If you win money from lotteries, raffles, horse races, or casinos – that money is subject to income tax. They apply even if you aren’t a professional gambler. Your Gambling Winnings are Considered IncomeĪll income is taxable and gambling winnings are considered income. Many people don’t think about the tax implications of placing wagers on their favorite winning sports teams, but if you took part in sports gambling, here are some things you need to know about the tax implications. And, as is the case with all activities that generate income of any sort, it will have an effect on your taxes. With the US Supreme Court ruling allowing any state to legalize sports betting, an increasing number of people are wagering on sports each year. But if you frequently place bets on sporting events, and find yourself winning, it may have an impact on your taxes. So for me, unfortunately, my limited sports gambling has no impact on my taxes. Every year, I join a fantasy football league with my friends and every year, I lose.
