Alert to sports bettors: Beware of the taxman. Here’s what you need to know about legalized sports betting and taxes:
Over $113 billion has been legally wagered on sports since the Supreme Court struck down the ban on sports betting in 2018. Thirty U.S. states plus Washington, D.C. offer some form of legalized sports betting, according to the latest count from the American Gaming Association.
See also: In the Final Four, more women than men are atop the list of players poised to earn the most in NIL money Whether you’re a professional bettor who makes all of his income betting on the NFL, or somebody who bets once a month on NBA games, all winnings must be reported. But as we spell out below, the federal government will only tax your winnings above $600.Taxpayers can only deduct losses up to the amount of their winnings under the “gambling-loss deduction” of the federal tax code. Therefore, after your loss deductions are made, the remaining winnings will be taxed.
While you still have to report sports betting winnings that $600 threshold, you will not be subject to federal taxes on that money, several tax experts confirmed to MarketWatch. While that money may not be taxed by the federal government, you may be subject to some state taxes.In addition to paying federal taxes, some state governments tax sports betting income as well. Each state has its own distinct tax formulas for gambling and sports betting income.
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