Depending on where you are in the world when playing the plethora of iGaming titles available today, you may be asked to pay taxes on your winnings, should lady luck be on your side. However, given all the different laws around the globe, it’s unsurprising that the regulations will differ depending on your location and that is evident in two huge markets, notably this can be seen in action by taking a closer look at the rules regarding these taxes in the United States and the United Kingdom.

The current process for our friends across the pond in America can often be rather complex to understand to the casual gamer, as in the United States, each individual state is responsible for the regulation of gambling, whether it be in person at a land-based venue or online. This means that not all forms of betting are legal across all states, like they are for example in the UK. So, due to these changes in the rules regarding online gambling, especially with the advent of sports betting, which is slowly growing more traction across more states, each individual state can now decide if they would like to make all forms of online gambling legal. So, with this freedom, it is understandable that some have decided to do so already and one of the benefits to the state of making online gambling legal is tax.

There are millions of people in the United States who enjoy gambling and by introducing a gambling tax, this now allows each state a new way of generating funds which can be used in local communities. This may not do wonders for the reputation of Las Vegas being the gambling capital of the USA, however, it is not always easy to work out exactly how much tax you must pay on gambling winnings in the United States but the tax calculator on GambleColorado is a great help. Aiming to streamline the process and make it easier for punters of all experience levels, the tax calculator can be used to work out the amount of tax payable using the state in which you reside, relationship status, total annual taxable income, and gambling win amount.

So now with this new helpful tool in place, you do not have to be already acquainted with the specific tax structure or physically within in Colorado to make use of the tax calculator, as you can select your state from the drop-down menu when using the calculator to do the heavy lifting for you. When gambling in Colorado for example, the Internal Revenue Service considers all gambling winnings as taxable income, so this covers even lesser-known forms of income such as with game shows, bingo, lottery, casinos, sports betting, and racetracks are all included.

However, if we cross the Atlantic back to the United Kingdom, the regulations are different regarding taxation on gambling winnings. At the time of writing, there is no gambling tax in the UK. Therefore, weekend punters find it is possible for gamblers in the United Kingdom to keep the entirety of their winnings from gambling, whether it be a hand of poker in a casino game or by backing their local football team with a sporting wager.

There was a time when betting duties were in place in the UK but this was scrapped by the then Chancellor of the Exchequer, Gordon Brown, in 2001. One of the main reasons why the British government decided to end betting duties was due to the rise of offshore gambling websites in the early noughties. As a result of this change up to the market, these websites were leading players to gamble online using companies which were not registered to offer their services in the UK and thus posed a risk to the individual making the bet, as often their legitimacy could be called into question. This resulted in huge risks for players, as the operators provided no guarantee the gambling website was going to pay out winnings, not sell on customers personal or financial data and it was often extremely difficult to get in touch with the customer support teams to resolve any issues that may have arisen.

Following the end of betting duties, the UK government passed the Gambling Act of 2005 and went on to stabilise the entire gaming sector by establishing the UK Gambling Commission to regulate all forms of gambling in the country, all without the need to apply tax to gambling winnings.

Instagram, one of the fastest-growing social media sites, has swiftly surpassed one billion active users. It has developed over the years from a basic photo-sharing app to a robust marketing tool used by influencers and organisations of all sorts to reach their target audiences. According to Instagram Business, 60% of customers use the site to find new items, 80% follow at least one brand, 200 million users check out a business page every day, and 66% of profile visitors are non-followers. Like Google and Facebook, Instagram is a platform to find new clients and make free gains daily.

Ways to make an income on Instagram

On Instagram, there are three simple ways to make an income:

●      Become an influencer and post brand-sponsored content,

●      Become an affiliate marketer and sell the products of other people, or

●      Become an entrepreneur and market your products.

1. Post sponsored content

The first thought that comes to mind when you hear someone say “Instagram influencer” is undoubtedly sponsored posts. As of early 2019, Instagram had over 800,000 active influencers. A decent impressive count and a respectable interaction rate are the minimum requirements here. In other words, if you are skilled at getting strangers on the internet to like and trust you, this method is for you.

The allure of this method is that it includes marketing without any of the problems associated with ecommerce: you do not need to manufacture a product or fulfil orders. In an ideal world, all of this would involve just being yourself and blogging about the things, services or businesses that make your life what it is. Of course, there is a drawback: not all brands are created equal, and it may not be Bvlgari who knocks on your door at first. Furthermore, there are a plethora of fraudsters out there who prey on wannabe influencers.

Even if you are successful with sponsored content, you will most likely need to consider the balance between your ethics and earnings. After all, it is your brand that is on the line. And people believe in genuineness.

2. Become an affiliate marketer

Unlike sponsored content, the goal of this tactic is to increase sales rather than raise awareness. This is because you only earn income when your followers buy your products. On the positive side, as an affiliate marketer, you will not have to worry about manufacturing or delivering orders. This method’s disadvantage is that it needs a solid plan if you want to develop without upsetting your audience. Furthermore, the word “affiliate marketing” has a poor stigma. It has been linked to bogus claims of seven-figure monthly earnings and even jet ownership.

Affiliate marketing is a sensible and well-established marketing strategy when approached responsibly. You suggest your favourite pens, mascara or dog food, and provide a link to purchase the product or a coupon code for a bit of a discount. Both the URL and the promo code are unique to you, allowing the retailer to attribute purchases to your efforts. For each sale, you get a fee or a percentage.

Meanwhile, as Instagram introduces product tags and Instagram Checkout, advertisers are no longer constrained to using the phrase “link in bio.” Affiliate marketers may experience an increase in revenues as clients find it simpler to purchase on Instagram.

3. Sell your products

The third Instagram money-making approach extends beyond marketing and into the area of basic ecommerce. Instead of selling other people’s products with your brand, sell your own. This may be a coffee-table book including your most famous photographs. However, it might also be your time and expertise as a consultant or your high-end fashion brand. If you currently have a company, selling on Instagram is a natural extension of your marketing plan.

How to Make Money on Instagram

Recognise your value

Influencers want to know how much it costs to publish a story (with swipe up) to say 27,000 followers. How much does it cost to host a product giveaway to a specialised demographic with an excellent 5% interaction rate?

When it comes time to negotiate fees with companies, you need accurate landscaping information. See our comprehensive guide to Instagram influencer pricing.

Keep an eye on your competition

Stay on top of the debate in your sector and among your rivals by watching (and listening) to social media.

Put in place Instagram-specific search streams in Hootsuite to keep tabs on what is going on. Then, using Hootsuite Insights, establish alerts to track what your rivals are up to elsewhere.

Respond to queries as soon as possible

According to one survey conducted by Twitter, 71% of users anticipate customer service replies in less than an hour on social media. Your customer care approach must include a near-immediate response.

Conclusion

Instagram is among the fastest-growing social media networks, with the most significant engagement. Thus, making money on the internet is simple if you utilise it correctly. There are several inventive methods for making money on Instagram, ranging from sponsored posts to social media marketing services.

Finally, spending time and effort on Instagram is a terrific long-term investment. And it is never too late to get on board and start monetising your Instagram account.