Author: KaraATO(Community Support)Community Support 1 July 2026
Hi @Guac123,
In most cases, gambling winnings aren't taxable, and gambling losses aren't deductible. This is as long as you're gambling for recreation and not running a gambling business.
From what you've shared, it sounds like your winnings were paid in Ethereum and then transferred through CoinSpot before being converted to Australian dollars.
The gambling winnings themselves usually aren't taxed. However, there may be tax implications when you later:
- sell the Ethereum for Australian dollars
- swap it for another cryptocurrency, or
- use it to buy something.
This is because the value of the cryptocurrency may have changed between the time you received it and the time you sold, swapped or used it. Because of this, it's possible the info showing in your pre-fill report relates to your Ethereum transactions rather than the gambling winnings themselves.
Even if you've lost more gambling than you've won overall, those losses don't automatically reduce any gains you may have made from selling or exchanging cryptocurrency.
A good next step is to compare your CoinSpot transaction history with the capital gains info in your pre-fill report. This should help you work out whether the reported amounts relate to your Ethereum transactions.
You can also use our CGT records and calculations tool to help work through your crypto transactions and work out whether you've made a gain or loss.
Author: Guac123(Initiate)Initiate 1 July 2026
Thanks Kara, thats a great help! Very much appreciated!
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