Hi,
I have a deal with a couple of my friends where we basically give each other money to gamble on different online sports bets/online casinos. From time to time one of us gets a big win and then we split the money up.
I was wondering. If a friend of mine was to win say 80k and was to send me maybe 30k over a period of a year. Does either of us have to pay tax on this? There is no tax on gambling wins but I am not sure what happens when we send each other large amounts of money. Usually we would do it in 2-3k lumps.
Thanks in advance for any advice.
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