[chargers4222]

I've only ever bet through a local, but I have a Wimbledon play that I'm looking to put a big bet on. My local will only take $1k action on it, and I'm looking to put $8k total. I live in NY so there is now a Draftkings sportsbook inside of a casino near me.

Let's say for example it's Medvedev at +600. If I put $7k on Medevedev to win at the casino, will they make me fill out an IRS form if/when I cash the ticket? I know they do this for a minimum win of $1,200 if you hit a slot or something like that, but I have no idea how it would work with a sports wager. Is there a minimum win where they make you fill out a form?

If this is the case and they will give me an IRS form to fill out, what would happen if I just split the bet up into a ton of smaller tickets? Like say $100 and +600, but just do that 80 times. Will the book make a scene of it if I walk up to them with 80 winning tickets of the exact same bet? Would they still make me fill out a form since the cumulative win is over the threshold?

Any advice or knowledge about this is appreciated, thanks guys.

[gauchojake]

I refer to Doug on all matters tax gambling related in the states of NY and NJ

[big joe 1212]

I've only ever bet through a local, but I have a Wimbledon play that I'm looking to put a big bet on. My local will only take $1k action on it, and I'm looking to put $8k total. I live in NY so there is now a Draftkings sportsbook inside of a casino near me.

Let's say for example it's Medvedev at +600. If I put $7k on Medevedev to win at the casino, will they make me fill out an IRS form if/when I cash the ticket? I know they do this for a minimum win of $1,200 if you hit a slot or something like that, but I have no idea how it would work with a sports wager. Is there a minimum win where they make you fill out a form?

If this is the case and they will give me an IRS form to fill out, what would happen if I just split the bet up into a ton of smaller tickets? Like say $100 and +600, but just do that 80 times. Will the book make a scene of it if I walk up to them with 80 winning tickets of the exact same bet? Would they still make me fill out a form since the cumulative win is over the threshold?

Any advice or knowledge about this is appreciated, thanks guys.

No they will not

It's not taxable

But anytime you cash 10k or more in 1 day they will get your SSN for reporting purposes only (still not taxable)

My advice would be to do separate tickets for smaller amounts so each ticket will be under 10k and cash them on separate days

Most likely they won't let you wager 7k on a +600 anyway, you'd have to do a bunch of tickets for smaller amounts. I tried to bet 1k on a UFC fight and they wouldn't even let me do that. I had to do two $500 tickets

[Goat Milk]

While all winnings must be reported to the IRS, you only have to pay federal taxes on them if you made over $600. The sportsbooks you use will also be reporting those winnings to the IRS. “Gambling winnings are fully taxable and you must report the income on your tax return,” according to the IRS.Mar 5, 2021

[DR225]

His question boils down to whether the sportsbook will have any way to identify him to report those winnings to the IRS.

[Doug tushyterror]

As long as you don't hit a 300 to 1 shot you have nothing to worry about. Only then would the casino take out the 24% otherwise it's your job to self report which umm..let's be honest nuff said.

[Goat Milk]

As long as you don't hit a 300 to 1 shot you have nothing to worry about. Only then would the casino take out the 24% otherwise it's your job to self report which umm..let's be honest nuff said.

Draftkings will definitely report any big winners to the IRS. Fanduel. Any big company like that. Anything over 1200 your getting reported probably, they even say anything more than 600.

[SamsNCharge99]

I live in NY. Never had an issue paying taxes on my winnings

probably bc i never ran into a situation where i hit it big

[TheMetsSuck]

Do they give a tax refund on losses? No? Fack off then...

What a joke it would be to be buried like 100k on the year then hit a bet for 30k and have to report “winnings” to be taxed.


Guys at the track used to pick up losing tickets so they could claim the wins were offset by losses. Not sure if that’s a thing anymore

[jjgold]

It’s why you bet offshore if your a bigger player

Never ever usa

[teacher10]

Where you live Sammy? I want to visit your lot

[chargers4222]

I appreciate it guys. Still tough to find a straight answer on this. I think I may try to split it up into like seven $1,000 wagers and, if it hits, just cash them separately on different days. I just can't see them making me fill out a form for $1,200. I'm hoping $10k is the threshold. I know in Vegas I cashed a few tickets for more than this and they didn't bat an eyelash, but that was the Venetian.

[texhooper]

If the 300 to 1 thing was true then no one would ever have to pay taxes on gambling winnings. There’s no way that’s correct, I don’t care what the sources are

[SamsNCharge99]

Where you live Sammy? I want to visit your lot

Clifton Park....15 minutes away from Albany

[gauchojake]

If the 300 to 1 thing was true then no one would ever have to pay taxes on gambling winnings. There’s no way that’s correct, I don’t care what the sources are

Doug used to do security for h and r block. It's definitely true I think.

[texhooper]

Oh shit Jake how could I forget…

Nah I’m not really picking on Doug even though I know he desperately wants this 300-1 thing to be true. You see it all over the place on the internet but like, say you win $500,000 on straight bets in a year, classic sports betting point spreads and totals and shit. And something tips off the IRS and they come knocking and you tell them “oh see this wasn’t the result of a bet with 300-1 odds” they’re not gonna be like “oh shit our mistake, so sorry to bother you. Enjoy your half a million in tax free money.”

[gauchojake]

I would guess that the same procedures that are in place to cash a big horse ticket are the same when you cash a big betting ticket. The 300-1 rule is actually a horse racing reporting requirement. And I don't think they are saying that the money is tax free, only that it's not subject to an auto hold back when you cash. You still need to pay taxes on your winnings.

[texhooper]

And if you make a significant amount of winnings and then allow them to catch you instead of reporting it, you’re gonna get fukked pretty good

[Otters27]

Good luck Charger man. I don't trust Medvedev though

[mem5757]

Draftkings will definitely report any big winners to the IRS. Fanduel. Any big company like that. Anything over 1200 your getting reported probably, they even say anything more than 600.

i think you are confusing fantasy with sportsbetting. in fantasy the winnings over 1200 get reported to irs via a W2 form, sportsbetting only 300-1 odds or more get reported. that doesnt mean you dont have to pay taxes on sportsbetting, just that irs doesnt receive a W2 form.

[big joe 1212]

i think you are confusing fantasy with sportsbetting. in fantasy the winnings over 1200 get reported to irs via a W2 form, sportsbetting only 300-1 odds or more get reported. that doesnt mean you dont have to pay taxes on sportsbetting, just that irs doesnt receive a W2 form.

Correct

All gambling winnings are taxable (offset by losses) but the IRS only cares about the W-2G’s

Even if you cash out 10k or more in chips/tickets on same day, your info gets reported to IRS but it’s still not taxable income (can be offset by your losses throughout the year so IRS won’t be bothering you)