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Tax on Betting Winnings

Up to $1000 in 4 risk free bets

New Customers only, T&Cs apply ,21+, NJ only.

With the opening up of legal sports gambling across the United States, potential gamblers should really take note of the tax situation with regards to winnings for casual sports gamblers.

The first thing to note is you are liable to pay tax on both cash and non-cash winnings, i.e. if the prize is a car or holiday, this will be assessed at Fair Market value.

Everyone must pay tax on any winnings that exceed $600 in a single year (or on any bet that is valued at 300 times or more the initial wager). Should you win more than $600 or hit a big win on say, the lottery, then you must declare that when you file your tax return.

To help with this, the IRS suggests that you should keep a gambling diary which accurately records all your wins and losses. This will make filing your tax return accurately a whole lot easier and should you get audited, will allow you to quickly and accurately provide records of your gambling activities.

The format they suggest is the following for each time you gamble:

Date

Type of Bet

Name/Address of Establishment (or Online Sportsbook)

Name of other people at the venue (if applicable)

Amount of Winnings and/or Losses

Today's Betting Odds

Tennis Parlay Bonus - up to 70% more

If your bet wins,Bet365 will add a bonus of 5 - 70% to your winnings. The bonus amount is dependent on the number of selections. T&Cs apply,NJ only.

Money Monday Club

Receive a $10 Free Bet when you place a total of $50 in qualifying wagers during the previous week.T&Cs Apply,opt-in required. NJ only.

NFL Parlay Profit Boost

Log in each Sunday to get a 20% Parlay Profit Boost each week!

Win a VIP trip to Super Bowl LVI

Every cash wager of $10+ (min odds of -200) on NFL Markets, earn entry into the Grand Prize Drawing, T&Cs apply.

SAME GAME PARLAY INSURANCE!

Place a SAME GAME PARLAY Bet on any MLB or NFL Game with 4+ legs and receive money back up to $25 if exactly 1 leg fails. T&Cs apply,NJ only.

Sport Club $10 Bonus

Place 5x sports bets of $10 or more at minimum odds -300 and receive $10 in bonus money every week. T&Cs apply,NJ only.

Tennis Cash Booster

Claim 4x profit boosts exclusively on tennis each week. 2x boosts will be available on the indicated days of the week, valid only for live tennis bets, T&Cs apply.

NBA 20% Live Profit Boost

Get rewarded with a 20% Profit Boost on any NBA Live wager every Wednesday, max $25, T&Cs apply

NCAAF Early Payout Offer

Get your straight bets paid out if the team you back gains a 17 point advantage - for parlays the selection will be marked as a win. T&Cs apply,NJ only.

2 Goals Ahead Early Payout Off

T&Cs apply. New & eligible customers only,21+ NJ only.

No Score Tie Soccer Offer

T&Cs apply. New & eligible customers only,21+ NJ only.

MLS One Game Parlay Insurance

A minimum of two picks and a maximum of 10 picks from a single game can be included in a One Game Parlay wager,max insurance $25. T&Cs apply. 21+,NJ only.

Multi-Sport Parlay Bonus

Place pre-game parlay of 2 or more selections and new customers can get 5-70% winnings depending on selections. T&Cs apply,21+ NJ only.

Parlay Plus

Get 40% more in profits on winning parlays! Opt-in and place a 4-7 leg parlay on any combination of sports or event. 21+,NJ only.

Upto 60% more on Parlays

If your parlay wins,get extra cash on top,from 5% to 60% depending on selections. T&Cs apply,21+,NJ only.

Weekly Free Bet

Place 10 valid sports bets online between Fridays and Thursdays and get a $5 free bet. T&Cs apply,21+,NJ only.

Level Up Booster

4%-50% boost on parlays dependent on selections. T&Cs apply,21+,NJ only.

Parlay Boost

Get 40% more in profits on winning parlays! Opt-in and place a 4-7 leg parlay on any sports combo. T&Cs apply,21+ NJ only.

 

20% NFL & NCAA Early Week Boost

Log in each Tuesday to get a 20% Profit Boost to be used on NFL OR NCAAF!

EPL One Game Parlay Insurance

Place a 3+ leg One Game Parlay on any game and one leg lets you down,you will get your wager refunded up to $25. T&Cs apply,NJ only.

Halftime Payout

Place a money line wager on either Thursday Night team. If they’re up by ten or more points at the half,your bet counts as a win,regardless of how the game ends.

Risk-Free Bet on the First TD Scorer

Place a prop bet on a player to score the first touchdown of any NFL game and you’ll receive up to $25 in Free Bets if your wager loses.

NFL One Game Parlay Insurance

Opt-in and place a Football One Game Parlay wager with 4 legs or more, and if you miss 1 leg, you’ll receive up to $25 back.

College Football One Game Parlay Insurance

Opt in and place a Football One Game Parlay wager with 4 legs or more, and if you miss 1 leg, you’ll receive up to $50 back, T&Cs apply.

NHL $10 Live Free Bet

Place a $50 live wager on any NHL® game on Wednesday or Thursday to receive a $10 Free Bet, T&Cs apply.

NFL Early Payout Offer

Get your straight bets paid out if the team you back gains a 17 point advantage - for parlays the selection will be marked as a winner. T&Cs apply,NJ only.

For the purposes of this website, we are all about online Sportsbooks but if you take part in any gambling activity, including the lottery, bingo, raffles, casino games, slot machines etc... then you need to record all that information accurately as well.

Gambling winnings are currently taxed at a flat rate of 24%.

If you think that the IRS won’t know about your big win then you are very much mistaken. Should your win be classified for any of the following, a W-2G Form will be issued notifying the IRS of the money won. Therefore ensure that you put it down on your tax return.

    $600 or more if the amount is at least 300 times the wager

    $1,200 or more in winnings from bingo or slot machines

    $1,500 or more in winnings from keno

    More than $5,000 in winnings from a poker tournament

    Any winnings subject to a federal income-tax withholding requirement

If you are lucky enough that you win enough that your winnings get reported on a Form W-2G, you’ll find that federal taxes are withheld at a flat rate of 24%. If you didn’t provide the casino or sportsbook your tax ID number, the withholding rate goes up to 28%. Your money will be withheld when the winnings, minus the bet are either above the $5,000 threshold and/or at least 300 times the amount of the bet

You should receive a copy of your Form W-2G showing the amount you won along with the amount of tax that has been withheld. As good practice you should include all your winnings on your tax return even if for some reason, the Form W-2G is not provided to you.

The most important thing to understand is that your winning and losses on gambling should always be accurately recorded on your tax return. Failure to do so may well result in a fine or worse down the road.

Free Betting Offers
100% first deposit bonus up to $250
21+, T&Cs apply, only 1x wager required.
Up to $1000 risk-free first bet
New customers, 21+, T&Cs apply, NJ only.
Up to $500 in bet credits
Up to $500 in Bet Credits for new customers. Make a min $10 deposit, place bets to deposit value, once they are settled, matched amount in Bet Credits available to use. Bet Credits risk excluded from returns, T&Cs apply.
Up to $1000 in 4 risk free bets
New Customers only, T&Cs apply ,21+, NJ only.
First bet matched up to $1001
New Customers Only, 21+, T&Cs apply, NJ only
Bet $50,get $50 (100% deposit match)
21+, T&Cs apply, please gamble responsibly, NJ only.
Up to $250 risk free bet
21+, NJ residents only, T&C's apply.
$500 Risk Free Bet
21+, New customers only, T&Cs apply, NJ only.
Get $100 in free bets when you bet $20
Min $25 stake, New Plyrs, 21+, T&Cs apply.