Betting on sports in Vegas

LuckyGuess75 · Jun 29, 2009

I have a question about making bets in Vegas...

If you’re placing bets (football, baseball, etc.) at a Sportsbook in Vegas and you hit, do you pay taxes? For example if I bet $10K on the Pitts Steelers -7 (-110) and Steelers win and cover the line…So would I have to pay taxes on my winnings? Just wondering how it work...thanks!:toast:

PowerPlayPicks · Jun 30, 2009

In the "old days" like 20 years ago plus, they never charged tax but nowadays if you win anything above $9900, they will tax you 31%, The easy thing to do is to whack up your wagers at several sports books along the strip if you plan on betting that kind of money and you will never have to pay tax.

goodcall · Jun 30, 2009

they'll take your SSN if the payout (bet+winnings) is $10k+

so a $5k bet at -110 will push you over

Betsmart · Jun 30, 2009

Why would you be taxed on your bet? I go to AC often and If I won more then 10k,I break it up and cash 5k at a time and they never ask me for anything.
You should not be taxed on you bet only on winnings. You can always offset loses and wins. But who the hell wants to pay taxes on gambling wins

LuckyGuess75 · Jun 30, 2009

thanks for your responses!

concop · Sep 5, 2009

do they really tax? i thought they just take your ssn. thats what happened to me. took my ssn but no tax. albeit i only took more then 10k from then once