In its May 2018 decision, the U.S. Supreme Court opened the door for legalized sports betting. Since the ruling, companies like DraftKings, FanDuel, and BetMGM have built a national presence along with some states’ online casinos. However, many are still unsure how to report winnings and/or losses. Whether it is traditional or online gambling, or sports betting, the IRS treats it all the same. Let’s dive into how the IRS treats these winnings and how losses can be a tax benefit for certain individuals.
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