Tax implications of sports betting winnings in the US
Sports betting has exploded in popularity across the United States, with millions of Americans placing wagers on football, basketball, baseball, and other major sports every year. While winning bets is exciting, many bettors overlook an important aspect: taxes. In the US, gambling winnings—including sports betting—are considered taxable income by the Internal Revenue Service (IRS). Failing […]
Do you pay tax on sports betting winnings in the UK?
You won your bet, do you owe anything to HMRC? If you’ve just landed a winner on the horses or nailed a Premier League accumulator, you might wonder whether the taxman gets a cut. The short answer: no — not in the UK. Sports betting winnings are tax-free for punters. Whether you’re betting on football, […]
