Taxes on Sportsbook/Gambling Winnings

[BoshkolElsa]

I live in Michigan and I know the income tax rate is 4.25%. Is it correct that the federal tax rate on sportsbook/gambling winnings is a flat 24%?

My second question is what are consider winnings? I’ve read a couple different things. Lets say I place a $50 bet and it pays out $100. Do I pay tax on the $100 or just the $50 I won?

[VitaCoupa]

Gambling can be entertaining but it's important to approach it responsibly. From my experience, having a good strategy and setting limits for yourself is crucial to avoid losing more than you can afford. Regarding taxes, they vary depending on your country and sometimes the amount you win, so it's best to check local regulations.

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