Home Forums Skybox Sports Bar Shoot The Breeze Cashing a big winner and having fill out tax form

I'm not a large enough bettor to have ever cashed a ticket that was $600 or more to trigger a need to fill out a tax from at a boat, horse track, or betting parlor.

Closest I probably ever came was hitting a 500 and something Trifecta at an off-track parlor one time.

Sports just recently became available. Well, across the river. I've only went a couple times.

But I was curious how it works.

If I make a $300 wager on a +105 play, and it wins - I win $315 , but i'll receive $615 at the window. Do I have to fill out a tax form?

I'm gonna assume I need to win a full $600, separate from the initial investment.

Sports betting is different than slots, you won't get a tax form for sports betting.

Lotteries are 600-1, slots are over $1199 no matter the amount you bet. I've seen women playing $250 a hand in Video Poker and get tax form after tax form. I'll never forget the guy I was sitting next to at Caesar's in the Palace Slot room which is their high limit area. He was playing 100 Hand VP at $5, so that's $500 a hand and they had someone on standby because he was hitting over $1200 turn after turn. To me it's BS betting $500 and get over $1200 and have to pay taxes on it.

The only time you get tax forms for sports is contest winnings.

You're fine with the example you presented.

Now that sportsbetting is legal in so many US states, does anyone know how it works come tax time? I'm assuming to just subtract what you initially put in and only have to claim the profit over $600 per sportsbook, but it's new to me this year. I figure they will send statements of over $600 withdrawals to the irs. Thank you.

You won't see anything come tax time unless you play on a site that allows casino gaming and you hit a "hand pay" jackpot. Sportsbetting has never been reported to the IRS. Think of the guys you hear about betting millions, no tax reporting.

I'm only doing sportsbetting, no casino, and on FanDuel, there is a Tax Information section. I don't have a form available since I just joined in 2022, but there's a link to a W2G form for 'Sportsbook, casino' and I had to give ssn, etc. when registering. Naturally I am in the tax - money - grubbing state of Illinois, if they can find a way they will! I'll see at the end of the year.

Also I'm glad i found this forum, lots of good info, thanks for managing it so well and keeping it interesting.

All legal sites in the USA require you to sign up and give your SSN. I'm not a tax expert nor do I pretend to be one, but I've never heard of paying taxes on sportsbetting. When you go to Las Vegas and let's say you bet $1,100 to win $1,000 on a game. You win that wager, when you cash out, the counter clerk doesn't hand you a tax form because you won more than $600. I can't see it being any different betting online via the same sources.

I opened accounts when they became legal and won and I didn't have any tax paperwork in any of my accounts via FD, Caesars, MGM or DK.

See what transpires next year when it comes time.

Welcome aboard and thanks for your compliments. If you know of others interested in this stuff, bring em aboard!