Tag Archive: betting losses

On the whole, your average weekend sports fan is never going to make a living from betting on sports. Firstly, they don't take betting all that seriously, as it's just a fun part of the whole sporting experience. Then there's the fact that they make the mistake of assuming their sporting knowledge is going to help them win bets. To a degree, sporting knowledge is essential. But equally important is a deep understanding of the betting formats, odds and strategies. Without these, you can't win.

They say that the two things you can't escape in life are death and taxes. If you're in the US, then you have to pay taxes on casino winnings, no matter how large or small. First you declare and pay at state level. Then you have to include all your winnings for the IRS to look over at federal level. It's very important that you keep detailed records of all your wins and losses. As well as details such as the dates you played, along with credit card slips, copies of tickets and gambling receipts.