The information gets reported on your Form 1040 as 'other income.'īe aware that because the standard deduction nearly doubled for all taxpayers and most deductions were eliminated, fewer taxpayers are expected to have enough deductions to make itemizing worth it. The old law, the Professional and Amateur Sports Protection Act, largely outlawed sports betting outside of Nevada.Īs for taxation of your winnings: The new tax law that took effect this year continues to allow winners to deduct their gambling losses up to the amount of gambling income, as long as they itemize their deductions instead of taking the standard deduction. Other states moving toward offering it include Pennsylvania, West Virginia and Mississippi.
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