If you’ve won money placing bets, the tax rate can be anywhere from 10% to 37% based on your income tax bracket. Your sports betting winnings are considered taxable income-specifically they are deemed ordinary income on your return.
Depending upon where you do your gambling, they may provide you with an account statement but better to be safe and maintain your own records. But first, one important tip for all sports bettors is to keep records! Make sure you’ve got records for each wagering transaction, including the date, wager amount, and any wins and/or losses.
