That’s why we’ve created this catch-all guide for everything you need to know about sports betting winnings when the tax season approaches.īefore we continue, we’re obliged to inform you that while we can point you in the right direction for filing your taxes on your sports betting winnings, we are not attorneys and can’t provide you with legal advice. No matter where you turn, you’re likely to get a different answer. The last thing anyone wants is to be audited, or even worse: hit with a fine or criminal charge.ĭoing your taxes is often just as confusing as it is boring. If you live in the United States (and you’ve netted some cash betting on sports online), you have to report your winnings to remain tax compliant. Keep track of wins and losses to properly complete tax forms when the time comesįiling income tax returns is never enjoyable, but we’ve all got to face the taxman.It is your responsibility to report earnings – sportsbooks will not do this for you.
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