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Over $42 billion has been legally bet on sports since betting expanded into more states in 2018, and the industry is still growing. 72% or MGM MGM, -1. The sportsbooks you use will also be reporting those winnings to the IRS. A more detailed look at itemized deductions vs standard deductions can be found here. Failing to report taxable income like sports betting winnings could result in penalties. Furthermore, "any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined* not more than $100,000 ($500,000 in the case of a corporation), or imprisoned not more than 5 years, or both, together with the costs of prosecution. New Jersey for example has a 3% withholding tax on gambling winnings as the state considers it has taxable income. But Nevada has no tax at all on winnings because there is no income tax in Nevada. high quality imitation bagschanel mini flap bag pink

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