Online Gambling & Sports Betting: The IRS Perspective

Diane DeCesare of Drucker & Scaccetti is a member of XPX Philadelphia
Share:

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.

Click here to continue reading.

Updated: September 4th, 2021

About The Author

Call Me When… You need a trusted advisor to work with your team to maximize cash flow through reduction to tax and understanding of financial terms of the deal.