November 5, 2025
Betting Big? Don’t Forget the Taxman
Sports betting winnings are taxable income, and you’re required to report them to the IRS, even if you don’t receive a W-2 G form. Apps like DraftKings and FanDuel will issue a W-2 G if you win $5,000 or 300 times the amount wagered. While you can deduct losses, it’s often difficult to exceed the standard deduction. It’s recommended to set aside 24-25% of winnings for
