Understanding US sports betting taxes: What you must report
Legal sports betting has exploded across the United States in recent years, with millions of Americans placing wagers on the NFL, NBA, MLB, and other sports. But while most bettors focus on the excitement of the games and the payouts, many overlook one important aspect: taxes. In the eyes of the Internal Revenue Service (IRS), […]
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, […]
