino has a large number of in-house, original games that you are unlikely to have seen before. To find out more about the games on offer, and if you can redeem prizes by playing them, read our guide to Chumba casino taxes, which will give you all the information you need.
It is unusual to win anything with virtual coins at a social casino except other virtual coins, but Chumba casino is not the same as other social casinos. To get the full story on what happens here and the prizes you might win, check out our guide to Chumba casino taxes.
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