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Thread: Taxes on Sportsbook/Gambling Winnings

  1. #1
    GunLoad Trainee BoshkolElsa's Avatar
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    May 2022
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    Default Taxes on Sportsbook/Gambling Winnings

    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? Iíve 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?

  2. #2
    GunLoad Trainee VitaCoupa's Avatar
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    Oct 2022
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    Default

    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.

    Choosing the right platform is key. Look for a reputable casino that offers fair games and good customer support. Bonuses can be a big advantage, especially for beginners, as they give you more play for your money and a chance to try out games without risking too much of your own cash. Being a first time gambler I recommend reading some casino reviews here before choosing one. It helped me to choose a casino that offered me a good experience.

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