> Why would you take risk into account for purposes of taxation? Should gambling income be taxed at a commensurately lower rate? There's actually some bizarren

> Why would you take risk into account for purposes of taxation? Should gambling income be taxed at a commensurately lower rate? There's actually some bizarreness in the English tax code around this. Most taxpayers are subject to a 28% levy on investment returns. Gamblers themselves aren't taxed on winnings while the house pays 15% on their profits. (The treatment of professional gamblers is a conversation for your accountant.)