02/10/2026
That Super Bowl or sports bet win could come with a surprise guest: the IRS. 💰
Sports betting winnings are taxable as ordinary income, with federal rates ranging from 10% to 37% depending on your tax bracket. And if you placed your bet through a platform like DraftKings or Bet365, you’re definitely on the IRS’s radar.
Win over $600? You’ll get a Form W-2G. Win over $5,000? The platform might withhold up to 24% of your payout for federal taxes—before you ever touch the money.
With 40 states now allowing some form of legal sports betting (30 plus D.C. with online options), your state may want a piece too if it has an income tax.
📂 Tip: Keep records of all your bets, wins, and losses. Gambling losses can be deductible—but only if you itemize.
📲Reach out for tax help today! 727-477-1667
TaxSeason2026