Sports Betting Tax Calculator
Estimate your tax liability on gambling winnings. Calculate federal and state taxes owed on your betting profits.
Calculate Your Tax Liability
How Sports Betting Is Taxed
All gambling winnings are taxable income. The IRS requires you to report all winnings, regardless of whether you receive a W-2G form.
📐 Key Tax Rules
1. Winnings are taxed as ordinary income at your marginal rate
2. Losses can offset winnings (if you itemize), but never exceed winnings
3. You cannot deduct losses against other income
4. Keep records of all bets (dates, amounts, outcomes)
W-2G Reporting Thresholds
Sportsbooks must issue a W-2G form for certain winnings:
| Bet Type | W-2G Threshold | Withholding |
|---|---|---|
| Sports betting (300:1+ odds) | $600+ | 24% if no SSN |
| Slot machines/bingo | $1,200+ | None automatic |
| Poker tournaments | $5,000+ | 24% |
| Keno | $1,500+ | 24% |
⚠️ No W-2G ≠ No Taxes
Most sports bets don't trigger W-2G reporting, but you're still legally required to report ALL gambling income on your tax return.
Deducting Gambling Losses
Requirements to Deduct Losses
- You must itemize deductions (not take standard deduction)
- Losses can only offset winnings, not other income
- Keep detailed records: dates, locations, amounts, outcomes
- Save all receipts, betting slips, and account statements
🚨 Important Disclaimer
This calculator provides estimates only. Tax laws are complex and vary by situation. Always consult a qualified tax professional for personalized advice.